Gravitricity hires finance firm to raise ₤ 40m.

• Gneiss Energy will certainly help the energy storage firm raise funds to execute demo projects.

Energy storage outfit Gravitricity has actually assigned corporate finance professional Gneiss Energy to lead a ₤ 40m funding drive, with the objective of building 3 demonstrator projects in the following five years.

Earlier this year the Edinburgh-based developer introduced its H2 FlexiStore hydrogen storage innovation as a new product alongside its existing gravity-based technologies.

The company is already intending a full-scale demonstrator project in a former mine in the Czech Republic in addition to a purpose-built new shaft system in north England.

Gravitricity has currently employed Edinburgh and London based Gneiss Energy, a business finance as well as tactical advisory firm concentrated on the energy industry, to assist it raise ₤ 40m to bring these very early projects to fruition.

" Energy storage innovations will certainly be basic to the energy change, and we are already seeing strong interest in Gravitricity from tactical industrial investors, impact, specialist as well as hybrid funds," states Nick Edgar, Head of Cleantech and also Renewables at Gneiss.

Gravitricity is establishing technologies that cycle rapidly in between cost and also discharge with no loss in performance, in addition to offering long period of time capabilities-- all characteristics which will certainly become progressively valuable to grid drivers as renewable penetration increases.

The H2 FlexiStore taps into the rapidly growing hydrogen market using a "Goldilocks" mid-scale hydrogen storage solution, with a capacity between large-scale salt caverns and much smaller sized above-ground storage, which is preferably sized for the commercial hydrogen hubs of the future, Edgar added.

The company has actually already raised with ₤ 7.5 m, with around half private investment alongside public support from the European Investment Bank (EIB), Innovate UK as well as BEIS.