![]() ![]() “Energy Vault has cracked the code with a transformative solution that is designed to fulfil clean energy demand 24/7 with a more efficient, durable and environmentally sustainable approach than other options. Prime Movers Lab general partner Zia Huque said: “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. The company aims to commence deployments in the US in the fourth quarter of 2021, with plans to launch a wider global ramp up through 2022. Gekko, Crexa Capital Advisors, Green Storage Solutions Venture I, and Gordon Crawford supported the investment round.Įnergy Vault intends to use the funding to support the deployment of its EVx platform to fulfil customer agreements across the US, Middle East, Europe and Australian markets. The funding round has seen additional participation from other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena and Idealab X.Īlso, new investors Pickering Energy Partners, SailingStone Global Energy Transition, A.T. Swiss energy storage company Energy Vault has secured $100m in Series C funding, led by existing investor Prime Movers Lab, to support its growth plans. The licensing agreement is separate and additional to Atlas Renewable LLC’s $50 million PIPE investment.The new financing round is expected to support the company’s deployment of EVx Platform to meet the customer demandĮnergy Vault commercial demonstration unit (Credit: Business Wire.) The companies will also assess the reuse of available waste materials such as coal combustion residuals, mine tailings, waste fiberglass and concrete debris as a beneficial re-use within the “mobile masses” used in the construction of the gravity energy storage systems. Related article: Bye-bye batteries: storing energy in big blocks The companies expect to start construction of the first 100MWh system in the second quarter of 2022 at the selected site in Rudong, Jiangsu Province located outside of Shanghai. The licensing deal, which also marks a first of its kind for Energy Vault, is for the use of its EVx and EVRC product platforms. and Chinese company for the deployment of the technology in China. The agreement represents the first gravity-based storage partnership between a U.S. In addition, Atlas Renewable is making a $50 million investment to upsize the current private placement investment (“PIPE”) from $150 million to $200 million, and paying an additional $50 million in 2022 licensing fees for use and deployment of Energy Vault’s gravity energy storage technology. The deal supports the deployment of Energy Vault’s proprietary gravity energy storage technology and energy management software platform within mainland China and the Special Administrative Regions (SAR) of Hong Kong and Macau. Related article: Energy Vault forms partnership with Sun Metals Energy Vault, developer of an innovative gravity-based storage technology, has signed a licence and royalty deal for renewable energy storage with Atlas Renewable LLC and China Tianying Inc.
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