Energy Vault gravity energy storage
The Swiss-American startup Energy Vault recently announced that it has secured USD 100 million in funding. This investment is intended to support the development of gravitational energy storage.
Energy storage mechanism according to Energy Vault
The system developed by Energy Vault has a straightforward design. It uses massive cranes to store and release energy by lifting and lowering heavy loads. This mechanism is similar to a water pump but uses 35-ton composite blocks instead of water. These custom-made composites are primarily made from waste and inexpensive materials, such as earth and sand.
How does it work? When there is excess energy in the grid, the composite blocks are lifted by a crane and placed on a special tower over 100 meters high, storing the energy. When energy production decreases due to less favorable conditions, the system lowers the blocks to the ground, releasing the stored energy. The kinetic energy generated from this activity drives generators, which then supply energy to the power grid.
Obtaining financing through Energy Vault
Energy Vault boasts that it has secured USD 100 million (EUR 85 million) in Series C financing. The purpose of this funding is to support the implementation of the gravity energy storage technology developed by the company.
The world is at a critical turning point towards the greater use of renewable energy sources. Energy Vault is accelerating this transformation as we now move to global deployments and go-to-market technologies to help energy providers and industrial customers more cost-effectively achieve their sustainability and decarbonization goals.
Robert Piconi, CEO and co-founder of Energy Vault
According to the company, the funds will enable the launch of an innovative system for storing surplus energy generated by renewable energy plants. Modern facilities will be constructed in various locations worldwide, including the USA, Europe, and the Middle East. Implementation in the USA is scheduled to begin in the fourth quarter of 2021.
Energy Vault’s experience so far
To date, Energy Vault has constructed a 5 MW commercial demonstration project, which was connected to the Swiss national power grid. The company’s representatives assert that the technology they advocate for is compelling for several reasons and is highly durable over time. Essentially, it doesn’t degrade in terms of capacity and can last for more than three decades. Additionally, such facilities can be constructed using locally available materials and components, and they can be easily decommissioned. This approach enables the company to reduce greenhouse gas emissions associated with the implementation of such devices. Moreover, projects of this nature contribute to job creation in their respective locations.
In April, the company unveiled the initial designs of platforms called EVx, expected to provide energy reserves for 2-4 or 5-24 hours. With the obtained financing, the company can now begin implementing these platforms. The technology is designed to be scalable and have a modular architecture.
Undoubtedly, the Energy Vault energy storage system can be a valuable solution for many industrial companies, especially those requiring access to clean energy 24/7.
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