The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Gravitricity and Energy Vault move forward with commercialising gravity energy storage

LinkedIn
Twitter
Reddit
Facebook
Email

Gravitricity has partnered with firms in the US and Germany to deploy its gravity energy storage solution while Energy Vault has provided an update on its China project.

Gravitricity has signed an agreement with US firm IEA Infrastructure Construction to seek funds for projects in the US from the Bipartisan Infrastructure Bill which provided US$450 million for clean energy projects at mining sites. The company plans to fund up to five projects at current and former mines.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Gravitricity has also been contracted to investigate the potential of storing energy at a decommissioned mine in Halle, Germany, by the mine’s owner Geiger Group. Investigative work will start in May and, if successful, Gravitricity will deliver a concept design and project development plan to Geiger Group for it to consider the deployment of a full-scale gravity energy storage plant.

Gravitricity develops below ground gravity energy storage systems and raised £40 million to commercialise projects in January this year, as covered by our sister site Solar Power Portal. The firm’s technology works by raising weights in a deep shaft and releasing them when energy is required.

The technology is similar to that employed by Switzerland-headquartered and NYSE-listed Energy Vault, whose CEO Robert Piconi provided an update to its first commercial gravity energy storage project in Rudong, China, in a shareholder letter.

The letter – “From Rudong to Beijing to Mongolia: My insights from Energy Vault’s recent trip to China and the site of the first EVx gravity energy storage system” – provided an update with pictures (below).

“When fully commissioned later this year, the 25 MW, 100 MWh EVx system will be integrated into China’s national energy grid to provide critical storage and delivery of clean renewable energy generated by the adjacent wind farm. This is a significant milestone that brings us one step closer to realising our mission of decarbonisation through the deployment of sustainable energy solutions in the largest energy consumption market in the world,” Piconi said.

It also revealed that the concrete foundations have been completed for the firm’s first gravity storage project in the US, in Georgia with Enel Green Power.

Energy Vault now provides a range of energy storage solutions including battery storage and green hydrogen and is forecasting for US$325-425 million in revenues this year.

Energy-Storage.news’ publisher Solar Media will host the 1st Energy Storage Summit Asia, 11-12 July 2023 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.

22 May 2024
London, UK
At the time of writing, Europe had had its most successful year in terms of Power Purchase Agreements (PPAs) with a record 7.8GW of renewable energy contracts signed. As we gather in May 2024 for the third edition of the Renewable Energy Revenues Summit, the energy landscape continues to evolve rapidly, influenced by the beating drum of climate change, volatility around power prices and the need to decarbonise power procurement as well as generation.
22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

May 16, 2024
Inverter and BESS company Sungrow has signed a deal with developer Nofar Energy for a 230MWh project in Saxony-Anhalt, Germany.
May 16, 2024
Battery storage project development costs will continue to fall in 2024 as lithium costs decline “significantly,” according to BMI Research.
May 15, 2024
UK BESS owner-operator Gresham House Energy Storage Fund has put a 50MW/50MWh project into commercial operation in Lancashire.
May 15, 2024
Renewable energy developer and operator Apex Clean Energy has completed a US$150 million financing with First Citizens Bank for two ERCOT, Texas battery energy storage system (BESS) projects.
May 15, 2024
US asset manager Stonepeak has entered Japan’s energy storage market, forming a partnership with CATL-backed developer CHC.

Most Popular

Email Newsletter