Member news -- Gravity Power, LLC and Gravity Energy AG are pleased to announce that they signed a twenty year exclusive license agreement. In exchange for the right to sell Gravity Power plants in Europe, Gravity Energy AG will pay license fees, will fund Gravity Power’s seal system development and will fund a 1 MW, 30 minute demonstration plant currently planned for construction at the site of the Stadtwerke Weilheim municipal utility in Weilheim i OB, Bavaria. Initial seal development work is planned at this site and will take approximately six months. Site geotechnical investigation and the construction of the demonstration plant are planned to start in 2016.
“For some time we have believed that our patented technology will provide the lowest cost solution for utility scale energy storage applications”, said Tom Mason, CEO of Gravity Power. “We are excited to demonstrate this technology.”
“Europe and more specifically Germany are world leaders in wind and solar power generation. As such they need a balancing system like the Gravity Power technology provides. These plants will help Germany realize its plans to replace nuclear energy and carbon emitting gas fueled plants with less expensive renewable energy and carbon free storage that will deliver the wind and solar energy when needed.” said Horatio von John, CEO, of Gravity Energy AG.
Gravity Power, LLC is a gravity-based utility scale energy storage company located in Goleta, California. It holds patents on its proprietary technology in the United States, Canada, Mexico, Russia, China and Japan, with patents pending in Europe and other major markets.
Gravity Energy AG is a German corporation located in Tegernsee, Bavaria established to demonstrate this technology and to bring the proprietary Gravity Power technology to the European market.