A handful of gravity-based energy storage companies are working to offer an alternative to the chemical batteries that dominate the global energy storage market. ScienceMagArchives
Alongside the chilly, steel-gray water of the docks here stands what looks like a naked, four-story elevator shaft—except in place of the elevator is a green, 50-ton iron weight, suspended by steel cables. Little by little, electric motors hoist the weight halfway up the shaft; it is now a giant, gravity-powered battery, storing potential energy that can be released when needed. And that moment is now: With a metallic moan, the weight inches back down the shaft.
Gravitricity is one of a handful of gravity-based energy storage companies attempting to improve on an old idea: pumped hydroelectric power storage. Engineers would dam up a reservoir on a hill, pump water to it at times of low demand , and release it to generate electricity. But the systems require specific terrain, expensive infrastructure, and planning approval that is increasingly hard to come by. These days, banking energy usually means hooking up renewable power to giant batteries.
Using Gravitricity's own cost and performance estimates, Schmidt compiled a 2019 report for the company showing that all told—including construction, running costs, and maintenance—gravity storage can be cheaper than lithium-ion batteries. For a 25-year project, he estimates that Gravitricity would cost $171 for each megawatt-hour.
The technology is still"incredibly immature," Schmidt cautions, and although battery prices continue to drop, the gravity companies have made little progress. Energy Vault, probably the leader of the pack, announced in 2019 it had raised $110 million in investment, and plans to start commercial developments this year.
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