EIB sustains Gravitricity European storage plans

• Bank to supply 120 days of working as a consultant for a storage space project prepared at the Staric mine in Czechia

The European Investment Bank (EIB) is to support energy storage space firm Gravitricity's strategy to construct a full-scale project in a former mine shaft on mainland Europe.

EIB has dedicated 120 days of consultancy time, in addition to separately confirming Gravitricity's propositions for the project at the just recently mothballed Staric mine in the Moravian Silesian region of Czechia.

Bank-appointed professionals have started reviewing test results from Gravitricity's 250kW scale demonstrator-- which operated in Edinburgh via the summertime.

They will certainly likewise assess regional income streams to generate a commercial threat analysis that will ultimately educate in-depth style and development tasks.

The researches will follow lately finished evaluation by Czech professionals Nano Energies which assessed the project's earnings generation potential, based upon a single-weight style.

The project will certainly be delivered via the European Commission's Project Development Assistance plan.

Gravitricity project development manager Chris Yendell said: "We already have a high level of confidence in our modern technology as well as its ability to store energy successfully.

" What these studies will certainly bring is increased understanding and also self-confidence in how a full-scale project will play into a specific energy market.

" This understanding, along with predicted profits forecasts, will aid unlock the project funding our initial plan will require."

Gravitricity stated that although the Staric mine is a front runner, it exists within a huge coal field which expands throughout the border right into Poland and also is among a variety of mainland European websites recognized by the firm.

The Gravitricity group will certainly now head to mainland Europe later in January to more examine its shortlist as well as will make a final selection decision within the next couple of months.

Gravitricity has currently demonstrated a scale variation of its innovation in Edinburgh-- built in partnership with Dutch winch specialists Huisman-- as well as will certainly commence a full-scale 4-8MW prototype plan in an obsolete mine this year.

The firm's proposed solitary weight full scale system might deliver up to 2 megawatt-hours (MWh) of energy storage space as well as will certainly help sustain the neighborhood grid as even more renewable generation comes online.

Future multi-weight systems could have capability of 25MWh or more, it included.