Wollongong-based energy storage company Green Gravity has secured $9 million (USD 6 million) in funding for its utility-scale long-duration energy storage solution, which repurposes legacy mineshafts.
Financing has come from HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAP H).
Green Gravity will use the funding to complete remaining product development, which includes the engineering and physical testing of its system at suitable scales to enable commercial deployment decisions.
The system moves heavy weights vertically in legacy mineshafts to capture and release the gravitational potential energy of the weights.
For example, in a large shaft, a 40-metric tonne weight (similar to the weight of 30 cars), creates the capability to store up to 10 kWh of energy per 100 metres of depth.
Shallow shafts are considered 100-150 metres, medium, 300 metres (the height of the Eiffel Tower) and deep shafts, 1,000 metres.
The company is currently commissioning a demonstration plant at green metals developer BlueScopeX Port Kembla, New South Wales (NSW) steelworks called the Gravity LabTM and exploring further mine site options including at the Sydney-headquartered Yancoal Austar coal mine site near Cessnock, NSW, which closed in 2021.
Image: Green Energy
Green Gravity’s long-duration energy storage solution has the capability to store up to 10 kWh of energy per 100 metres of depth. Green Gravity Founder and Chief Executive Officer Mark Swinnerton said the funding round demonstrates the impact Green Gravity is having on the renewable energy storage landscape.
“It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability, and I’m thrilled to have a diverse blend of institutional investors join with Green Gravity,” Swinnerton said.
“We expect to configure the gravitational storage technology for mid-duration storage applications of four to 24 hours, deliver 80% energy efficiency and to enable reuse of critical grid infrastructure.”
Swinnerton said with more than 80 deployment options in review, the company expects to make a major contribution to decarbonising the energy grid in the coming years.
BlueScopeX Partner Andrew Garey firmed renewable energy will be a critical part of decarbonising many industries, including steel.
“We are really excited to partner with companies like Green Gravity on the journey of scaling reliable, low-cost firming technologies,” Garey said.
Pacific Channel Venture Partner Marny Reakes said the company recognises the benefit of their technology to provide low-cost energy storage and repurpose legacy mine sites, that aligns with its commitment to supporting clean tech advancements.
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