Energy Vault Raises $100M in Series C Funding

Energy Vault

Energy Vault, a Westlake Village, CA-based creator of gravity-based, grid-scale energy storage solutions with its proprietary technology, raised $100m in Series C funding.

The round was led by existing investor Prime Movers Lab, with participation from other existing investors SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, and Idealab X, and new investors 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.

The company intends to use the funds to ramp up multi-continent deployments of its innovative EVx™ platform, including fulfilling a pipeline of customer agreements across markets in the U.S., Middle East, Europe, and Australia. Deployments will begin in the U.S. during the fourth quarter of 2021, with a broader global ramp up expected throughout 2022.

Led by Robert Piconi, CEO and co-founder, Energy Vault is the creator of renewable energy storage products which combine advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems.

Following the commercial scale deployment of its energy storage system in 2020, the company launched its new EVx platform in April 2021, concurrent with the announcement that Saudi Aramco Energy Ventures has invested in Energy Vault.