SoftBank Backs Energy Vault's Giant Brick Tower Storage System
Energy Vault secures $110 million from SoftBank Vision Fund to commercialize a unique gravity-based energy storage system that uses massive cement bricks. The investment highlights the growing demand for utility-scale storage solutions as renewable energy adoption accelerates worldwide.
Energy Vault raises $110 million from SoftBank Vision Fund to advance its unique approach to energy storage. The company uses massive 35-metric-ton cement bricks to store power generated by wind and solar plants. Software automatically controls the movement of these heavy blocks to charge and discharge electricity based on grid demands.
This technology emerges from years of research at the Pasadena-based startup incubator Idealab. Energy storage stands as one of the biggest hurdles for renewable energy expansion, but utilities and private companies are pouring billions of dollars into new solutions. The SoftBank investment shows just how large this emerging market is becoming.
Other massive storage projects are also gaining momentum around the world. ScottishPower commits $7.2 billion to renewables and storage, while a Mitsubishi Hitachi subsidiary builds a 1-gigawatt clean energy facility in Utah using compressed air, flow batteries, and hydrogen storage. Energy Vault plans to deploy its brick towers in similar remote locations to help decarbonize the power grid.