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Successfully funded
overfunded
Gravitricity
324%
Raised
£790,510
Investors
835
Target
£246,000
Equity
39.97%
Pre-money valuation
£1,200,000

To effectively use intermittent renewable energies, the world will need vast amounts of energy storage. Gravitricity's unique technology will use heavy weights to store energy underground. The company has 2 approved patents and 2 filed, a £640,000 grant, and is raising money to build a 250kW Concept Demo in Edinburgh.

  • Sub-second response to grid demands and cost-effective, levelised cost below $180/MWh
  • Environmentally sound: very long design life with high efficiency
  • $620 billion market to 2040 (Bloomberg New Energy Finance)
  • UK team with 70+ years experience in energy innovation

Idea

Gravitricity's tech was invented by Peter Fraenkel MBE and Martin Wright. It is based on the physical principle that any object at height stores energy (E=mgh). We'll seek to use surplus electricity from the grid to raise weights up to 5000 tonnes in underground shafts; this electricity is then re-released when consumers need it. Disused mineshafts will be used initially. Later, purpose-sunk new shafts will allow projects to be sited exactly where they are needed.

Our tech aims to:

- React very fast to grid demands, accessing high-value markets

- Have a 25+ year life with no cyclical degradation

- Have 80-90% round trip efficiency: as good or better than all alternatives

- Be sited almost anywhere, including in city-centres

- Have no parasitic loads, no standing losses, no depth-of-discharge limits and no explosive materials

- Be extremely cost-effective

We have worked with Dutch winch partner Huisman Equipment BV and Glasgow-based controls-partner ISC to design a 250kW Concept Demo and the first modular full-scale system.

Funds will be used to deploy the Concept Demo, complete the detailed design of the modular full-scale system, and develop projects plans in Europe and South Africa.

Gravitricity will make money by selling equipment, expertise and maintenance contracts to customers worldwide, including mine owners, power companies and renewable energy generators and users.

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Gravitricity

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Successfully Invested
£689m+
Registered Investors
874k+