Re: Great article
It is absolutely nothing like a capacitor in the way it works. Neither, for that matter, is it anything like a battery either. The common term for all these storage systems, whether it's flywheel, batteries, compressed air, liquefied air etc. is grid energy storage system. Such systems are (world-wide) responsible for the vast majority of temporary storage capacity (albeit distributed storage systems in the form of electric vehicles could make a big dent in that lead).
Impressive as this facility is in engineering terms, it's positively Victorian in concept (the method dates from the 1890s). Something rather more compact and not limited by local terrain is going to be needed as we increasingly rely on intermittent power sources.