Edinburgh-based energy storage technology developer Gravitricity said last week it has engaged corporate finance advisory firm Gneiss Energy to help it raise GBP 40 million (USD 5.3m/EUR 4.9m) to build three demonstrator projects in the next five years.
Gravitricity is focused on underground gravity storage, as well as storing hydrogen in underground shafts as an alternative to salt caverns. It is already planning a full-scale demonstrator in a former mine in the Czech Republic and a purpose-built shaft project in northern England.
Gneiss Energy will seek to attract strategic industrial investors, as well as specialist and impact funds.
Nick Edgar, head of Cleantech and Renewables at Gneiss, commented that besides lithium batteries, future energy scenarios will require growing amounts of longer duration capability.
“In addition, supply chain constraints and geopolitical uncertainty mean that home-grown solutions beyond batteries will be required,” Edgar added.
Gravitricity has so far raised GBP 7.5 million of private investment and public support.
“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,” said Gravitricity’s commercial director Robin Lane.
(GBP 1 = USD 1.239/EUR 1.137)
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