Edinburgh-based startup Gravitricity has secured nearly £829,000 from a crowdfunding raise for its underground energy storage technology.
The startup exceeded its initial goal of £550,000, with 1,085 investors participating in the Crowdcube raise.
Gravitricity will spend the crowdfunding investment on hiring, developing its hydrogen storage, and supporting its energy storage projects in the UK, Germany, and the Czech Republic.
Robin Lane, commercial director at Gravitricity, said: “The funds have come at the perfect time for Gravitricity as we progress our plans to develop energy storage projects on three fronts here in the UK and in mainland Europe.”
The company has come up with a gravity-harnessing method of generating electricity by dropping weights in underground areas such as abandoned mines and is also working on below-surface green hydrogen storage.
A larger institutional round will later follow its crowdfund in which it is seeking up to £40m.
According to the startup’s pitch deck, seen by UKTN, it has raised £6.2m to date, made up of £3.7m in equity and £2.5m in grants. It also reports it has more than 300 sites in its project development database for commercial development.
“We’re hugely grateful to the 1,000+ generous investors who supported the raise, and thankful they have chosen to join us on our mission to develop the type of innovative energy storage solutions that will be essential as we progress towards an energy system generated by 100% renewable energy sources,” said Lane.
Gravitricity’s crowdfund raise comes off the back of its move into the US through a partnership with a construction firm, allowing it to apply for President Joe Biden’s £363m clean energy fund.