Grid-scale energy storage solutions company Energy Vault announced that it is raising $100 million in a Series C funding, with an investment being led by existing investor Prime Movers Lab, an early-stage investor focused on breakthrough scientific start-ups.

The funding round also includes participation from other existing investors including SoftBank Vision Fund, Saudi Aramco Energy Ventures.

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Energy storage solutions are emerging as a major opportunity for investors, as they form one of the key building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round the clock energy demand, while ensuring that energy is not wasted.

Energy Vault has developed gravity and kinetic energy based, long-duration energy storage solutions, inspired by pumped hydro plants that rely on gravity and the movement of water to generate power. The company’s solution utilizes a similar principle, replacing water with custom made composite blocks, produced using waste materials otherwise destined for landfills.              

The company completed the commercial scale deployment of energy storage system in 2020, and launched its new platform, EVx, earlier this year. The capital raised in the new financing will support the company’s growth as it deploys EVx.

Robert Piconi, CEO and co-founder, Energy Vault, said:

“The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources. Energy Vault is accelerating this transformation as we now move to global deployments and market adoption of the technology to help energy providers and industrial customers more cost-effectively meet their sustainability and decarbonization goals.”