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 12,000 tonnes in underground shafts; this electricity is then re-released when consumers need it. Disused mineshafts will be used at first. Later, purpose-sunk shafts will allow projects to be sited just 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 located almost anywhere, including city-centres

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

- Be extremely cost-effective

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

We are working with winch partner Huisman Equipment BV and controls-partner ISC to build a 250kW Concept Demonstrator and design modular full-scale systems.

Funds from this raise will give us a buffer for any Covid-related delay and global economic downturn. It will also improve our ability to raise bigger Series A finance next year.