Green Gravity

To address climate change, an enormous quantity of renewable energy must be added to the world's energy grid. The intermittent nature of wind and solar production causes instability in the electrical grid. Energy storage is required to enable the energy transition to occur.

Solution

We convert renewable electricity into gravitational potential energy by lifting heavy objects vertically through a legacy mineshaft. When the objects are lowered at a later time, the regenerative electric motor acts as a generator and returns electricity to the grid.

Business model

Green Gravity is a technology and project developer. We license use of the tech, generate revenue from ongoing operations and maintenance, attract margin from developing and selling merchant energy storage capacity to on and off grid participants.

Market

The market for Long Duration Energy Storage is growing at 20% compounding and is forecast to require US$2tn in global investment to 2040. Further to this, Australia has nearly 100,000 legacy mines of which the majority remain unrehabilitated.

Traction

Green Gravity has strong traction with mining and energy companies. Project feasibility is underway with Yancoal in the Hunter Valley, while in Wollongong the Gravity Lab, a large-scale demonstrator, is operating in conjunction with Bluescope Steel. Business development is well advanced in India, North America and East Europe for potential expansion sites. We expect first sales decisions late 2024. 

Team
The team includes 15 permanent employees and several part-time contractors. The founder has 25 years of experience in global mining, with the remainder of the senior leaders each holding more than 20 years of experience in relevant industries.

Funding
Initial seed funding of AUD$5M was previously raised. The current funding round, which has a major corporate VC leader, is seeking AUD12M with a pre-money valuation of AUD$35M. We are seeking investors to join with the leaders and close up to AUD$5M.  Funds from this round will be used to complete minesite demonstration of the technology and to prepare feasibility studies for the first commercial scale sites.