Energy Vault, a creator of gravity and kinetic energy-based, long-duration energy storage solutions, is focused on transforming how the world delivers reliable and sustainable electricity. The company recently announced that it raised $100 million in Series C funding. The funding was led by Prime Movers Lab in combination with existing investors, including Aramco and the Softbank Vision Fund.
According to market research, investors have poured over $500 billion into energy transition in 2020 and 2021. Grid-scale energy storage is also expected to increase at least 10 times over in the next decade in order to manage the increase in renewable energy. This will require $270 billion in investments over that time period. Governments have also recognized the importance of energy storage.
Energy Vault’s System
Energy Vault has a storage system that aims to be cost-efficient, reliable, and safe while having the added bonus of being environmentally sustainable. It’s deployed through a highly localized supply chain that provides jobs and helps the economy. It also integrates material science and proprietary software technologies with conventional physics of gravity.
The company successfully deployed a commercial-scale system last year and then launched its new EVx platform in April of 2021. Along with the latter announcement, the company announced that Saudi Aramco Energy Ventures invested in Energy Vault. In the press release, the company described its EVx platform as introducing performance enhancements that are designed to have 80–85% round trip efficiency. It’s also expected to have over a 35-year technical life with a flexible and module design 45% lower in height. It can also serve both higher power and shorter duration applications with ancillary services from 2–4 hours.
Energy Vault has also implemented a circular economic approach to its supply chain to reduce greenhouse gases from the transport sector. It’s doing this by maximizing onsite material production.
“We are happy to welcome Prime Movers Lab and other new and existing strategic partners that collectively bring an extraordinary track record of investing in breakthrough technologies that are accelerating the clean energy transition on a global basis,” said Robert Piconi, CEO and co-founder, Energy Vault. “The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources. 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.”
“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.”