The new financing round is expected to support the company’s deployment of EVx Platform to meet the customer demand
Energy Vault commercial demonstration unit (Credit: Business Wire.)
Swiss energy storage company Energy Vault has secured $100m in Series C funding, led by existing investor Prime Movers Lab, to support its growth plans.
The funding round has seen additional participation from other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena and Idealab X.
Also, new investors Pickering Energy Partners, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors, Green Storage Solutions Venture I, and Gordon Crawford supported the investment round.
Energy Vault intends to use the funding to support the deployment of its EVx platform to fulfil customer agreements across the US, Middle East, Europe and Australian markets.
The company aims to commence deployments in the US in the fourth quarter of 2021, with plans to launch a wider global ramp up through 2022.
Prime Movers Lab general partner Zia Huque said: “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.
“Energy Vault has cracked the code with a transformative solution that is designed to fulfil 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.”
Energy Vault is engaged in creating gravity-based, grid-scale renewable energy storage solutions, by applying fundamentals of gravity and potential energy.
The new EVx platform was rolled out in April this year, with investment support from Saudi Aramco Energy Ventures, following the deployment of its energy storage system last year.
The company said that it has designed EVx with performance enhancements to have 80 to 85% round-trip efficiency and more than 35 years of technical life.
The flexible, modular design of the platform is said to be 45% less in height and can economically serve high power or shorter duration applications.
Furthermore, it facilitates zero degradation of the storage capacity over time, enabling the storage of potential energy with the composite blocks for an unlimited period.
Energy Vault CEO and co-founder Robert Piconi said: “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.
“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.”