Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTAugust 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)
Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTDuke Energy equips Hawaii university with solar and storage
May 27, 2022 17:17 CESTUS stays atop EY renewables attractiveness index, Spain heads PPA chart
May 27, 2022 16:32 CESTSavannah Energy to develop up to 500 MW of renewables in Chad
May 27, 2022 16:08 CESTCelsia building 260 MW of solar farms in Colombia
May 27, 2022 15:51 CESTAgrana, RWA equip Austrian fruit juice concentrate plant with solar modules
May 27, 2022 15:36 CEST