
Coal powered the Industrial Revolution and the world we inherited. As we phase out coal (it’s a finite resource), we can still cash in — on its infrastructure. There are 15,000 coal mining and processing facilities globally, with over 6,000 key mines owned by 4,900 owners. Global Coal Mine Tracker (FCMT) reported that coal may have reached its historic peak in 2024 with 8.7 billion tonnes, mainly used to generate electricity. If all existing and planned coal-fired power plants continued to operate, coal alone would cause a 317% overshoot of the Paris Agreement’s carbon “budget.”
Problems

Mining – Excavating for coal damages land and water resources, endangering workers and communities. Subsidence and toxic waste are the dangers leftovers.

Burning – Combusting coal releases arsenic, carbon dioxide, chromium, nitrogen oxides, mercury, heavy metals, and particulate matter result in smog, acid rain, and heart and lung diseases. Coal produced 81% of CO2 added to Earth’s atmosphere since 1870, and causes 40% of world emissions annually.

Coal Ash – Once burned, coal leaves behind clumps of arsenic, chromium, lead, and mercury. Coal ash, when inhaled, causes respiratory irritation, liver damage, and cancer. Coal ash, when stored in ponds, endangers both surface and ground water. But coal ash is not all problems. In fact, it is a source of one of the most urgent and valuable needs of the new energy era – rare earths.
Solutions, Innovations, and Opportunities: Cashing in Carbon’s Legacy

Gravity battery: Coal mines’ deep shafts, already dug, can house blocks of sand, rock, concrete or other heavy mass, for energy storage and deployment. Energy Vault and Gravitricity identified hundreds of closed coal mines suitable for gravity storage. Energy Vault, now building in Texas, installed a gravity battery in Italy in a former coal mine in Sardinia. Carbosulcis SpA began closing the coal mine, Italy’s largest, in 2014. But what to do with the impressive infrastructure, its underground tunnels, and vertical shafts? Gravity storage needs steep vertical access to work with the exchange of potential and kinetic energy: the Sardinian coal mine brought new life to old infrastructure, and preserved economic activity in the area. Energy Vault, on 6 January 2026, began building the SOSA Energy Center in Texas as part of the Electric Reliability Council of Texas (ERCOT) that operates 90% of that state’s electric capability. Energy Vault acquired the project from Savion, a Shell Group company. Supported by Orion Infrastructure Capital, Energy Vault’s SOSA Energy Center LLC will begin commercial operations in Q2 2027. It is the first project under Energy Vault’s Asset Vault investment program. Another company repurposing coal mines for gravity energy storage: Green Gravity (privately held) of Australia.
Cashing in:
Energy Vault Holdings, Inc. – New York Stock Exchange: NRGV
Green Gravity – Investors include HMC Capital – Australian Stock Exchange – HMC
Brookfield Renewable Partners, L P. – New York Stock Exchange: BEP

Pumped hydro: Coal mines are prone to flooding, as Newcomen observed. Can retired coal mines be used for pumped hydro? This form of stored energy needs steep descents to power turbines generating electricity. Australia’s Snowy Hydro 2.0 is building reversible turbines to pump water back and forth over turbines, reusing the same water. Lewis Ridge in Kentucky is working with Rye Development turning a former coal mine into pumped hydro storage. In 2026, Rye secured a 40-year license for closed-loop pumped hydro for the Goldendale Energy Storage project in Washington State on the site of the former Columbia Gorge Aluminum smelter. While Rye is private and Snowy is government-owned, other pumped hydro companies that are publicly include:
Cashing in:
Hydro One Limited – Toronto Stock Exchange: H.TO
Drax Group PLC– London Stock Exchange: DRX
Iberdrola SA – Bolsas y Mercados Españoles: IBE
General Electric – New York Stock Exchange: GE
Siemens Energy AG – Frankfurt Stock Exchange: ENR1n
Geothermal: Coal mines plunge close to the heat of geothermal energy. When flooded with water using heat pump technologies, mine water heating can use existing mines for new energy. In the UK, 25% of residential homes sit atop coalfields. In the US, Pittsburgh’s coal seam holds one trillion gallons of warm mine water. Canada pioneered the technology in Springhill, Nova Scotia, tapping water that had flooded a coal mine. Gradiant Geothermal Inc., formed when Transitional Energy LLC and X Machina Sustainable Technologies Inc. combined, taps closed oil and gas wells for geothermal. X Machina Capital Strategies acquires oil and gas assets near the end of life and then turns them into renewable energy sources, yielding both energy and carbon credits. While some start-ups are privately financed, many public companies are investing in geothermal. Calpine Energy Solutions was the US largest generator of electricity from geothermal (and natural gas): in 2026, Constellation bought it. Halliburton is applying known oil and gas extraction technologies to geothermal. For investors who prefer only renewable energy sources, these companies may not be suitable. But it is a sign of the energy transition that major fossil fuel companies are pursuing renewables. Ormat, however, is focused only on renewable energy. Established in Yavne, Israel and now headquartered in Nevada, Ormat began with turbine development, advanced to solar power, then added recovered energy. Ormat is traded on stock exchanges in Israel and the US. Here are some links that may be of interest to geothermal investors.
Cashing in:
Baker Hughes Company – Nasdaq: BKR
BP – New York Stock Exchange: BP
Constellation – Nasdaq: CEG
Eversource – New York Stock Exchange: ES
Halliburton -New York Stock Exchange: HAL
Ormat Technologies – New York Stock Exchange: ORA

