Green Gravity and Yancoal have executed a Memorandum of Understanding (MoU) to study the application of Green Gravity’s innovative energy storage technology at the former Austar coal mine site in NSW, Australia.
Green Gravity and Yancoal have agreed to work collaboratively to complete a pre-feasibility study to investigate the possibility of utilising decommissioned ventilation shafts at Austar Coal mine for renewable energy storage.
In preparing the study, the team will assess the potential for Green Gravity’s gravitational energy storage technology to provide important long-duration energy storage to the NSW electricity grid.
The study will also assess how gravitational energy storage assists in delivering beneficial post-mining land use.
Mark Swinnerton, Founder and CEO of Green Gravity said: “This study represents an outstanding opportunity for Green Gravity and Yancoal to identify new economic potential at the former Austar mine site, add regional jobs, demonstrate re-use options for legacy coal mining and deliver a better environmental outcome.”
“Successfully identifying the best method of fitting gravitational technology at the former Austar mine site will create a template for beneficial re-use of legacy mining sites for Yancoal, and for thousands of other mines around the country.”
“Green Gravity’s energy storage technology represents a breakthrough in the search for economic long-duration storage of renewable energy. By re-using mining assets, costs can be kept low.
“By using gravity as the fuel, we dispense with consuming the critical water, land, and chemicals which other storage technologies rely on.”
David Moult, the CEO of Yancoal Australia said: “As the world moves towards a lower carbon economy, Yancoal is proactively exploring opportunities in the renewable energy sector, with a particular focus on decarbonisation and carbon-neutral themes.
An important element of this project is to show how renewable energy projects can play a potential role in beneficial post-mining land use.”
“This MOU with Green Gravity is a demonstration that we are serious in assessing potential renewable energy opportunities and in collaborating with innovative partners to progress our strategy and vision for Yancoal’s future for the benefit of our shareholders, employees and communities.”