"Just Have a Think" put out a video about this recently [1]. The project he reports on claims 30MW with 4MW available within 3s for frequency stabilization and the weight is not solid concrete (emissions penalty), but rather compressed refuse that otherwise cannot be recycled (coal ash, demolition debris).
The friction would occur as long term tensile strength durability of lifting cables and high torque electrical hoists, which are the primary material penalties. But these things may be relatively cheap to produce and rotate out of service as their known operational lifetime approaches (Tesla has designated labor that changes out public charger cables within a reasonable buffer before they are expected to wear out).
it is literally rock science ;)
Seriously, in Germany, concrete costs arount 100 EUR per cubic meter. So we would end up with around 150 EUR per kwh capacity. But they would not have to use concrete for the task. They could as well use 23 m^3 gravel (which goes down to 10EUR) and some steel scaffolding. Or even just plain water (35m^3).
Water tanks certainly have a much worse life time, given that they will start lacking after a short time and you don't only have to repair the tanks but also provide liquid to refill.
Stress fracture are already a significant issue for concrete dams when you frequently vary the water levels, and this is much worse as different stacking is going to stress each block slightly differently every time. In theory they might be perfectly flat surfaces meeting evenly, but in practice that’s far from the case.
Ground water makes a remarkably capacious reservoir, which may be deeper than your hill is high, doubling the energy storage capacity, for a possible upper limit on instantaneous wattage.
I don't know anything about the construction industry but some googling showed that 1 m^3 of concrete weighs 2.4 tons. You will need 15 m^3 weights. 1 m^3 costs $200 so each weight costs $3000.
35000kg×9.81m/s^2×100m is 34335000 Joules or 9.5kWH. $3000 / 9.5kWH is $315 per kWH.
I'm generous and assume that the tower is 100m high. I haven't seen a real number on the website.
It's possible that they are using a cheaper material mix but that's the entire problem. What materials are they using? They never say so on the website. This is not rocket science. We are merely talking about how to build the cheapest 35 ton rock on earth and yet these people are silent about that.