As usual everyone is fixated on price when the real hurdle will be scale. If we're going to replace our existing fossil fuel plants we need at least as much capacity. A quick grep in the article tells me these guys have a plan for a 4MW plant that involves a 1km shaft. That's the same order of magnitude as a single wind turbine, which is already one of the worst ratio of power output per quantity of resource and land…
I did a bit of scratch math with the notion this might be more suited for individual, home power storage rather than grid supply - You need something in the order of a 5m tall tower bearing 73 tonnes to store 1 kilowatt hour (even then, ignoring conversion losses). So that's the weight of ~ten class-4 fully laden heavy trucks. Once you can get it up in the air then the higher you can go you're doubling your storage i…
This would be rather simple tech, that can supplement solar and wind on your farm, lodge, campsite or island. Another piece in the puzzle for smaller scale independence.
Not to replace metropolis-scale energy demands, as grandparent implies, but to smooth out fluctuations on hourly, household scale.