Gravitricity, a UK-based energy storage company, has successfully secured more than £500,000 through its equity crowdfunding campaign on Crowdcube. The company originally sought to raise £100,000 through the funding round, which has attracted more than 1,000 Crowdcube investors.
Founded in 2011, Gravitricity states it is developing a grid-scale mechanical energy storage technology that shares many of the best attributes of lithium batteries and pumped storage, which the company claims is offering fast, versatile electricity storage, which may be located exactly where it is required.
“[The storage] will appeal to network-constrained users and operators, distribution networks and major power users and has potential to provide significant network benefits including reduced overall costs.”
The company also noted that it is seeking to use surplus electricity from the grid to raise weights up to 12,000 tonnes in underground shafts; this electricity is then re-released when consumers need it.
“Disused mineshafts will be used at first. Later, purpose-sunk shafts will allow projects to be sited just where they are needed.”
Gravitricity further noted that it will make money by selling equipment, expertise, and maintenance contracts to customers worldwide, including renewable energy generators and users, mine owners, and power companies. In regards to what the funds from the Crowdcube campaign will be used for, the company added:
“Funds from this raise will give us a buffer for any Covid-related delay and global economic downturn. It will also improve our ability to raise bigger Series A finance next year.”
Gravitricity is now offering 11.31% in equity at a £4,053,090 pre-money valuation.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!
