Energy Vault obtains $20 million and strategic partnership with US-based company

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22.07.2021
Energy Vault Tower
As part of their strategic partnership, Helena Special Investments, has injected $20 million in Lugano based startup, Energy Vault. The capital will help to expand the circular economic value proposition of the startup’s energy storage platform and its remediation technologies.

Energy Vault offers renewable energy storage products combining an innovative crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform that orchestrates the storage and discharge of electricity. Energy Vault has already interconnected a 5 MW Commercial Demonstration Unit (CDU) of the gravity storage technology in Ticino and recently announced the new EVx product platform (a 30 story building architecture, 40% shorter and entirely flexible in terms of charging and discharging duration), ideal for the utilization of wind blade fibers.

As the company begins deploying its innovative energy storage system worldwide, it has entered a new strategic partnership with Helena, a global problem-solving organization that, seeks to implement solutions to critical societal problems through Helena Projects. This partnership aims to identify additional opportunities for Energy Vault’s breakthrough waste remediation technologies.  

Helena Invests $20 Million in Energy Vault
As part of the partnership, which began in late 2020, Helena has also completed a $20 million investment in Energy Vault through its for-profit arm, Helena Special Investments, which operates projects that implement solutions to societal problems through for-profit means. Helena Group Foundation is a nonprofit, 501(c)(3) organization formed to conceive and operate projects that solve important global issues for the benefit of society. Helena has joined other investors, including Saudi Aramco Energy Ventures, SoftBank Vision Fund, CEMEX Ventures, Idealab, and Neotribe Ventures. As part of its investment, Helena Founder and CEO Henry Elkus joined Energy Vault’s board of directors.

Italian renewable energy company also relies on Energy Vault
Early this month, Energy Vault welcomed Enel Green Power, an Italian multinational renewable energy corporation, as its partner. Their partnership involves feasibility studies for integrating the composite material from Enel Green Power’s decommissioned turbine blades into the blocks used by the energy storage system. The process follows a circular economy perspective across the entire wind power value chain, which includes the decommissioning of the wind plant, the treatment of the composite material at a shredding plant, its processing and reintegration into the energy storage system.

(Press release/RAN)

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