Australian startup Green Gravity has secured AU$9 million (US$6.02 million) in Series A capital funding to complete product development of its gravity-based energy storage technology.
In a media statement released yesterday (15 October), the gravity energy storage developer said it received financing from investors, including HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAPH).
Green Gravity confirmed it will use the funding to complete the remaining product development for its mineshaft-based gravitational energy storage technology. This development includes engineering and physical system testing at suitable scales to enable commercial deployment decisions.
Mark Swinnerton, founder and CEO of Green Gravity, said the funding will help “strengthen our team and enhance our capabilities as we propel towards widespread commercial availability”.
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“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,” Swinnerton added.
Several of the investors have existing ties to the company and continue to invest in its potential. For instance, BlueScopeX, an investor in early-stage companies involved in the future of the steel-making process, has already collaborated to develop a demonstration plant for Green Gravity’s technology at BlueScope’s Port Kembla Steelworks facility in Illawarra, New South Wales.
The statement released by Green Gravity also added that the investment from Pacific Channel and SCAPH represents the global interest in the company, whilst HMC Capital will leverage its energy transition platform to provide “transparency to the future infrastructure opportunities associated with impending commercialisation”.
Swinnerton added that the technology is to be configured for mid-duration storage applications of 4 to 24 hours, deliver 80% energy efficiency, and enable the reuse of critical grid infrastructure. More than 80 deployment options are currently in review.
Gravity energy storage to capitalise on Australia’s world-leading mining industry
Due to the use of legacy mineshafts, the technology could see increased deployment across Australia, the world’s largest mining country overall. This potential saw Green Gravity sign a memorandum of understanding (MoU) with mining company Wollongong Resources to study the application of gravity-based energy storage at eight potential sites in Australia.
The facilities could host up to 100MWh of storage in the Illawarra, a coastal region of the greater Sydney metropolitan area of New South Wales, and one of the locations of a future Renewable Energy Zone (REZ).
The Australian mining industry accounts for 75% of the country’s exports. It has been subject to increased interest in exporting green metals to international markets, such as China, through renewable energy technologies.
Green Gravity formed a technology partnership in 2022 with engineering services company GHD to develop new applications for the Green Gravity technology and accelerate its commercialisation.
