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Green Gravity, a company that is converting old mineshafts for utility-scale energy storage purposes, has raised $9 million from a Series A round that was backed by major financial investors including Bluescope Steel’s (ASX: BSL) venture capital arm BlueScopeX.
The Wollongong-based Green Gravity says the investment is a major milestone that demonstrates global recognition for its world-leading approach to repurposing legacy mining infrastructure for long-duration energy storage.
Apart from BlueScopeX, Green Gravity was supported in the latest round by HMC Capital, Pacific Channel and Sumisho Coal Australia Holdings, which is a wholly owned subsidiary of Japan’s Sumitomo Corporation.
BlueScopeX has been partnering with Green Gravity for some time with the energy-tech startup locating its demonstration plant at BlueScope’s Port Kembla Steelworks.
Green Gravity plans to use the capital from this round to complete product development for its mineshaft-based gravitational energy storage technology, including engineering and physical testing of the system at suitable scales to enable commercial deployment.
“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,” says Green Gravity founder and CEO Mark Swinnerton.
“It will strengthen our team and enhance our capabilities, as we propel towards widespread commercial availability.”
Swinnerton says investors in the Series A round bring a “unique blend of global technology knowledge, Australian manufacturing credentials, mining services expertise and large-scale listed infrastructure investment capacity” that he believes will set the company up for success as it moves to deploy the 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,” he says.
“We expect to configure the gravitational storage technology for mid-duration storage applications of four to 24 hours, deliver 80 per cent 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.”
Green Gravity, which was founded in 2021, commissioned the Gravity LabTM demonstration facility in Port Kembla last year, and has been building collaborative relationships with minesite holders including Yancoal, Wollongong Resources and CEVJ of Romania.
Green Gravity and Wollongong Resources last year signed a memorandum of understanding to study the application of gravitational energy storage technology at up to eight sites in NSW.
The project has the potential to deliver more than 100 MWh of clean energy storage within the greater Sydney metropolitan area.
BlueScopeX partner Andrew Garey says that 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,” he says.
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