The Ferris wheel will be used to balance the supply and demand of the British power grid within 3 pounds.
5 million projects can help the country cope with more wind and solar energy.
The precision flywheel, which can store power for a long time, will be installed next to the Willen Hall Sheffield University battery storage facility near Wolverhampton, in the first such project in the UK.
When remaining available, the cylindrical structure draws power from the grid to supply power to the motor that makes the flywheel rotor rotate at high speed.
When the power grid needs power, they can be used to generate electricity and slow down the speed of the wheels.