A market worth $620 billion globally by 2040

Gravitricity is tapping  into growing global demand for energy storage, which analysts at Bloomberg New Energy Finance estimate will be worth $620 billion globally up to 2040.

Gravitricity’s extremely durable technology will offer a better long-term cost of energy storage than batteries in situations where a lifetime of more than 10 years is required.  This is particularly true for peak-shaving applications where storage is used to permanently reduce spend on grid. Sub-second response time and high c-rate potential means Gravitricity technology is also well suited to  grid balancing and rapid frequency response services. The ability to cycle many times with zero performance degradation makes it particularly well suited for stacking multiple revenues.

Gravitricity is working with project development partners in different regions.  These partners understand the specifics of the energy storage market in their country.   

The company has also received £300,000 from Innovate UK’s Energy Catalyst programme to explore South Africa’s potential – where a combination of weak grids and significant deep mine infrastructure offers great potential. (See the full story here.)

Early Market: Mines

Our ‘Beachhead market’ is existing underground mineshafts, particularly mines in Central Europe which are currently operating but will be phased out in the coming months and years.  There is strong political will to provide Just Transition support in these regions, and it is easier for our project development team to work in mines that have recently been operating. We expect our first full-scale project to be deployed in either Czechia or Poland. (See Projects page.)   

We believe there are thousands of suitable mineshafts around the world.  Other markets of interest include Spain, Chile, North America, South Africa, India and Australia. 

Later Market: new shafts

Gravitricity’s engineers are working with civil engineering contractors to develop low-cost techniques for sinking shafts exactly where storage is required.  This opens up a whole new market for energy storage installations built into the grid. 

This means storage can be deployed to save money on electricity use infrastructure such as EV Charging Stations, or to save on grid-connection costs for intermittent renewable generators.