Funding A Flywheel Startup With Online Donations

At present, flywheels are more expensive than lead acid batteries.  Flywheel maker Beacon Power went bankrupt, even after securing a Department of Energy loan guarantee.

Now energy storage technology startup Velkess is looking to online crowdfunding to finance its project.

Entrepreneur Bill Gray launched a campaign on online project funding website, Kickstarter.

He is also looking at lowering costs by building a new flywheel made of fibre glass instead of steel. By using cheaper materials, the Velkess flywheel might provide more savings than lead acid batteries in the long term.

Source and Read More 

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