Energy Vault

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Energy Vault SA
Company typePublic company
NYSE: NRGV
IndustryEnergy Storage
Founded2017
FoundersRobert Piconi, Bill Gross, Andrea Pedretti
Headquarters
Lugano
,
Switzerland
Key people
Robert Piconi, CEO; Jan Kees van Gaalen, CFO; Marco Terruzzin, Chief Product Officer; Josh McMorrow, Chief Legal Officer
ProductsEnergy Storage
Websiteenergyvault.com

Energy Vault is a Swiss-based, global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault’s primary product is a gravity battery using a multi-headed crane to store energy by stacking heavy blocks made of composite material into a tower, capturing potential energy in the elevation gain of the blocks. When demand for electricity is high, the crane lowers these blocks to the ground, with the motors functioning as generators and delivering electricity to the grid.[1][2]

History[edit]

Energy Vault Testing Tower in Castione-Arbedo, January 2022

In 2017, Energy Vault was founded by the startup studio Idealab.[3]

In 2019, Energy Vault secured funding from Cemex in May,[4] before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund,[5][6] and won Fast Company's World Changing Idea Award for transformative utility-scale energy storage.

In 2020, Energy Vault was Named Technology Pioneer by World Economic Forum[7] and completed mechanical construction of the first of its kind, grid-scale customer demonstration unit which is located in Castione-Arbedo, Ticino, Switzerland.[8]

In 2021, Energy Vault announced investments from Saudi Aramco Energy,[9] and 100m[further explanation needed] of Series C new financing 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.[10]

In 2022, Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), began trading on the New York Stock Exchange under ticker symbols NRGV and NRGV WS, February 14, 2022. Trading follows the successful completion of the business combination with Novus Capital Corporation II, a reverse takeover SPAC transaction[11] that raised approximately $235 million in gross proceeds additive to its recently announced Series C of $107M and $50M license fee from Atlas Renewable to fund the execution of its growth strategy[citation needed].

References[edit]

  1. ^ Glover, J. Duncan (2022). Power System Analysis and Design. Cengage Learning. pp. 444–446. ISBN 9780357676394. In action, Energy Vault's towers are constantly stacking and unstacking 35-metric-ton bricks arrayed in concentric rings. Bricks in an inner ring, for example, might be stacked up to store 35 megawatthours of energy.
  2. ^ Reynolds, Matt (4 January 2022). "Gravity Could Solve Clean Energy's One Major Drawback". Wired. Retrieved 23 April 2022. an unusual multi-armed crane lifts two 35-ton concrete blocks high into the air. The blocks delicately inch their way up the blue steel frame of the crane, where they hang suspended from either side of a 66-meter-wide horizontal arm. There are three arms in total, each one housing the cables, winches, and grabbing hooks needed to hoist another pair of blocks into the sky, giving the apparatus the appearance of a giant metallic insect lifting and stacking bricks with steel webs. Although the tower is 75 meters tall...
  3. ^ "Energy Vault Announces Commercial Availability of Transformative Utility-Scale Energy Storage Technology Yielding Unprecedented Economic Benefits to Global Energy Providers". www.energyvault.com. Retrieved 2021-09-20.
  4. ^ "CEMEX Ventures invests in Energy Vault to support rapid deployment of energy storage technology using concrete blocks". www.energyvault.com. Retrieved 2021-09-20.
  5. ^ Rathi, Akshat. "SoftBank's first bet in energy storage is a startup that stacks concrete blocks". Quartz. Retrieved 26 August 2019.
  6. ^ Hook, Leslie (15 August 2019). "SoftBank to invest $110m in brick tower energy storage start-up". Financial Times. Nikkei. Retrieved 26 August 2019.
  7. ^ Burke, Elaine (18 February 2021). "10 start-ups powering the future of energy". Silicon Republic. Retrieved 23 April 2022.
  8. ^ Mombelli, Armando (3 January 2020). "Revolutionary idea to store green power for the grid". Swissinfo. Retrieved 23 April 2022.
  9. ^ "Saudi Aramco bets on Energy Vault's block-stacking energy storage". Canary Media. Retrieved 2023-04-05.
  10. ^ "Energy Vault Announces $100 Million Series C Funding". Bloomberg.com. 2021-08-25. Retrieved 2023-05-04.
  11. ^ Lex (9 September 2021). "Energy Vault/renewables: letting the cranes take the strain". Financial Times. Retrieved 8 March 2023.
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