2 years ago

Gravitricity Secures £829k in Crowdfunding for Underground Energy Storage

  • Edinburgh-based startup Gravitricity has successfully raised nearly £829,000 through crowdfunding, exceeding its initial goal of £550,000

  • The funds will be used for hiring, developing hydrogen storage, and supporting energy storage projects in the UK, Germany, and the Czech Republic

  • Gravitricity's technology utilizes gravity to generate electricity by dropping weights in underground areas like abandoned mines

  • The company is also working on below-surface green hydrogen storage and has a project development database with over 300 sites

  • This crowdfunding round follows a previous £6.2 million raised through equity and grants, and a larger institutional round seeking up to £40 million is planned for the future.

      • ProblemRenewable Energy

      "making renewable energy more reliable by providing a cost-effective and scalable way to store energy"

      Solution

      "developing a gravity-harnessing method of generating electricity by dropping weights in underground areas such as abandoned mines and also working on below-surface green hydrogen storage"

      Covered on