The need for storage is the result of the intermittent nature of renewable energy sources like solar and wind and the fact that fossil fuel sources are destroying the livability of the climate. Perhaps the most logical solution to this is assembly line manufactured thorium reactors, reactors that potentially offer something real as a solution to our endlessly unsolved nuclear waste problem.
The problem there is the average person doesn't trust the nuclear industry, don't want to live by nuclear reactors, will add massive economic costs and misery by political and legal resistance and financing has dried up because of these kinds of uncertainties.
That leaves the problem that renewables that take up a lot of land area must be even over built so as to insure supply at night and or on cloudy or windless days. Of the methods proposed for this, pumping water back up behind hydroelectric dams is the cheapest.
And here, I think, is the point. The issue isn't efficiency but cost. You don't buy something that is twice as efficient that costs ten times more for large scale use and the MIT thingi is estimated to cost less than the current cost leader, reusing water for hydro. Also, there is no requirement for natural altitude gradients in the local geography or the presence of hydroelectric dams. These boxes can also be situated to relieve transmission line losses in areas that have a lot of local, maybe roof top generation.