Australian startup Green Gravity has secured AU$9 million in Series A capital funding to complete product development of its gravity-based energy storage technology.
Energy Vault and a coal mining company owned by the local government in Sardinia, Italy, have signed a land lease agreement to deploy a project combining gravity energy storage and BESS technology.
Energy Vault has entered into an exclusive partnership with architecture firm Skidmore, Owings & Merrill (SOM) to work on projects using its gravity energy storage technology.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Energy Vault has connected its first commercial EVx gravity-based energy storage system to the grid in China, while construction has been launched on three others, all-in-all totalling 468MWh of capacity.
Two startups presenting gravity-based energy storage technologies for commercialisation have signed partnerships with major players in engineering and mining.
