Wednesday, August 25, 2021

Energy Vault Scores $100M For Gravity-Based Energy Storage

Westlake Village-based Energy Vault, which is developing gravity-based, grid-scale energy storage systems, has raised $100M in its Series C funding round, the company announced this morning. The funding was led by Prime Movers Lab, and also included SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, and Idealab X plus 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. Energy Vault's power storage systems are based on the storage of potential energy in large, concrete blocks. According to the company, the new funding will go towards deployment of its platform. Energy Vault is led by CEO and co-foudner Robert Piconi. The company said that it utilized Goldman Sachs and Stifel as financial advisers on the fundraising transaction.