There is, at that's exactly how we do it for that last 100 years. Pumped-storage hydroelectricity.
About 80% efficiency, and 95% of electricity is stored this way. Burning fossils is of course stupid.
> Pumped storage is by far the largest-capacity form of grid energy storage available, and, as of 2020, the United States Department of Energy Global Energy Storage Database reports that PSH accounts for around 95% of all active tracked storage installations worldwide, with a total installed throughput capacity of over 181 GW.
https://en.m.wikipedia.org/wiki/Electricity_generation