Australian company Green Gravity has secured A$9 million (US$6m) of series A equity funding to advance its work on converting disused mine shafts for long-duration energy storage.
The company said backing from “key institutional investors including HMC Capital, BlueScopeX, Pacific Channel and Sumisho Coal Australia Holdings (SCAP H)” signalled international support for its gravitational energy storage technology.
“BlueScopeX’s investment in Green Gravity signifies a continued partnership between the two companies, in addition to hosting Green Gravity’s demonstration plant at BlueScope’s Port Kembla Steelworks facility,” Green Gravity said.
“Investment from HMC Capital’s Energy Transition platform supports the technology development while providing transparency to the future infrastructure opportunities associated with impending commercialisation.”
New Zealand’s Pacific Channel and investment from Japan’s Sumitomo Corporation via SCAP H showed global interest in the technology.
Green Gravity said its ongoing partnership with Australian contractor M2P Engineering “demonstrates traction for the delivery capability for the technology”.
