Gravitricity and EnergyVault advance commercialization of gravity energy storage

Energy Vault's first EVx system at a construction site in Rudong, China. Image: Energy Vault

Gravitricity has partnered with companies in the US and Germany to deploy its gravity energy storage solutions, while Energy Vault provided an update on its China projects.

Gravitricity has signed an agreement with IEA Infrastructure to seek funding for projects in the U.S. from the bipartisan infrastructure bill, which provides $450 million for clean energy projects in mining areas. The company plans to finance up to five projects at existing and former mines.

Gravitricity has also been contracted by the Geiger Group, owner of an abandoned mine in Halle, Germany, to investigate the mine’s potential for energy storage. The investigation will begin in May and, if successful, Gravitricity will submit a concept design and project development plan to the Geiger Group for consideration of a full-scale gravity energy storage plant.

Gravitricity develops underground gravity energy storage systems and raised £40 million in January this year to commercialise its technology, which works by adding weights to deep wells and releasing them when energy is needed.

Schematic diagram of Gravitricity's gravity energy storage technology

The technology is similar to that used by Switzerland-based, NYSE-listed Energy Vault, whose chief executive Robert Piconi provided an update on its first commercial gravity energy storage project in Rudong, China, in a letter to shareholders.

The letter, titled “From Rudong to Beijing to Mongolia: Energy Vault’s Recent Trip to China and Field Observations of the First EVx Gravity Energy Storage System,” provides the latest images (below).

“When fully operational later this year, the 25MW, 100MWh EVx system will be integrated into China’s national grid, providing critical storage and delivery of clean, renewable energy generated by neighboring wind farms. This is an important milestone that brings us one step closer to our mission of decarbonizing the world’s largest energy-consuming market by deploying sustainable energy solutions,” said Piconi.

The company also revealed that concrete foundations have been completed for its first gravity energy storage project in partnership with Enel Green Power in Georgia, USA.

Energy Vault currently offers a range of energy storage solutions, including battery storage and green hydrogen, and expects revenue to reach $325 million to $425 million this year.

More pictures from Energy Vault's construction sites in China

(Source: Gravitricity/EnergyVault Global Energy Storage Network, New Energy Network Comprehensive)