Australian gravitational energy storage technology startup Green Gravity has secured $9 million in Series A capital with strong backing from existing and new investors including HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAP H).
Green Gravity will use the funding to complete remaining product development for its mineshaft-based gravitational energy storage technology. This development includes the engineering and physical testing of the system at suitable scales to enable commercial deployment decisions.
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This latest investment builds on the company’s strong track record for delivery. This includes having commissioned the Gravity Lab demonstration facility in Port Kembla NSW, while building collaborative relationships with mine site holders including Yancoal, Wollongong Resources and CEVJ of Romania.
Green Gravity founder and CEO Mark Swinnerton said, “This funding round, backed by a world class syndicate of investors, demonstrates the game changing 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.
“I am thrilled to have a diverse blend of institutional investors join with Green Gravity. This unique blend of global technology knowledge, Australian manufacturing credentials, mining services expertise and large-scale listed infrastructure investment capacity will set us up for success as we move decisively to deploy this innovative clean energy solution.
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“The testing and engineering development Green Gravity has conducted over the past year has validated the attractive cost and sustainability profile of the technology. We expect to configure the gravitational storage technology for mid-duration storage applications of 4 to 24 hours, deliver 80% energy efficiency and to enable reuse of critical grid infrastructure.
“With more than 80 deployment options in review, we expect to make a major contribution to decarbonising the energy grid in the coming years.”
