The company develops gravity-based, grid-scale energy storage solutions with its proprietary technology. Net cash from the transaction is intended to be used to fund growth of the combined company and global deployment of the company's technologies.
Compared to alternative energy storage solutions, the company's gravity energy storage platform is designed to be cost-efficient, reliable, safe to operate and environmentally sustainable over a 35-year technical life. It is inspired by pumped hydro plants that rely on the power of gravity to store and discharge energy, combined with the company's own material science and software innovations.
The platform has replaced water with custom-made composite blocks, made with locally sourced soil or waste material, which are lifted and lowered to store and release energy on demand. This proprietary system is orchestrated by the company's AI-enabled software platform that incorporates advanced computer control and machine vision.
The end result, says the company, is a resilient supply of power and storage capacity with a system designed to have greater operational flexibility for both short and long duration storage, high round-trip-efficiency, lower capital and operating expenses, and an overall higher asset efficiency than competitors given the lack of degradation in the storage medium over time.
"Energy Vault’s technology is designed to provide a cost-efficient, flexible and sustainable energy storage solution to meet the immediate needs of utilities, power producers and large industrial energy consumers that must solve the problem of power intermittency that is inherent with wind and solar energy generation," says Robert Piconi, CEO & Co-Founder of Energy Vault. "We developed our energy storage solution to get to market quickly given the urgent and global imperative to accelerate the decarbonization of the energy sector. Through the deployment of our transformative technology, which can store clean energy for grid-scale deployments while uniquely utilizing waste materials for beneficial reuse in the process, Energy Vault is re-defining the role that energy storage companies can and should play within