Energy Vault raises 100 million dollars

Energy Vault has announced that it has successfully closed a Series C financing round. The Ticino-based specialists in the production and storage of renewable energies by way of an innovative gravitational energy storage system raised capital in the amount of 100 million US dollars. This financing round was led by existing investors Prime Movers Lab, although other existing investors including Saudi Aramco, SoftBank and US problem-solving organization Helena were once again involved as well. In addition, new investors also expanded the company’s circle of supporters.

The capital raised will be put towards implementing Energy Vault's growth plans. These include the fulfillment of a “strong pipeline” of customer contracts in the USA, the Middle East, Europe and Australia. According to the press release, installations are scheduled to begin in the fourth quarter of 2021 in the USA, before being expanded on a global basis over the course of 2022.

In 2020, the first gravitational energy storage system comprising composite blocks weighing 35 tons each went into commercial operation. In April 2021, Energy Vault launched its optimized EVx platform on the market. In addition, plans have now been drawn up to reuse waste materials that would otherwise end up in landfill sites for the production of the composite blocks, which in turn would help to close local recycling loops.

“The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources”, comments Robert Piconi, CEO and co-founder of Energy Vault, in the press release, before adding: “Energy Vault is accelerating this transformation as we now move to global deployments and market adoption of the technology to help energy providers and industrial customers more cost-effectively meet their sustainability and decarbonization goals”.