No-one is denying the concept would work -- it's just an enormously expensive way to save remarkably little energy.
A Macbook Pro battery -- 63.5 Wh -- can store as much energy as a 46kg mass suspended in a 500m shaft operating with 100% efficiency. Now, which do you think costs more to build and maintain?
http://www.energycache.com/ http://www.youtube.com/watch?v=G3nz_kU604s&feature=youtu.be