ENERGY-VAULT
2.6.2021 14:02:08 CEST | Business Wire | Press release
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
Veristat to Acquire Certara’s Regulatory and Medical Writing Business22.4.2026 13:00:00 CEST | Press release
Strategic acquisition expands and enhances Veristat’s regulatory services to help more clinical trial sponsors develop novel, life-saving therapies across complex disease areas Veristat (the “Company”), a science-first full-service CRO and consultancy that advances complex therapies through the drug development lifecycle to regulatory submission, announced today its intended acquisition of Certara’s Regulatory and Medical Writing business. The team that will join Veristat is known for its white-glove advisory services and deep expertise authoring clinical and non-clinical documents throughout the drug development lifecycle. The acquisition is supported by WindRose Health Investors, LLC, a New York-based healthcare private equity firm, which remains a partner in driving Veristat's growth trajectory and mission. Notably, the acquisition expands Veristat’s regulatory writing and submission capabilities by adding more than 200 industry experts. Combined with the strong track record and mar
BeOne Medicines to Announce First Quarter 2026 Financial Results on May 622.4.2026 12:01:00 CEST | Press release
BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, will report its first quarter 2026 financial results on Wednesday, May 6, 2026 before the financial markets open. Following the release of the financials, the Company will host a live webcast with management at 8:00 a.m. ET. The live webcast of this event can be accessed from the investors section of the Company’s website at https://ir.beonemedicines.com.To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast. An archived webcast will be available on the Company’s website. About BeOne Medicines BeOne Medicines is a global oncology company domiciled in Switzerland that is discovering and developing innovative treatments that are more accessible to cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capa
Smartstream Research Reveals Five Realities Redefining Buy-Side Reconciliations22.4.2026 10:05:00 CEST | Press release
Key Facts Over 70% of firms still rely primarily on end-of-day reconciliation, while 53% cite timing differences and data mismatches as the leading causes of breaks. 59% of participants identified external data dependencies as the primary risk, while 47% highlighted internal inconsistencies. And 41% struggle with incomplete or insufficiently enriched data. 69% describe their T+1 model as partially adapted and still evolving. Whilst 41% say T+1 has made data quality a critical priority. Smartstream, the trusted data solutions provider for leading global financial institutions and enterprises, today announces new findings from its latest industry research report, Smart Reconciliations: The Buy-Side Perspective, highlighting the structural shifts transforming reconciliation, control, and operational confidence across buy-side firms. Based on insights gathered from a roundtable of senior operations leaders across asset management and investment firms, the report identifies five critical re
‘Concrete in Life 2025/26’ Winners Announced – Spectacular Photographs From Around the World22.4.2026 10:00:00 CEST | Press release
Concrete in Life Photo of the Year from the Philippines wins $10,000 top prize Over 20,000 international entries from professional photographers and smartphone amateurs Concrete is the world’s most used substance after water Powerful and striking images from around the world have been chosen as the winners of the Concrete in Life 2025/26 global photography competition, showcasing the essential role concrete plays in daily life, infrastructure, cities, and design. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422352135/en/ OVERALL WINNER: Pillars Across the Sea by Celbert Palaganas, Cebu City, Philippines Run by the Global Cement and Concrete Association (GCCA), the annual competition received more than 20,000 entries from professional and amateur photographers, as well as smartphone users, spanning every continent. The competition highlights how concrete supports modern life while also offering moments of beauty, creativ
Netceed Publishes Its First Environmental, Social and Governance Report22.4.2026 09:30:00 CEST | Press release
Netceed, a global infrastructure supply chain solutions provider, has published our first Annual Environmental, Social and Governance (ESG) Report, marking a major milestone in the Group’s sustainability journey and reinforcing our commitment to transparency, accountability, and responsible business practices. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422579806/en/ Netceed Sustainability Report 2025 The report presents Netceed’s progress across environmental, social, and governance topics, including the verification of its carbon footprint data by an independent third party and the completion of its first climate risk analysis. Key highlights include: A reduction in Scope 1 and 2 CO2e emissions compared to 2024 Improved gender diversity in senior management positions – we now have 23% of senior management positions filled by women 70% of our suppliers (by spend) are working with us on our climate action priorities A
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