Mine shaft project
Gravitricity smashes crowdfund target for energy plan
An above-ground demonstrator is planned for Leith
Gravitricity, which has developed a system for using old mine shafts to store and generate electricity, has exceeded a fundraising target within days of launch.
The Edinburgh-based company has raised £438,000, easily surpassing the £100,000 it hoped to raise when the campaign was announced on the Crowdcube platform on Monday. The company had a pre-money valuation of just over £4 million.
It is understood the initial target was reached by tapping previous investors. The company raised £760,000 on the platform last October and has received a £640,000 grant from the UK Government funder Innovate UK.
Funds from this raise will give the firm a buffer for any Covid-related delay and global economic downturn. The company said it will also improve its ability to raise bigger Series A finance next year.
The latest round follows the signing of an agreement with Forth Ports to build its first demonstrator project in Leith.
Work will begin on the £1 million project in October with plans to be up and running by end of the year.
Charlie Blair, managing director firm, said the funding “fully underpins our development plans.
“It gives us a big runway to complete our Leith trials and start work on our first full-scale 4MW scheme in 2021.”
The company is working with winch partner Huisman Equipment BV and controls-partner ISC to build the demonstrator.