The gravity tech uses massive weights that are hoisted up the mineshaft during times of surplus energy, and then released back down again during times of peak demand \u2014 driving a turbine and sending power to the grid. The system can release <\/span>large bursts of electricity quickly or release it more slowly depending on what\u2019s required.<\/span><\/p>\n Gravitricity recently inked a deal to install its technology<\/a> at a <\/span>1,444-metre-deep mine <\/span>in Pyh\u00e4j\u00e4rvi, a small town 450 kilometres north of Helsinki, Finland. The installation is part of a\u00a0 local community initiative to transform the old mine into a state-of-the-art industrial park, hosting tech startups, solar farms, an underground 5G network, and a <\/span>pumped hydro plant<\/span><\/a>.\u00a0<\/span><\/p>\n Founded in 2011, Gravitricity has spent much of the last decade on R&D, fuelled by crowdfunding and a handful of small research grants. The Finnish mine project will be the company\u2019s first full-scale, grid-connected prototype. If successful, it could provide a springboard for larger projects capable of powering tens of thousands of homes.\u00a0\u00a0<\/span><\/p>\n TNW Conference 2024 – Speakers announced!<\/p>\n Meet the powerhouse experts that will take the stage on June 20 & 21 in Amsterdam and save your seat today.<\/p>\n<\/div>\n<\/div>\n \u201cThis full-scale project will provide a pathway to other commercial projects and allow our solution to be embedded into mine decommissioning activities, offering a potential future for mines app<\/a>roaching the end of their original service life,\u201d <\/span>explained<\/span><\/a> Martin Wright, Gravitricity\u2019s executive chairman.<\/span><\/p>\n Gravitricity isn\u2019t the only one harnessing gravity for energy storage. Swiss startup Energy Vault has secured a healthy $280mn in VC <\/span>funding<\/span><\/a> to develop its system, which comprises a huge building full of elevators that lift and lower massive <\/span>concrete blocks<\/span><\/a> depending on energy demand.\u00a0<\/span><\/p>\n However, while Energy Vault\u2019s system relies on massive infrastructure above ground, and has been heavily <\/span>criticised<\/span><\/a> for its potential carbon footprint as a result, Gravitricity takes advantage of the numerous old mine shafts already in existence. While there are obviously a limited number of abandoned mine shafts, they still represent an exciting opportunity to supplement larger-scale energy storage systems like pumped-hydro and lithium-ion batteries.\u00a0<\/span><\/p>\n And it\u2019s not the only way to give dirty old mine shafts a new, cleaner lease on life. In Gateshead, UK, <\/span>thousands of homes<\/span> are being heated using geothermal warm water pumped up from old mine shafts. There have even been proposals to turn former mines into underground <\/span>food farms<\/span><\/a>.\u00a0\u00a0\u00a0<\/span><\/p>\n While we\u2019re clearly still figuring out the best ways to utilise the thousands of kilometres of mine tunnels crisscrossing beneath our feet, Gravitricity could be a winning idea. One\u2019s things for sure, the success of the startup\u2019s Finnish pilot project will probably be decisive if it is to attract the investment it needs to scale.\u00a0 \u00a0 <\/span>\n <\/div>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more like this article, you can visit our Technology category.<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n\n
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