LONDON (Reuters) – Softbank Group’s Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault.
While many countries are keen to use renewable energy as part of efforts to cut carbon emissions in the fight against climate change, the challenge has been to find a way to store it for later use, particularly overnight or when demand surges.
Physics - Engineering - Hydro - Plants - Energy
Inspired by the physics and mechanical engineering used in hydro plants, Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day.
Most rival solutions focus on some form of battery storage, be it lithium ion, sodium-sulphur, lead-acid, among others. While costs have been falling – by nearly 40% since 2015 according to Wood Mackenzie – most degrade over time.
Energy - Vault - Problem - Energy - Scale
“Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale,” Akshay Naheta, managing partner at SoftBank Investment Advisers, said in a statement on Thursday, announcing Vision Fund’s $110 million investment. “Energy Vault is highly complementary to SoftBank’s existing energy portfolio and we are...
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