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
Access Advance Announces New Effective Discount Rates for Its Multi-Codec Bridging Agreement, Starting on January 1, 202711.11.2026 20:18:00 CET | Press release
Access Advance LLC today announced that the Licensors of the HEVC Advance and VVC Advance Patent Pools have independently approved a two-step, phased reduction in the effective royalty discount available under the Multi-Codec Bridging Agreement (MCBA) for Licensees of both pools who sign the MCBA on or after January 1, 2027. Licensees that join both the HEVC Advance and VVC Advance Patent Pools and execute the MCBA on or before December 31, 2026, will secure the current MCBA rates, resulting in an effective discount of up to 50%. Licensees that sign on or after January 1, 2027 will receive a reduced discount as further described below. The MCBA is an administrative agreement, not a separate license, that lets Licensees of both HEVC Advance and VVC Advance Patent Pools pay a single, reduced royalty rate for products that include both HEVC and VVC codecs. Today the MCBA rate for a dual-codec product is the same as the VVC Advance single codec product rate; up to 50% of what a Licensee wo
Angel Aligner Unveils Six Innovations for 202711.11.2026 17:23:00 CET | Press release
Angel Elevates the Orthodontic Specialty by Focusing on Complex-Case Solutions Angelalign Technology Inc. (6699.HK) (“Angel”), a global clear aligner leader, has unveiled six new clinical innovations, including SuperElastic (MC-SE)* aligner material, a Deepbite Solution for significantly expanded indications, and the Adapt-MATMsystem for next generation growth guidance for young patients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261110338654/en/ Unveiling Angel's 2027 Innovations. Orthodontists and opinion leaders have long remarked about Angel’s clinical excellence. Orthodontics educator and thought leader Dr. David Sarver said: “In over 4 decades, I’ve never had a parent say I’d be happy if you ensure that my child’s treatment results are average.” Angel is committed to elevating the orthodontic specialty well above the average, especially as more competition and harder referral cases demand outstanding results. Bind
Abu Dhabi Future Health Summit Concludes with Research Partnerships and New Programmes to Advance Prevention and Health Innovation11.11.2026 15:58:00 CET | Press release
Partnerships span drug discovery, clinical research, preventive and reproductive health Launch of an AI Clinician Framework and a Trusted Research Environment for health and genomic data Four whitepapers address genomics, therapeutics, fertility and wearable technologies New programmes support health innovators and entrepreneurs More than 17,300 visitors from 85 countries, with 130 speakers across 45 sessions Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, Abu Dhabi Future Health Summit 2026 concluded with agreements and initiatives spanning drug discovery, clinical research, preventive and reproductive health, alongside research and entrepreneurship programmes that will sustain collaboration beyond the Summit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261111545964/en/ The Summit is the annual flagship gath
De' Longhi Group: Record Results for the Quarter, With Revenue Growing by 7.7% and Net Profit Pertaining to the Group Progressing Significantly by 19%11.11.2026 15:58:00 CET | Press release
The Board of Directors of De' Longhi S.p.A. approved the consolidated results1 for the nine months of 2026. In the nine months the Group achieved: revenues for € 2,621.3 million, up by 6.5% with respect to 2025 (+7.7% at constant currency); an adjusted2 Ebitda of € 455.2 million, equal to 17.4% on revenues (vs. 15.8% with respect to last year); a net income pertaining to the Group equal to € 225.8 million (+20.4% with respect to last year); a positive net financial position equal to € 606.0 million. CEO Fabio de' Longhi commented: “The Group delivered its thirteenth consecutive quarter of organic revenue growth, underscoring our proven ability to capitalize on industry opportunities and respond promptly to market evolution, while ensuring consistent performance across both divisions. The professional business recorded a strong acceleration, spanning all geographies and brands, with revenues growth exceeding 35% for both the quarter and the nine-month period, this against an already par
Starr Chile Assigned A Rating from AM Best11.11.2026 14:30:00 CET | Press release
Starr, a global insurance and investment organization, today announced that the global credit rating agency AM Best has assigned Starr International Seguros Generales S.A. (Starr Chile) a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a+ (Excellent). The outlook for both credit ratings is positive. The rating reflects Starr’s strong balance sheet and Starr Chile’s successful implementation of Starr’s business model. AM Best also cited Starr’s operating performance, a favorable business profile and enterprise risk management as key factors supporting the positive rating. “This strong rating is another important endorsement of Starr’s business model as we continue to build our presence in Latin America,” said Jeff Greenberg, chairman and co-CEO of Starr. “It reflects the financial strength, underwriting discipline and experienced teams that underpin our business around the world, reinforcing the confidence brokers and clients can place in Starr.” Starr
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