Green Gravity, a leader in gravitational energy storage technology, have secured AUD $9 Million in funding with strong backing from existing and new major strategic and financial investors. This is a significant milestone that demonstrates global recognition for Green Gravity’s world leading approach to repurposing legacy mineshafts for utility-scale long-duration energy storage.
Financing was secured from key institutional investors including HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAP H).
- Green Gravity secured AUD $9 Million in capital funding to complete product development for its innovative gravitational energy storage technology.
- BlueScopeX’s investment in Green Gravity signifies a continued partnership between the two companies, in addition to hosting Green Gravity’s demonstration plant at BlueScope’s Port Kembla Steelworks facility.
- Investment from HMC Capital’s Energy Transition platform supports the technology development while providing transparency to the future infrastructure opportunities associated with impending commercialisation.
- Investments from Pacific Channel (New Zealand) and SCAP H, a wholly owned subsidiary of Sumitomo Corporation (Japan), demonstrate the global interest for Green Gravity’s energy storage technology.
- The ongoing partnership with M2P Engineering, a leading Australian-owned Engineering, Construction and Maintenance company providing services to the Minerals, Mining, Industrial, Energy, Oil & Gas sectors, demonstrates traction for the delivery capability for the technology.
Green Gravity will use the funding to complete remaining product development for their mineshaft based gravitational energy storage technology. This development includes the engineering and physical testing of the system at suitable scales to enable commercial deployment decisions.
This latest investment builds on the company’s strong track record for delivery. This includes having commissioned the Gravity LabTM demonstration facility in Port Kembla NSW, while building collaborative relationships with mine site holders including Yancoal, Wollongong Resources and CEVJ of Romania. MEDIA RELEASE
Green Gravity founder and CEO, Mark Swinnerton said, “This funding round, backed by a world class syndicate of investors, demonstrates the game changing impact Green Gravity is having on the renewable energy storage landscape. It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability.”
“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.”
“The testing and engineering development Green Gravity has conducted over the past year has validated the attractive cost and sustainability profile of the technology. We expect to configure the gravitational storage technology for mid-duration storage applications of 4 to 24 hours, deliver 80% energy efficiency and to enable reuse of critical grid infrastructure. With more than 80 deployment options in review, we expect to make a major contribution to decarbonising the energy grid in the coming years.” he concluded.
Commented, Andrew Garey, Partner at BlueScopeX, “Firmed renewable energy will be a critical part of decarbonising many industries, including steel. We are really excited to partner with companies like Green Gravity on the journey of scaling reliable, low-cost firming technologies.”
“We’re delighted to be investing in Green Gravity. As a leading Asia-Pacific fund management firm, we recognise the benefit of their technology to provide low-cost energy storage and repurpose legacy mine” added Marny Reakes, Venture Partner at Pacific Channel.
