Gravity Power, LLC, a spin-off of LaunchPoint Technologies, Inc., is developing a revolutionary grid-scale electricity storage system. The company’s new Gravity Power Module(GPM) exploits the established principles of pumped storage hydropower, but extends the technology in a new direction: Down.
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Gravity Power is pleased to announce it has licensed its proprietary Gravity-Power Module (GPM) energy storage technology to Gravitas Energy, SA, a new venture formed to exclusively pursue GPM projects in the vast developing energy storage markets in the Middle East, Balkans and Northern Africa. With the formation of Gravitas, Gravity Power holds a 15% ownership stake in the new company and will receive from Gravitas $45 million of annual minimum payments over a 20-year term.