May 4, 2023: Scotland-based gravity storage system company Gravitricity has secured nearly £829,000 ($1 million) from a crowdfunding raise.
A company spokesperson told Energy Storage Journal on May 3 that the start-up had exceeded its initial goal of £550,000, with 1,085 investors participating in the Crowdcube raise.
The cash boost will be invested in hiring and developing the firm’s technology, the spokesperson said.
A larger institutional round is set to follow in which Gravitricity is seeking up to £40 million.
Commercial director Robin Lane said: “The funds have come at the perfect time for Gravitricity as we progress our plans to develop energy storage projects on three fronts here in the UK and in mainland Europe.”
The company has developed a gravity-harnessing method of generating electricity by dropping weights in underground areas such as abandoned mines and is also working on below-surface green hydrogen storage.