To effectively use intermittent renewable energies, the world will need vast amounts of energy storage. Gravitricity's unique technology uses heavy weights to store energy underground. Having now built a 250kW Concept Demonstrator, we are fundraising to support development of a full scale prototype.
Our patented technology is based on the physical principle that any object at height stores energy (E=mgh). Surplus electricity from grid can be used to raise weights up to 12,000 tonnes in underground shafts; electricity is then released when consumers need it. Disused mineshafts and purpose-sunk shafts can be used.
As planned we built a 250kW Concept Demo in Edinburgh, which we intend to use to confirm our system's capability.
Our tech aims are to have:
• 25+ year life with no cyclical degradation
• 80-90% round trip efficiency: as good or better than all alternatives
• Sub-second response
• Low levelised cost of storage (LCOS)
• No parasitic loads, standing losses, or depth-of-discharge limits
• No rare or explosive materials
We will make money from sales of equipment & expertise to customers worldwide. We have received interest from operating mines, grid companies, EV charging stations and solar developers. We’ll also earn revenue from IP licensing arrangements with our industrial consortium partners.
We’re investigating project sites in UK, Europe, USA and South Africa. A preferred site will be selected this year for our full-scale prototype, which is planned to be built as an SPV over 3-4 years.
Funds from this raise will enable us to complete concept and detailed design for the prototype, to develop our commercial projects portfolio, and to protect new IP.