ENERGY-VAULT
Energy Vault , the creator of renewable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency, today announced new investment from Saudi Aramco Energy Ventures (SAEV), the strategic technology venturing program of global integrated energy and chemicals company Aramco (TADAWUL: SAUDI ARAMCO). Energy Vault will use the funds to accelerate global deployment of its technology, which is designed to enable intermittent renewable energy generation to be stored at GW-hour scale both economically and sustainably, to deliver dispatchable power on demand. The amount of the investment was not disclosed.
Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same well-understood fundamentals of physics and mechanical engineering used in those plants, but replaces water with custom-made composite blocks through an innovative use of local, low-cost materials and sophisticated material science. The blocks are combined with Energy Vault’s proprietary system design and machine vision, AI-enabled software to operate a specially designed crane which uses proprietary technology to autonomously orchestrate the lifting and lowering of the blocks, thus storing the potential energy at height and then discharging electricity as the blocks are lowered and generating electricity. Importantly, the blocks are made from locally sourced soil, sand or waste materials, including outputs of fossil fuel production, such as coal combustion residuals, and end of life energy components, such as wind blades. Energy Vault's first 5MW / 35MWh commercial scale system achieved mechanical completion in July 2020, concurrent with its connection to the Swiss national utility grid. The system has since been utilized by Energy Vault customers around the world for direct application testing and ancillary services protocols.
Over the last two years, Energy Vault has worked closely with the largest utility and energy companies in the world to further optimize its energy storage technology platform to be more flexible and address both higher power and variable duration needs. The result is the EVx product platform that sets a new industry benchmark in energy storage economics.
The new platform is a natural evolution of the company’s proven technology, leveraging all current performance attributes of zero degradation in storage medium, high round-trip efficiency, long technical life, a sustainable supply chain, and composite bricks. EVx introduces a highly scalable and modular architecture that can be built out in 10MWh increments that can scale to multi-GW-hour storage capacity. In addition, EVx offers full flexibility in terms of duration because energy and power are decoupled, allowing deployments for both high power/shorter duration needs (2-6 hours) in addition to longer duration storage applications (6-12 hours+). Importantly, the new platform is 40 percent lower in height and utilizes the same composite block weights that can be made from waste and remediation material for beneficial re-use, such as coal combustion residuals (coal ash), fiberglass from de-commissioned wind turbine blades and waste tailings from mining processes. The result is unprecedented economics that are significantly lower than any other energy storage technology on a Levelized Cost of Storage basis.
Energy Vault’s energy storage system is ideal for companies in many industrial verticals that have 24/7 power needs and are making a transition to clean energy. Other regional examples include desalination plants, which require around the clock industrial power to reliably and economically deliver clean drinking water.
“Our mission at SAEV is to invest in companies developing technologies with strategic importance to Aramco. Energy Vault’s innovative energy storage technology has unique environmental and economic benefits. We are excited to help Energy Vault further accelerate the global deployment of its technology,” said Mahdi Aladel, CEO of Aramco Ventures.
“Energy Vault has made rapid and meaningful progress over the last 12-18 months as we completed the first commercial scale deployment of our technology and we are pleased to have SAEV’s support as a strategic partner,” said Robert Piconi, CEO and Co-Founder, Energy Vault.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco. Saev.com
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 an innovative crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity. Utilizing 100 percent eco-friendly materials at unprecedented economics, Energy Vault is accelerating the shift to a fully renewable world.
