Construction of Libya Gravity Energy Storage Project

Why is gravity the future of energy storage?

As the world generates more electricity from renewable energy sources, there is growing demand for technologies which can store excess energy produced and release it on demand. Gravitricity develops innovative, long duration underground storage technologies that deliver flexible, low-cost solutions for energy storage.

How does gravity energy storage work?

The firm’s technology works by raising weights in a deep shaft and releasing them when energy is required. The technology is similar to that employed by Switzerland-headquartered and NYSE-listed Energy Vault, whose CEO Robert Piconi provided an update to its first commercial gravity energy storage project in Rudong, China, in a shareholder letter.

Why should you invest in gravity?

Gravitricity is developing two underground energy storage technologies that will support the energy transition, whilst offering significant value in rapidly growing markets. Watch our latest video to learn more about the technology, the team behind the innovation, and why the investment opportunity is one not to miss!

Who produces the most gas in Libya?

Eni is the leading international gas producer in Libya, with a share of 80% of the national production — 1.6 billion cubic feet per day in 2022. Its operations are run through the joint company Mellitah Oil & Gas, a 50:50 Eni-NOC joint venture and the average equity production last year was 165,000 barrels of oil equivalent per day.

Can a gravity-based storage system be built anywhere?

The firm’s only gravity-based storage system does not rely on land topography or geology and “thus can be built almost anywhere either co-located with solar or wind plants or simply connected to the grid to support dispatchability and grid stability,” according to a statement by the firm.

How many homes can a new energy storage system power?

The project is designed to have an energy storage capacity of 100 megawatt-hours, which can power 3,400 homes for a day, and the system is expected to be completed in June. On the other hand, the system is set up in Texas for energy firm Enel and will feature a 460-foot-tall structure.