Gravitricity, a startup operating out of Edinburgh, was able to draw in almost £829,000 through a crowdfunding campaign for their subterranean energy storage innovation.
The startup achieved more than its projected amount of £550,000, with a total of 1,085 investors taking part in the Crowdcube funding.
Gravitricity intends to use the funds raised through crowdfunding to secure personnel, advance its hydrogen storage capabilities, and fund its energy storage efforts in the UK, Germany, and the Czech Republic.
Lane, the commercial director of Gravitricity, stated that the money arrived precisely when needed as the firm works towards creating energy storage plans in the UK, along with other countries in Europe.
The firm has devised a scheme to capture the power of gravity by lowering weights into subterranean places like unused mines and is also developing underground green hydrogen storage.
Subsequently, an institutional round of funding is going to follow the crowdfund in which the company is seeking a maximum of £40m.
The startup raised equity investments amounting to £3.7m and grants of £2.5m had been secured, resulting in a total of £6.2m raised. Furthermore, there are more than 300 sites in its project development database which are being explored for commercial development.
Lane expressed deep gratitude to the more than 1,000 individuals who have contributed to their fundraising endeavor and are now taking part in their mission to engineer groundbreaking energy storage solutions - ones that will be of paramount importance on the path to an energy system based solely on renewable energy sources.
The recent fundraising effort by Gravitricity was triggered by its collaboration with a US-based construction firm, thus allowing them to be eligible for President Joe Biden's £363m clean energy fund.