Gravitricity’s energy storage system concept. While its existing demonstrator in Scotland is above ground like the above picture, the company wants to repurpose disused mine shafts for its large-scale commercial projects. Image: Gravitricity.
The EU’s European Investment Bank has pledged support for a long-duration thermal energy storage project and a gravity-based energy storage demonstration project.
They have been selected among 15 projects defined as large-scale — each requiring capital costs of more than €7.5 million (US$8.5 million) — through EU Innovation Fund grants for Project Development Assistance (PDA), administered by the bank.
A total of 311 applications were received for clean energy or decarbonisation projects after the call for submissions opened last summer.
Of these, seven were selected to receive direct funding from a €1.1 billion…