GOLETA, Calif., Feb. 16, 2011 /PRNewswire/ -- Gravity Power, LLC will present at CleanEquity Monaco 2011; the conference is on March 3rd & 4th at the Sporting d'Hiver, Monaco.
Gravity Power, LLC was included, by expert selection, as one of the world's most inspiring cleantech companies, to present to industry-specific, senior financial and strategic investors, policy makers, legislators, end users and media.
Gravity Power is a privately-held company developing a novel grid-scale energy storage system for global commercialization called the Gravity Power Module (GPM). Based on the proven principles of pumped storage hydropower (PSH) – the only proven and the dominant grid-scale energy storage technology – GPM technology circumvents the traditional PSH difficulties associated with siting, negative environmental impact, huge land demands, permitting, long-lead times and the very large investment required. GPMs can be sited where ancillary services and peaking power are required, making them valuable strategic assets for renewable power providers and utilities. GPMs provide a more economical, cleaner alternative to the vast growing worldwide need for new conventional peaking power plants.
GPMs employ deep, water-filled shafts, which store energy in heavy pistons that move vertically within the shaft. A return pipe connects each piston shaft to a ground level, Francis pump turbine. As pistons fall, the water drives the pump-turbine to generate electricity. In storage mode, grid electricity drives the pump-turbine, forcing the pistons up the shaft. GPMs with hundreds of MWh of storage per shaft can replace gas turbine peaking plants, at lower levelized costs of electricity. Advantages include: modularity; use of existing technology; no new factories required, low land requirements; no emissions; flexible siting; fast permitting; local material and labor, low cost per megawatt-hour; low maintenance cost; long lifetime; high efficiency; and short time from project start to revenue.
Innovator Capital, the London specialist investment bank, hosts the annual invitation-only event. CleanEquity Monaco's regional host is the Monaco Chamber of Economic Development.
Other local partners include Prince Albert II of Monaco's Foundation, Monaco Chamber of Economic Development (Monaco), the Monte Carlo SBM, and the Stelios Philanthropic Foundation. Collaborators for the 2011 event include Covington and Burling LLP, PR Newswire, Carbon War Room, Invest Securities, 21 Ventures, Biocode Incubation and the UNEP Fi.
SOURCE CleanEquity Monaco