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.