Energy storage firm Gravitricity has appointed corporate finance specialists Gneiss Energy to spearhead a £40 million funding drive which it announced earlier this month.

The company is planning a full-scale demonstrator project in a former mine in the Czech Republic as well as a purpose-built new shaft scheme in northern England.

It has now brought on board Edinburgh and London based Gneiss Energy, a corporate finance and strategic advisory firm focused on the energy sector to help raise the funding that will bring these early projects to fruition.

Nick Edgar, head of cleantech and renewables at Gneiss, said:” “Energy storage technologies will be fundamental to the energy transition, and we are already seeing strong interest in Gravitricity from strategic industrial investors, impact, specialist and hybrid funds.”

Bloomberg New Energy Finance predicts the energy storage market will grow by 21% annually with total global investment of £662 billion by 2040.

Established in 2016, Gravitricity has grown to 17 staff and has recently beefed up its board with specialist advisors including Good Energy founder Juliet Davenport and ex Crossrail director Simon Wright.

The company has already raised with £7.5 million, with around half private investment alongside public support from the European Investment Bank (EIB), Innovate UK and BEIS.

Announcing the planned demonstrators and funding target earlier this month, managing director Charlie Blair said: “Purpose-built lined rock shafts will be the safest and most affordable way to store large volumes of hydrogen near to where it will be required.”

Gravitricity’s commercial director Robin Lane adds: “Gneiss is the ideal partner to help us attract the right kind of investor who will support us in this next phase of rapid growth.

“In parallel to our three pathfinder projects, we are also developing a portfolio of development sites worldwide, with project partners already in place in mainland Europe, South Africa, India, Pakistan and Chile.”