Energy Vault, a Lugano, Switzerland-based creator of renewable energy storage products, completed a $110m Series B funding round.
The round was led by SoftBank Vision Fund (Vision Fund). day. As part of the investment, Andreas Hansson, Partner for SoftBank Investment Advisers, will join the Energy Vault board of directors.
The company intends to use the funds to accelerate global deployment of its technology.
Led by Robert Piconi, Chief Executive Officer, Energy Vault is the creator of renewable energy storage products combining an innovative crane design that lifts specially designed, massive concrete bricks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity.
The bricks, each weighing 35 metric tons, are combined with its proprietary system design and machine vision software to operate a newly designed crane. The software autonomously orchestrates the energy storage tower and electricity charge/discharge utilizing predictive intelligence and a stack of proprietary algorithms that account for a variety of factors, including energy supply and demand volatility, grid stability, weather elements and other variables.
The company was created at Idealab Studio, the technology incubator founded by Bill Gross.