Gravitricity enters US seeking Biden’s £363m clean energy fund
Energy storage business Gravitricity is entering the US through a partnership with IEA to be eligible for a government funding programme launched by the president.
Partnering with IEA Infrastructure Construction, the firms will together search for funding from President Joe Biden’s recently announced $450m (£363.1m) fund for clean energy initiatives.
Robin Lane, commercial director of Gravitricity, said: “This mine-specific US initiative, on top of the already generous IRA provisions, make the States a particularly attractive destination for first-of-a-kind projects.”
Edinburgh’s Gravitricity wants to use underground spaces such as disused mines for the purpose of producing electricity.
It achieves this by dropping weights above a shaft, which in turn generates electricity through the winches. There are approximately 14,000 mines that could benefit from its gravity technology according to Gravitricity.
Gravitricity is also developing storage – again underground – for green hydrogen.
“The timing could not be better. Governments worldwide recognise the need for energy storage and also the requirement to find new futures for mining communities seeking alternatives,” said Lane.
In the Czech Republic, Gravitricity is working on proposals for its gravity energy system to be used in an old Darkov mine and have a scale version in Edinburgh.
The energy company is currently in the middle of a crowdfund and has already secured more than £643,000 from investors.