Energy Vault

Energy Vault SA
Type	Private company
Industry	Energy Storage
Founded	2017
Founders	Bill Gross, Andrea Pedretti, Robert Piconi
Headquarters	Lugano, Switzerland
Key people	Robert Piconi, CEO
Products	Energy Storage
Website	energyvault.com

Energy Vault is a Swiss-based company specializing in utility-scale gravity-based energy storage. Energy Vault’s primary product utilizes a multi-headed crane to store energy by stacking heavy blocks made of composite material into a tower, capturing potential energy in the elevation gain of the blocks. When electricity demand is needed, the crane lowers these blocks to the ground, utilizing proprietary AI-software platform to autonomously manage the movement of the bricks to charge/discharge electricity. Energy Vault aims to solves the long-standing and complex problem of how to store renewable energy at scale for long durations of 8 to 12+ hours.

History

In 2017, Energy Vault was founded by the by the startup studio Idealab.[1] Bill Gross, Chairman and CEO of Idealab, alongside Co-Founders Andrea Pedretti (CTO), and Robert Piconi (CEO).

In 2018, Energy Vault secured Series A funds from NeoTribe Ventures.[1]

In 2019, Energy Vault secured mezzanine capital funding from Cemex in May,[1] before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund.[2][3]

References

"Energy Vault - funding rounds". Crunchbase. Retrieved 26 August 2019.
Rathi, Akshat. "SoftBank's first bet in energy storage is a startup that stacks concrete blocks". Quartz. Retrieved 26 August 2019.
Hook, Leslie (15 August 2019). "SoftBank to invest $110m in brick tower energy storage start-up". Financial Times. Nikkei. Retrieved 26 August 2019.

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[crunchbase-1] "Energy Vault - funding rounds". Crunchbase. Retrieved 26 August 2019.

[2] Rathi, Akshat. "SoftBank's first bet in energy storage is a startup that stacks concrete blocks". Quartz. Retrieved 26 August 2019.

[3] Hook, Leslie (15 August 2019). "SoftBank to invest $110m in brick tower energy storage start-up". Financial Times. Nikkei. Retrieved 26 August 2019.