CA-ENERGY-VAULT
25.8.2021 14:02:08 CEST | Business Wire | Press release
Energy Vault (the “Company”), the creator of gravity-based, grid-scale energy storage solutions with its proprietary technology, today announced $100 million in Series C funding. The investment is being 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210825005287/en/
Goldman Sachs and Stifel served as financial advisers on the transaction.
The capital raised will be used to support execution of the Company’s growth plans as it ramps up multi-continent deployments of its innovative EVx™ platform, including fulfilling a strong pipeline of customer agreements across markets in the U.S., Middle East, Europe, and Australia. Deployments will begin in the U.S. during the fourth quarter of 2021, with a broader global ramp up expected throughout 2022.
Energy Vault’s system is designed to be cost-efficient, reliable, fully safe to operate, and environmentally sustainable, and is deployed through a highly localized supply chain that maximizes local job creation and economic impact, all underpinned by cutting edge material science and proprietary software technologies. The integration of these advanced technologies with conventional physics of gravity enables the Company to address a large, unmet need for energy storage solutions that manage the intermittent supply of renewable energy at utility scale to deliver dispatchable energy on demand, accelerating broader market adoption of renewable energy sources.
Following the successful commercial scale deployment of its energy storage system in 2020, Energy Vault launched its new EVx platform in April 2021, concurrent with the announcement that Saudi Aramco Energy Ventures has invested in Energy Vault. EVx introduces performance enhancements designed to have 80-85% round-trip efficiency, a more than 35-year technical life, and a flexible, modular design that is 45% lower in height and that can economically serve both higher power/shorter duration applications with ancillary services from 2 to 4 hours, while seamlessly scaling to serve longer duration requirements from 5 to 24 hours or more. With zero degradation of the storage capacity over time, the potential energy of the system can be stored with the composite blocks in the raised position for unlimited periods of time.
To maximize the sustainability elements of the storage system, Energy Vault implemented a circular economic approach to the supply chain that also maximizes on site material production, thus reducing greenhouse gases (GHGs) from the transport sector. Further material science innovation was developed in the manufacturing of the composite blocks that enables the beneficial re-use of waste materials otherwise destined for landfills, such as coal ash, waste tailings from mining operations and de-commissioned wind turbine blades that would otherwise be burned or buried underground, integrating these waste materials into the composite blocks to power its gravity-based storage system.
“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.”
About Energy Vault
Energy Vault is the creator of renewable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Utilizing 100 percent eco-friendly materials with the ability to integrate waste materials for beneficial re-use at unprecedented economics, Energy Vault is accelerating the shift to a circular economy and a fully renewable world.
For more information about Energy Vault, please visit energyvault.com and @EnergyVaultInc.
About Prime Movers Lab
Prime Movers Lab invests in breakthrough scientific start-ups founded by Prime Movers, the inventors who transform billions of lives. We invest in early-stage companies reinventing human augmentation, energy, transportation, infrastructure, manufacturing, and agriculture. Our team is dedicated to supporting entrepreneurs in their mission to commercialize breakthrough science and serve humanity. For more information, visit: www.primemoverslab.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005287/en/
Link:
Social Media:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Istituto Nazionale Tumori IRCCS Fondazione G. Pascale Selects MEVION S250-FIT™ for Southern Italy’s First Proton Therapy Center17.5.2026 08:00:00 CEST | Press release
Compact, vault-integrated platform selected through a competitive European tender will bring proton therapy to patients across Southern Italy. Mevion Medical Systems, the global leader in compact proton therapy, today announced that it has been selected to deliver the MEVION S250-FIT Proton Therapy System™ to Istituto Nazionale Tumori IRCCS Fondazione G. Pascale in Naples. The award, made following a competitive European tender, will establish the first proton therapy center in Southern Italy, significantly expanding access to advanced radiation therapy for patients across the region and reducing the need for patients to travel long distances to northern Italy for care. Until now, proton therapy in Italy has only been available at centers located in Northern Italy, requiring patients from Southern Italy to travel significant distances for care. The Pascale project supports a broader strategy to establish Naples as a leading oncology hub and to improve healthcare equity across Italy. “T
