Green Gravity’s long-duration storage solution attracts $6m in early-stage funding

The gravity-based storage system, which repurposes former mine shafts, can store up to 10 kWh per 100 m of shaft depth at the deepest sites.
Image: Green Gravity

Australian energy storage company Green Gravity has secured AUD 9 million ($6.04 million) from investors for its utility-scale, long-duration energy storage technology, which repurposes mineshafts.

The finance has come from asset manager HMC Capital, BlueScopeX, Pacific Channel, and the Sumisho Coal Australia Holdings business of Japanese conglomerate Sumitomo Corp.

Wollongong-based Green Gravity will use the cash to complete product development including engineering and physical testing of its system at suitable scales to enable commercial deployment.

The system moves heavy weights vertically in retired mineshafts to capture and release the gravitational potential energy of the loads.

For example, in a deep shaft, a 40-metric ton weight has the capability to store up to 10 kWh of energy per 100 m of depth of the shaft.

Green Gravity is commissioning a demonstration plant at the Gravity Lab steelworks owned by “decarbonized” metals developer BlueScopeX in Port Kembla, New South Wales (NSW).

The company is exploring further mine site options including at the Sydney-headquartered Yancoal Austar coal mine site near Cessnock, NSW, which closed in 2021.

Green Gravity’s long-duration energy storage solution can store up to 10 kWh of energy per 100 m of shaft depth. Image: Green Energy

Green Gravity founder and CEO, Mark Swinnerton, said the funding round demonstrates the 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 and I’m thrilled to have a diverse blend of institutional investors join with Green Gravity,” said the chief executive. “We expect to configure the gravitational storage technology for mid-duration storage applications of four to 24 hours, deliver 80% energy efficiency, and to enable reuse of critical grid infrastructure.”

Swinnerton added, with more than 80 deployment options under review, the company expects to make a major contribution to decarbonizing the grid.

BlueScopeX Partner Andrew Garey confirmed renewable energy will be a critical part of decarbonizing many industries, including steelmaking. “We are really excited to partner with companies like Green Gravity on the journey of scaling reliable, low-cost firming technologies,” said Garey.

Marny Reakes, venture partner at New Zealand venture capital company Pacific Channel, said the company recognizes the benefit of the technology to provide low-cost energy storage and to repurpose legacy mine sites, aligning with Pacific Channel’s commitment to supporting clean technology advancement.

From pv magazine Australia.

Written by

  • Ev is new to pv magazine and brings three decades of experience as a writer, editor, photographer and designer for print and online publications in Australia, the UAE, the USA and Singapore. Based in regional NSW, she is passionate about Australia’s commitment to clean energy solutions.

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