Gravitricity secures crowdfunding boost – Energy Storage Journal

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Might 4, 2023: Scotland-based gravity storage system firm Gravitricity has raised almost £829,000 ($1 million) from a crowdfunding increase.

An organization spokesperson spoke Journal of Vitality Storage on Might 3 the startup exceeded its preliminary purpose of £550,000, with 1,085 traders taking part in Crowdcube elevating.

The money enhance might be invested in hiring and growing the corporate’s know-how, the spokesperson mentioned.

A bigger institutional spherical is about to comply with by which Gravitricity is looking for as much as £40 million.

Business director Robin Lane mentioned: “The funds come on the excellent time for Gravitricity as we advance our plans to develop power storage tasks throughout three websites right here within the UK and in mainland Europe. “

The corporate has developed a gravity-harnessing methodology of producing electrical energy by dropping weights underground in locations like deserted mines and can be engaged on under-surface inexperienced hydrogen storage.

Journal of Vitality Storage It was reported in March 2022 that Gravitricity acquired the UK authorities to help a £1.5 million feasibility research to develop a big scale power storage system to be constructed on a brownfield web site within the north England.

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