Energy Vault raises $110m to invest in energy-storage technology
Fundraising - AUGUST 15, 2019

Energy Vault raises $110m to invest in energy-storage technology

by Kali Persall

Energy Vault, the Pasadena, Calif., renewable energy spin-off of Idealab, has completed its Series B funding round with $110 million, the company announced on Aug. 14

Japan’s SoftBank Vision Fund committed the capital, marking its first investment in energy storage technology.

Energy Vault, which created the first gravity and kinetic energy-based, long-duration energy storage solution, will use the funding to accelerate global deployment of its technology.

“Renewables have struggled historically to fully replace fossil fuel power as a result of production unpredictability and intermittency from reliance on variable factors, such as wind and sunlight,” said Energy Vault in a statement. “In the absence of more efficient and cost-effective storage, the amount of electricity that can be delivered to the grid from renewable energy sources, even though now widely affordable, has been limited.”

SoftBank partner Andreas Hansson will join the Energy Vault board of directors as part of the deal.

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