Gravity energy storage firm Energy Vault raises USD 100m to back deployments

Energy Vault's storage tower. Source: Energy Vault

August 27 (Renewables Now) - Energy Vault has raised USD 100 million (EUR 85m) in Series C funding to support deployments of its gravity-based energy storage technology, which will start in the US in the fourth quarter of 2021, the Swiss company said on Wednesday.

A broader global ramp-up is expected during 2022, the firm added.

Energy Vault’s technology is based on a similar principle as pumped hydro storage systems. It uses large blocks of solid material which are lifted to store excess electricity and are lowered when electricity is needed. A 5-MW commercial demonstration unit has been grid-connected in Ticino, Switzerland since July 2020.

In April, Energy Vault launched its new EVx platform with a flexible, modular design, which, it says, can serve both higher power/shorter duration applications and longer duration needs from 5 to 24 hours or more.

The funding round is led by existing investor Prime Movers Lab, with other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena and Idealab X taking part. New investors, including Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, AT Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC and Gordon Crawford, also backed the fundraise.

"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," said Zia Huque, general partner at Prime Movers Lab.

(USD 1 = EUR 0.850)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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