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.
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