For more information about Energy Vault, please visit energyvault.com and @EnergyVaultInc
View source version on businesswire.com: https://www.businesswire.com/news/home/20210602005350/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
Deciphera Announces Oral Presentation of Positive Topline Results from Phase 2a Study of Sapablursen in Polycythemia Vera at the 67th American Society of Hematology (ASH) Annual Meeting6.12.2025 15:30:00 CET | Press release
Results from Phase 2a IMPRSSION study demonstrate sapablursen significantly reduced phlebotomy rate, controlled hematocrit and increased serum hepcidin Sapablursen was generally safe and well tolerated Results support further development of sapablursen in a Phase 3 study Deciphera Pharmaceuticals, a member of Ono Pharmaceutical Co., Ltd. (Headquarters: Osaka, Japan; President and COO: Toichi Takino; “Ono”), today announced the oral presentation of positive results from the Phase 2a IMPRSSION study of sapablursen in patients with polycythemia vera (PV) at the 67th American Society of Hematology (ASH) Annual Meeting, taking place December 6-9, 2025, in Orlando, FL. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251206361611/en/ The results were presented by Ionis Pharmaceuticals, who discovered and developed sapablursen and conducted the IMPRSSION study. In March 2025, Ionis and Ono entered into a license agreement in which On
Protagonist and Takeda Present Longer-Term Data at ASH 2025 Showing Rusfertide Delivers Durable Response and Hematocrit Control in Polycythemia Vera6.12.2025 15:30:00 CET | Press release
52-Week Results from the Phase 3 VERIFY Study of Rusfertide Demonstrated Sustained Hematocrit Control and Response, Defined by Absence of Phlebotomy Eligibility, with No New Safety SignalsThese Data Build on Positive 32-Week Primary Analysis from VERIFY, Which Met its Primary Efficacy Endpoint and All Four Key Secondary EndpointsPatients Crossing Over from Placebo to Rusfertide at 32 Weeks Achieved a Similar Response Rate to Those Initially Randomized to Rusfertide, with 77.9% Achieving Absence of Phlebotomy Eligibility Between Weeks 40-52Four-Year Results from the Combined REVIVE and Long-Term Extension THRIVE Study Demonstrated a 13-Fold Reduction in Annual Rate of Phlebotomies from Baseline Protagonist Therapeutics, Inc. (“Protagonist”) (NASDAQ:PTGX) and Takeda (TSE:4502/NYSE:TAK) announce that new 52-week results from the pivotal Phase 3 VERIFY study evaluating rusfertide in patients with polycythemia vera (PV) will be presented in an oral presentation at the 67th American Society
Vertex Presents New Data on CASGEVY®, Including First-Ever Data in Children Ages 5-11 Years, at the American Society of Hematology Annual Meeting and Announces Plan for Global Regulatory Submissions6.12.2025 13:01:00 CET | Press release
- Data from pivotal studies of CASGEVY in children ages 5-11 years with severe sickle cell disease or transfusion-dependent beta thalassemia demonstrates the transformative potential of the therapy in younger patients -- Efficacy and safety data in children 5-11 years are consistent with the durable and positive benefit/risk profile established from clinical studies in patients 12 years of age and older -- Vertex expects to initiate global regulatory submissions for CASGEVY in children 5-11 years in 1H 2026 - Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced data from multiple studies demonstrating the clinical benefits of CASGEVY® (exagamglogene autotemcel) in people ages 5 years and older living with severe sickle cell disease (SCD) or transfusion-dependent beta thalassemia (TDT). The results, including the first presentation of clinical data from pivotal studies in children ages 5-11 years, and longer-term data from the pivotal studies of people with severe SCD and
Leading Global Scientists Gather at Tengchong Scientists Forum to Explore Innovative Pathways in Frontier Technologies6.12.2025 12:31:00 CET | Press release
The 2025 Tengchong Scientists Forum opened on Saturday in southwest China’s Yunnan Province, convening leading scientists and academic figures to examine innovation across frontier fields including artificial intelligence, biodiversity and quantum technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251205499197/en/ Opening ceremony of Tengchong Scientists Forum on 6th December, 2025 Notable participants include Nobel Physics laureate Konstantin Novoselov, Fields Medalist Efim Zelmanov and Turing Award winner Andrew Chi-Chih Yao, who join 127 academicians, 77 university presidents from China and abroad, over 400 scholars and more than 600 entrepreneurs and financiers. The gathering aims to deepen collaboration between cutting-edge research and industrial development. Under the theme “Science · AI changing the World,” the forum features ten sub-forums, academic sessions and thematic events supporting major cooperation p
Lattice Wins 2025 Global Semiconductor Alliance Award6.12.2025 00:49:00 CET | Press release
‒ Named Most Respected Public Semiconductor Company Achieving $100 Million to $500 Million in Annual Sales ‒ Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced that it was selected as ‘Most Respected Public Semiconductor Company’ at the 2025 Global Semiconductor Alliance (GSA) Awards. The GSA awards recognize companies that have demonstrated excellence through their success, vision, strategy, and future opportunities in the industry as determined by votes from GSA members. “We are honored to be recognized by the Global Semiconductor Alliance and our peers as one of 2025’s most respected public semiconductor companies. This recognition reflects the dedication of the Lattice team and the trust of our customers, partners, suppliers, and investors. Looking ahead, we remain laser-focused on driving innovation and strengthening our role as the trusted low power programmable leader for semiconductor and system solutions,” said Ford Tamer, Chief Executive
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