Staff Reporter
16 October 2024 00:34
Gravitational energy storage developer Green Gravity has secured $9 Million in funding with strong backing from existing and new major strategic and financial investors.
The company, which is repurposing legacy mineshafts for utility scale long-duration energy storage, secured financing from investors including HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAP H, a subsidiary of Sumitomo Corporation).
The Founder and CEO of Green Gravity Mark Swinnerton said: “This funding round, backed by a world class syndicate of investors, demonstrates the game changing impact Green Gravity is having on the renewable energy storage landscape.
“It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability.”
The capital funding will go to complete product development for its innovative gravitational energy storage technology being demonstrated at BlueScope’s Port Kembla Steelworks facility (pictured).
The development includes the engineering and physical testing of the system at suitable scales to enable commercial deployment decisions.
Swinnerton said: “The testing and engineering development Green Gravity has conducted over the past year has validated the attractive cost and sustainability profile of the technology.
“We expect to configure the gravitational storage technology for mid-duration storage applications of four to 24 hours, deliver 80 percent energy efficiency and to enable reuse of critical grid infrastructure.
“With more than 80 deployment options in review, we expect to make a major contribution to decarbonising the energy grid in the coming years.”
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