Gravitricity, a leading energy storage company, is set to make its debut in the US market after joining forces with IEA Infrastructure Construction, a major American construction group. The move comes as the US government announces $450 million in funding for energy projects at former mines.
Under the agreement, Gravitricity will collaborate with the Illinois-based construction firm to jointly seek funding for renewable energy schemes, including those at disused mines. Gravitricity specializes in developing below-ground gravity energy storage systems, and has already advanced proposals for a mine project in the Czech Republic, where it plans to store energy using a single massive weight suspended in the former Darkov mine.
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The company has already demonstrated a scale version of its technology in Edinburgh, built in partnership with Dutch winch specialists Huisman, and plans to build full-scale schemes in the UK and worldwide, with future systems capable of storing up to 25MWh or more.
The US Energy Department has announced that up to five clean energy projects will be funded at current and former US mines, with demonstration projects expected to provide knowledge and experience that will catalyze the next generation of clean energy on mine land projects. The White House has also revealed that developers of clean energy projects will be able to take advantage of billions of dollars in new bonuses, in addition to investment and production tax credits available through the 2022 Inflation Reduction Act.
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Applications for the funding are due by the end of August, with grant decisions expected by early next year. With the support of the US government and its partnership with IEA Infrastructure Construction, Gravitricity is well positioned to expand its reach and revolutionize the energy storage industry in the US.
