Green Gravity, a gravity-based energy storage solutions developer, raised AU$9 million (~$6 million) in Series A funding to complete product development for its gravitational energy storage technology.
The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings (SCAP H), and other key institutional investors. BlueScopeX is also hosting the demonstration plant at BlueScope’s Port Kembla Steelworks facility, which was commissioned recently.
Andrew Garey, Partner at BlueScopeX, said: “Firmed renewable energy will be a critical part of decarbonizing many industries, including steel. We are excited to partner with companies like Green Gravity on the journey of scaling reliable, low-cost firming technologies.”
Unlike traditional battery energy storage, gravity-based energy storage operates by lifting heavy weights vertically using an electric motor, storing the energy as potential energy. When needed, the weights are allowed to fall, converting the potential energy into kinetic energy, which is then transformed back into electrical energy by a generator.
“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,” said Mark Swinnerton, Founder and CEO of Green Gravity.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
