Energy Vault

Energy Vault SA
Type	Private company
Industry	Energy Storage
Founded	2017
Founders	Bill Gross, Andrea Pedretti, Robert Piconi
Headquarters	Lugano, Switzerland
Key people	Robert Piconi, CEO
Products	Energy Storage
Website	energyvault.com

Energy Vault is a Swiss-based, global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault’s primary product is a gravity battery using a multi-headed crane to store energy by stacking heavy blocks made of composite material into a tower, capturing potential energy in the elevation gain of the blocks. When demand for electricity is high, the crane lowers these blocks to the ground, with the motors functioning as generators and delivering electricity to the grid.

History

Energy Vault Testing Tower in Castione-Arbedo 2021

In 2017, Energy Vault was founded by the startup studio Idealab.[1]

In 2019, Energy Vault secured funding from Cemex in May,[2] before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund,[3][4] and won Fast Company's World Changing Idea Award for transformative utility-scale energy storage.

In 2020, Energy Vault was Named Technology Pioneer by World Economic Forum and completed mechanical construction of the first of its kind, grid-scale customer demonstration unit which is located in Switzerland (Ticino).

In 2021, Energy Vault announced investments from Saudi Aramco Energy, and 100m of Series C new financing led by existing investor Prime Movers Lab, with additional participation from other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, and Idealab X. In addition, the Series C funding is supported by new investors, including Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford.

In September of 2021, Energy Vault and Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS) a U.S. publicly-traded special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Energy Vault Holdings, Inc.

References

"Energy Vault Announces Commercial Availability of Transformative Utility-Scale Energy Storage Technology Yielding Unprecedented Economic Benefits to Global Energy Providers". www.energyvault.com. Retrieved 2021-09-20.
"CEMEX Ventures invests in Energy Vault to support rapid deployment of energy storage technology using concrete blocks". www.energyvault.com. Retrieved 2021-09-20.
Rathi, Akshat. "SoftBank's first bet in energy storage is a startup that stacks concrete blocks". Quartz. Retrieved 26 August 2019.
Hook, Leslie (15 August 2019). "SoftBank to invest $110m in brick tower energy storage start-up". Financial Times. Nikkei. Retrieved 26 August 2019.

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[1] "Energy Vault Announces Commercial Availability of Transformative Utility-Scale Energy Storage Technology Yielding Unprecedented Economic Benefits to Global Energy Providers". www.energyvault.com. Retrieved 2021-09-20.

[2] "CEMEX Ventures invests in Energy Vault to support rapid deployment of energy storage technology using concrete blocks". www.energyvault.com. Retrieved 2021-09-20.

[3] Rathi, Akshat. "SoftBank's first bet in energy storage is a startup that stacks concrete blocks". Quartz. Retrieved 26 August 2019.

[4] Hook, Leslie (15 August 2019). "SoftBank to invest $110m in brick tower energy storage start-up". Financial Times. Nikkei. Retrieved 26 August 2019.