ImpactAlpha, August 31 — The California- and Swiss-based developer works with utility and energy companies on energy storage solutions to complement solar and wind power.
Its EVx platform uses a gravitational- and kinetic energy-based crane to stack 35-ton blocks made out of recycled waste materials, such as coal ash, tailings from mining operations and old wind turbine blades. The bricks can be lowered to discharge kinetic energy to the grid.
Energy Vault’s solution “is designed to fulfill clean energy demand 24/7 with a more efficient, durable and environmentally sustainable approach than other options,” said Zia Huque of Prime Movers Lab, the lead investor in the Series C round.
Energy Vault said it has a strong pipeline in the U.S., Middle East, Europe and Australia. Returning investors included SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena and Idealab X.
New investors include SailingStone Global Energy Transition, Pickering Energy Partners, Crexa Capital Advisors and Green Storage Solutions.
Separately, Somerville, Mass.-based Helix Power launched an equity crowdfunding campaign on SeedInvest for its flywheel-based kinetic energy storage system.