📌Gravitricity seems to have reignited the interest in renewable energy storage. Check out how they’re approaching the problem and the potential they seem to present for the future.
🕔Time Stamp:
0:00 Intro
0:43 The Company
3:52 Deep Dive
6:30 Reality Check
7:05 Future Outlook
9:25 Outro
📝Script:
With the world slowly transitioning into clean, green and renewable energy sources, companies have been setting new challenging goals in order to be part of this conservative change. One company specifically, promises it can deliver a missing piece in the energy distribution and storage process. Gravitricity, the company that might change the way we think about energy storage.
As you might have guessed, gravitricity is a combination of two well known words, gravity and electricity. The Scottish startup was able to secure funding for its innovative technology, with its founder Peter Fraenkel previously inventing the worlds first tidal turbine for generating energy, which was later bought by Semens, one of the major manufacturers and production companies in the world.
Remember, energy can neither be created nor destroyed, its simply transformed from one form to another, and trust me I wont bother you with the physics details of it, just understand that we’re using the energy received in order to elevate the weight, and then use it again by lowering it to generate that same energy.
In October 2019, the company raised more than 750,000 pounds to fund its systems. Then in early-2020, the company received 300,000 pounds from Innovate UK to analyze disused mines in South Africa. However, fundraising has been severely impacted by the the pandemic and economic downturn recently.
They are currently building a 16-meter demonstrator rig in Scotland, which will be connected to the existing grid. If successful, this will be followed by a full-scale commercial prototype in a disused mine shaft.The company is also planning systems for Europe, South Africa, and Australia.
Gravitricity is teaming up with the well-respected Dutch winch and offshore manufacturer Huisman Equipment BV. Expert help is always important in building a startup of this potential.
The first full-scale prototype will be deployed in 2021 or 2022 at a disused mine in the UK
They have also signed a land rental agreement with Forth Ports to build their first energy storage demonstrator. Work on this £1 million project is set to begin this October, with plans for operations to begin in December 2020
Its very interesting to see how everyone tries to get onboard with the fact that our planet has to be preserved, in such innovative ways, and lets hope for other innovations that still await us in terms of renewable energy in the journey to preserve the environment
At the end of the day, we want compliments, not this or that, this AND that, that is the future, i think everything we do is really important towards this noble goal, at the end of the day, what we do now, will help everyone in the future.
🌐 Gravitricity
https://www.gravitricity.com