🔎 What’s going on?
Gravitricity, a startup based in Edinburgh is to pilot a £1m gravity-based, novel energy storage system.
🔌 What does this mean?
Gravitricity has secured a contract with Forth Ports to build a £1m demonstrator project at one of their ports in Edinburgh, Port of Leith. Work will start in October with the aim to be fully operational by December 2020.
Energy can be stored in many ways, the most obvious way that people are familiar with is through batteries. Gravitricity have developed a new method of energy storage system - raise and lower a heavy weight to store and release energy. Weights of 500 to 5000 tonnes are suspended down a deep shaft by cables and supported by a winch (a mechanical device that adjusts ropes). Two key concepts are used to store and release energy here: gravity and kinetic (movement) energy. During times when energy supply is greater than demand, the surplus energy is diverted to raising the heavy weight using the winch. When energy supply drops below demand, then the weight is dropped to generate electricity again (i.e. using gravity) where the winch acts as the generator. Similar to how hydroelectric dams work, where falling water turns a generator, in this case, falling weights turns the winch.
The efficiency of this system is between 80% to 90% and it can be operational for 50+ years.
❓Why should I care?
Renewable energy such as solar and wind are “intermittent” energy sources. This means that these sources of energy are not available continuously to be converted into electricity. For example, solar energy is limited when there is cloud cover and only available during daylight hours (not at nighttime). Unless the energy is captured when it’s produced, stored and then made available when required. This is where energy storage starts playing a very important role. Because storing energy allows an electricity grid to be more reliable and stable as demand and supply of energy can be balanced.
Efficient, scalable energy storage is the missing link that can truly accelerate renewable energy. Therefore, capturing and storing energy is fast becoming a growing need. In fact, Bloomberg New Energy Finance is predicting the energy storage market will be worth $640billion by 2040.
🚦 Where do we need to be?
By 2050, every country in the world (ideally) should be powered 100% by renewable (or clean) energy sources.
Last month in April, the UK hit the 1 GW mark of operational energy storage projects, while the pipeline for new energy storage projects is at 13.5GW, just in the UK. Globally, the International Energy Agency (IEA) estimates that we need to grow capacity to 450 GW by 2050 if we are to reach net-zero emissions.
👤 What can I do about it?
If you have already installed a solar PV system in your house or office building, then you’re most likely generating extra energy that you need. In this case, it’s good to consider whether you should invest in a battery system or not. Check out this article by the Energy Saving Trust to figure out if it makes sense for you.
Image credit: Gravitricity Ltd