Storage ‘buys’ energy when it’s cheap and ‘sells’ it when it’s expensive, where ‘cheap’ can even mean ‘free’ at times.
You would build it using averagely priced energy (using only cheap energy is impractical, as it would keep machines and personnel tied up waiting for prices to drop)
Also, having a large buffer can mean having to spend a lot less money on excess solar and wind farms. They wouldn’t have to meet all peaks in demand.
Those still could make it economically viable.
We all know the name, but its main feature is its dishonesty.
The sound idea is water stored up an existing hill. On flat land you store your energy some other way: underground hydrogen or compressed air, or iron-air batteries, or liquified air, or any of various other choices that are more expensive and less efficient than pumped hydro. Or just run a wire over to someplace that does have hills.