Coal Ash and Rare Earths: Coal ash holds a higher percentage of rare earth elements than can be found generally in Earth’s crust because these elements get concentrated during combustion and end up in ash. US coal ash may hold 11 million tons of rare earths. The US Department of Energy’s National Technolog Laboratory (NETL) is extracting rare earths from coal fly ash in Wyoming. Companies are starting to sift through mine tailings and coal ash to recover these valuable mineral. Chinese companies and state enterprises dominate the rare earths market, mainly by virgin mining; but a few sift tailings. For example, China Northern Rare Earth Group uses iron ore tailings in the Bayan Obo deposit, and Ziamen Tungsten also uses tailings. Here are some options:
Cashing in:
China Northern Rare Earth (Group) Ltd – Shanghai Stock Exchange: SSE: 600111
Envirogold Global – Canadian Securities Exchange: NVRO
Phoenix Tailings – private with some accredited investor access pre-IPO
Physical Sciences, Inc. – private with employee ownership plan
Ramaco Resources – Nasdaq: METC and METCB
Xiamen Tungsten Co., Ltd. – Shanghai Stock Exchange: SHA: 600549
Repurposing: Decommissioning fossil fuel infrastructure causes economic dislocation; repurposing keeps local employment and businesses thriving, while providing new, clean energy. Repurposing coal-fired power plants for new forms of energy transmission, like the Brayton Point project in Massachusetts, can reuse existing permits for new revenues. World Bank found that decommissioning a coal plant costs $58 million; repurposing brings in $122 million.
Energy Vault. “Changing People’s Lives through Innovation.” 2024. https://www.energyvault.com/newsroom/changing-peoples-lives-through-innovation
Global Energy Monitor. “Lewis Ridge Pumped Storage Hydroelectric Plant.” 2026. https://www.gem.wiki/Lewis_Ridge_Pumped_Storage_hydroelectric_plant
Huntsdale, Justin and Brooke Chandler. “Green Gravity secures old coal mine shaft to test gravity energy storage.” 18 September 2025. https://www.abc.net.au/news/2025-09-19/green-gravity-deal-old-mine-shaft-gravitational-energy-storage/105782756
Kennedy, Ryan. “Energy Vault begins construction on 150 MW storage project in Texas.” 6 January 2026. PV Magazine. https://pv-magazine-usa.com/2026/01/06/energy-vault-begins-construction-on-150-mw-storage-project-in-texas/
Lane Report. “Ky coal firm selling $200M in stock to ramp up US rare earth production.” 6 August 2025. Lane Report. https://www.lanereport.com/182885/2025/08/ky-coal-firm-selling-200m-in-stock-to-ramp-up-u-s-rare-earth-production/
Olick, Diana. “Abandoned coal mines may be gold mines for geothermal energy.” 8 May 2023. CNBC. https://cnb.cx/3B6CJVa
Nova Scotia, Canada. “Springhill geothermal built in abandoned coal plant.” https://novascotia.ca/geothermal-energy/
The Energy Group. “How Coal Mine Geothermal Energy Works.” https://www.theenergy.coop/blog/spotlight-on-renewable-energy-technology-coal-mine-geothermal-energy/
Tisheva, Plamena. “Energy Vault breaks ground on 150-MW battery in Texas.” 5 January 2025. Renewables Now. https://renewablesnow.com/news/energy-vault-breaks-ground-on-150-mw-battery-in-texas-1287536/
World Bank. “Repurposing versus decommissioning coal-fired power plants.” https://documents1.worldbank.org/curated/en/144181629878602689/pdf/Coal-Plant-Repurposing-for-Ageing-Coal-Fleets-in-Developing-Countries-Technical-Report.pdf
Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 U
















































