Gravitricity signs deal to develop Finnish storage project

February 5, 2024

Edinburgh-headquartered energy storage company Gravitricity – which has developed an energy storage system that works by raising and lowering heavy weights in underground shafts – has signed an agreement to develop a prototype in Finland.

The agreement – which was signed with special development company Callio Pyhäjärvi – will see the two organisations embark on a project to transform a disused 530-metre deep mine shaft into an underground energy store.

The scheme will deliver up to 2MW of storage capacity, which would be connected to the local electricity grid.

Last year, Gravitricity signed an agreement with Swedish-Swiss energy multinational ABB to use ABB’s “mine hoist expertise” to help accelerate the adoption of underground energy storage. “It is anticipated ABB will lend their expertise to the project, alongside Gravitricity’s other strategic partner, Dutch winch specialists Huisman,” a Gravitricity statement said.

Gravitricity’s executive chairman Martin Wright said: “This project will demonstrate at full scale how our technology can offer reliable long life energy storage that can capture and store energy during periods of low demand and release it rapidly when required. This 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 approaching the end of their original service life.”