Energy Vault, a developer of renewable energy storage products, announced investment from Saudi Aramco Energy Ventures.
Energy Vault will use the funds to accelerate deployment of its 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.
Energy Vault’s first 5MW / 35MWh system achieved mechanical completion in July 2020, concurrent with its connection to the Swiss national utility grid. The system has since been utilized by Energy Vault customers around the world for direct application testing and ancillary services protocols.
Over the last two years, Energy Vault has worked with the largest utility and energy companies in the world to optimize its energy storage technology platform to be more flexible and address both higher power and variable duration needs. The result is the EVx product platform that sets a new industry benchmark in energy storage economics.