Energy Vault

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Energy Vault SA

Type	Private company
Industry	Energy Storage
Founded	2017
Founders	Robert Piconi, Bill Gross, Andrea Pedretti
Headquarters	Lugano , Switzerland
Key people	Robert Piconi, CEO
Products	Energy Storage
Website	energyvault.com

Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. The company’s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.

History[]

Energy Vault Testing Tower in Castione-Arbedo, January 2022

In 2017, Energy Vault was founded by the startup studio Idealab.^[1]

In 2019, Energy Vault secured funding from Cemex in May,^[2] before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund,^[3][4] 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 and completed mechanical construction of the first of its kind, grid-scale customer demonstration unit which is located in Switzerland (Ticino).

In 2021, Energy Vault announced investments from Saudi Aramco Energy, 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.

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. Transaction raises 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.

References[]