Energy Vault, a Lugano, Switzerland-based maker of renewable energy storage products, received an investment from Saudi Aramco Energy Ventures (SAEV), the strategic technology venturing program of global integrated energy and chemicals company Aramco (TADAWUL: SAUDI ARAMCO).
The amount of the deal was not disclosed.
The company intends to use the funds to accelerate global deployment of its technology.
Led by Robert Piconi, CEO, Energy Vault has developed technology which is designed to enable intermittent renewable energy generation to be stored at GW-hour scale both economically and sustainably, to deliver dispatchable power on demand. Applying conventional physics fundamentals of gravity and potential energy, the system combines an innovative crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity.