Energy Vault raises another $100 million

Applying conventional physics fundamentals of gravity and potential energy, Energy Vault’s system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Following the successful commercial scale deployment of its energy storage system in 2020, Energy Vault launched its new EVx platform in April 2021. EVx introduces 80-85% efficiency, a more than 35-year technical life, and a flexible, modular design.

The capital raised will be used to support execution of the Company’s growth plans as it ramps up multi-continent deployments of the EVx platform, including fulfilling a strong pipeline of customer agreements across markets in the U.S., Middle East, Europe, and Australia. Deployments will begin in the U.S. during the fourth quarter of 2021, with a broader global ramp up expected throughout 2022.

The investment is being led by existing investor Prime Movers Lab, with additional participation from other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, and Idealab X. In addition, the Series C funding is supported by new investors, including Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford.

“To truly harness the power of renewable energy, the world needs to develop reliable, flexible storage solutions for when the sun does not shine or the wind does not blow,” said Zia Huque, general partner at Prime Movers Lab. “Energy Vault has cracked the code with a transformative solution that is designed to fulfill clean energy demand 24/7 with a more efficient, durable and environmentally sustainable approach than other options. Energy Vault is a gamechanger in our green energy transition and Prime Movers Lab is delighted to support the company in scaling the deployment of its technology.”

(Press release / SK)
Picture: Robert Piconi, CEO and Co-founder Energy Vault