Energy storage start-up Gravitricity has appointed corporate finance firm Gneiss Energy to spearhead a £40m funding drive – with the goal of building three demonstrator projects in the next five years.
Earlier this year the Edinburgh-based company unveiled its H2 FlexiStore hydrogen storage technology as a new product alongside its existing gravity-based technologies.
It is already planning a full-scale demonstrator project in a former mine in the Czech Republic, as well as a purpose-built new shaft scheme in northern England.
London-based Gneiss Energy will now help raise the required funding to bring these early projects to fruition.
“Energy storage technologies will be fundamental to the energy transition, and we are already seeing strong interest in Gravitricity from strategic industrial investors, impact, specialist and hybrid funds,” states Nick Edgar, head of renewables at Gneiss.
“Lithium batteries are inherently suited to shorter duration storage of around one to two hours; however, future energy scenarios will also require increasing amounts of longer duration capability for which lithium ion is not well suited.
“In addition, supply chain constraints and geopolitical uncertainty mean that home-grown solutions beyond batteries will be required.
“Gravitricity is developing technologies which will last for decades and can cycle rapidly between charge and discharge without any loss in performance, as well as offering long duration capabilities – all characteristics which will become increasingly valuable to grid operators as renewable penetration increases. “
Established in 2016, Gravitricity has grown to 17 staff and has recently beefed up its board, with specialist advisors including Good Energy founder Juliet Davenport and ex-Crossrail director Simon Wright.
The company has already raised with £7.5m, with around half of that being private investment, alongside public support from the European Investment Bank and Innovate UK.
Gravitricity’s commercial director Robin Lane commented: “Gneiss is the ideal partner to help us attract the right kind of investor who will support us in this next phase of rapid growth.
“In parallel to our three pathfinder projects, we are also developing a portfolio of development sites worldwide, with project partners already in place in mainland Europe, South Africa, India, Pakistan and Chile.”
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