The LOI outlines the formation of a jointly owned special purpose vehicle (SPV) to manage the first commercial deployment of RheEnergise’s High Density Hydro System. Both companies will contribute financial, material, and intellectual resources to the SPV and conduct a feasibility study to assess the project’s viability. If the study yields positive results, Anglesey Mining and RheEnergise will collaborate to bring the system into operation.
The initiative has garnered preliminary support from local organizations, including the Amlwch Industrial Heritage Trust, Geo Môn, and Menter Môn. The Isle of Anglesey County Council’s Energy Island™ Programme has also provided valuable guidance to advance the project.
Rob Marsden, Chief Executive of Anglesey Mining, stated: “The signing of this Letter of Intent is an important next step in this project for both companies involved.” He added: “We are excited by the potential and synergies that this project brings together at many levels. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on Anglesey and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine and furtherance of the UK’s green power ambitions.”
The hydro-power project is designed to complement Anglesey Mining’s long-term goal of developing a polymetallic underground mine at Parys Mountain, which is recognized as the UK’s most advanced primary mining project for copper, lead, silver, and zinc—minerals deemed critical by the UK Government. The company emphasized that the energy storage initiative will not disrupt its mining plans and is pursuing phased investment strategies to manage risks.
A pre-feasibility study for the hydro-power project is in progress, and Anglesey Mining has released an investor presentation outlining the project’s approach and potential revenue opportunities. The collaboration with RheEnergise reflects a shared commitment to advancing sustainable energy solutions while supporting regional economic and environmental goals.
The Parys Mountain hydro-power project represents an innovative step toward integrating renewable energy with critical mineral development, enhancing energy reliability and contributing to the UK’s clean energy objectives.