TetraMem Announces 22nm Multi-Level RRAM Analog In-Memory Computing SoC Milestone16.5.2026 10:43:00 CEST | Press release
TetraMem Inc., a Silicon Valley–based semiconductor company developing analog in-memory computing (IMC) solutions, today announced the successful tape-out, manufacturing, and initial silicon validation of its MLX200 platform, a 22nm multi-level RRAM-based analog IMC system-on-chip (SoC). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260516556464/en/ Photograph of the MLX200 chip with a five-cent coin for size reference The achievement marks a significant step toward the commercialization of analog computing architectures based on emerging non-volatile memory technologies, addressing the growing challenges of data movement, power consumption, and thermal constraints in modern AI systems. As AI workloads continue to scale, system performance is increasingly constrained by the cost of moving data between memory and compute units. Analog in-memory computing offers a fundamentally different approach by performing computation dir
STARTEEPO Invest Announces 5% Stake in Xerox Holdings Corporation15.5.2026 18:15:00 CEST | Press release
STARTEEPO Invest (“STARTEEPO”), an alternative investment fund focused on public equity opportunities, today announced that it has acquired a significant ownership position in Xerox Holdings Corporation (“Xerox” or the “Company”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260515594020/en/ As of the date of this release, STARTEEPO and its affiliates beneficially owns 6.6 million shares of Xerox (excluding options), representing approximately 5.05% of the Company’s outstanding common stock. STARTEEPO has filed a Schedule 13D with the U.S. Securities and Exchange Commission (the “SEC”) providing additional details regarding its investment. Investment Perspective STARTEEPO believes that Xerox represents an interesting investment opportunity supported by a combination of balance sheet initiatives, ongoing operational improvements, and its position within a changing and consolidating industry. In STARTEEPO’s view, the Company
NTT DATA Announces Intent to Acquire WinWire to Scale Enterprise AI Adoption and Accelerate Industry Transformation with Microsoft15.5.2026 16:00:00 CEST | Press release
Accelerates AI‑driven transformation through expanded agentic AI and data engineering capabilities that underpin NTT DATA’s AI strategy Adds 1,000 Azure engineers and AI specialists to scale cloud and AI delivery capabilities Advances NTT DATA’s North America leadership position, scaling industry aligned AI led innovation across its cloud services and Microsoft Business Unit Builds on NTT DATA’s position as the fastest-growing Microsoft GSI partner, accelerating co-innovation in enterprise AI NTT DATA, a global leader in AI, digital business and IT services, today announced it has signed a definitive agreement to acquire WinWire,an award-winning Microsoft partner specializing in Agentic AI, AI on Azure, data engineering and cloud-native development as foundational capabilities for enterprise AI. The acquisition strengthens NTT DATA’s position as a trusted partner to help organizations move beyond experimentation to operationalize AI at scale. The acquisition further advances NTT DATA’s
NTT DATA Announces Intent to Acquire WinWire to Scale Enterprise AI Adoption and Accelerate Industry Transformation with Microsoft15.5.2026 16:00:00 CEST | Press release
Accelerates AI‑driven transformation through expanded agentic AI and data engineering capabilities that underpin NTT DATA’s AI strategy Adds 1,000 Azure engineers and AI specialists to scale cloud and AI delivery capabilities Advances NTT DATA’s North America leadership position, scaling industry aligned AI led innovation across its cloud services and Microsoft Business Unit Builds on NTT DATA’s position as the fastest-growing Microsoft GSI partner, accelerating co-innovation in enterprise AI NTT DATA, a global leader in AI, digital business and IT services, today announced it has signed a definitive agreement to acquire WinWire,an award-winning Microsoft partner specializing in Agentic AI, AI on Azure, data engineering and cloud-native development as foundational capabilities for enterprise AI. The acquisition strengthens NTT DATA’s position as a trusted partner to help organizations move beyond experimentation to operationalize AI at scale. The acquisition further advances NTT DATA’s
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom