Well, it's better than the scheme for lifting and lowering cement blocks with a construction crane. And the scheme for digging deep holes in the ground and lowe

Well, it's better than the scheme for lifting and lowering cement blocks with a construction crane. And the scheme for digging deep holes in the ground and lowering big rock blocks into them. And the scheme for using electric locomotives and a heavy train in much the same way as this scheme. The animation hand-waves important details. How are those blocks moved on the flat part of the track? There's no backup braking system. No guards around the chain. No chain lubrication system. Performance should be roughly comparable to pumped storage with the same height difference, so why bother? Pumped storage doesn't use up much water; it's the same water going up and down, with some evaporation loss.