ENERGY VAULT CLOSES SERIES B FUNDING WITH $110 MILLION INVESTMENT FROM SOFTBANK VISION FUND

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New Financing Will Accelerate Growth and Rapid Global Deployment of Company’s Transformative Utility-Scale Energy Storage Technology

LUGANO, Switzerland, August 15, 2019 Energy Vault, the creator of renewable energy storage products that are transforming the world’s approach to long duration, utility-scale energy storage, today announced it has completed a $110 million Series B funding round. The investment for the round was made by SoftBank Vision Fund (Vision Fund) in its first investment in energy storage technology. Energy Vault will use the funds to accelerate global deployment of its technology, which – for the first time – enables renewables to deliver baseload power for less than the cost of fossil fuels 24 hours a day. As part of the investment, Andreas Hansson, Partner for SoftBank Investment Advisers, will join the Energy Vault board of directors.

Renewables have struggled historically to fully replace fossil fuel power as a result of production unpredictability and intermittency from reliance on variable factors such as wind and sunlight. In the absence of more efficient and cost-effective storage, the amount of electricity that can be delivered to the grid from renewable energy sources, even though now widely affordable, has been limited.

Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same well-understood fundamentals of physics and mechanical engineering used in those plants, but replaces water with custom made composite bricks through an innovative use of low-cost materials and material science. The bricks, each weighing 35 metric tons, are combined with Energy Vault’s proprietary system design and machine vision software to operate a newly designed crane. The software autonomously orchestrates the energy storage tower and electricity charge/discharge utilizing predictive intelligence and a unique stack of proprietary algorithms that account for a variety of factors, including energy supply and demand volatility, grid stability, weather elements and other variables. As a result, the Energy Vault tower can deliver all the benefits of a large scale pumped hydro storage system, but at a much lower levelized cost, higher roundtrip efficiency and without the requirement for specific land topography and negative environmental impacts.

Energy Vault has experienced significant growth since its launch in November 2018. In addition to the previously announced agreement with The Tata Power Company Limited, India’s largest integrated power company, Energy Vault will be demonstrating the first 35MWh storage tower in the north of Italy in 2019. The company has also developed an extensive relationship with CEMEX (NYSE: CX) that includes a technology collaboration and development agreement with CEMEX Research Group AG (Switzerland) as well as an investment from CEMEX Ventures announced in May 2019. As a further measure of the unprecedented market demand and upcoming adoption of the technology, Energy Vault has agreements with customers on four continents.

“Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale,” said Akshay Naheta, Managing Partner for SoftBank Investment Advisers. “The company’s integration of proven technologies with 21st century material science and machine vision software provides a solution that reshapes the unit economics of renewable energy while being restorative to the environment. Energy Vault is highly complementary to SoftBank’s existing energy portfolio and we are pleased to further the company’s global development.”

“As we pursue our mission to enable renewable energy to replace fossil fuels 24 hours a day, we’re thrilled to partner with SoftBank Vision Fund as we expand our global presence,” said Robert Piconi, Chief Executive Officer and Co-Founder, Energy Vault. “The Vision Fund shares our passion to combat climate change through innovation in energy storage technologies and, with its support as a strategic partner, Energy Vault is well positioned to meet the large and currently unmet demand for sustainable and economical energy storage worldwide.”

About Energy Vault
Energy Vault is the creator of renewable energy storage products that are transforming the world’s approach to long duration, utility-scale energy storage. Applying conventional physics fundamentals of gravity and potential energy, the system combines an innovative crane design that lifts specially designed, massive concrete bricks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity. Utilizing 100 percent eco-friendly materials at unprecedented economics, Energy Vault is accelerating the shift to a fully renewable world.

In April 2019, Energy Vault was awarded Fast Company’s World Changing Idea Award, winning the Energy category. The company was created at Idealab Studio, the leading technology incubator founded by Bill Gross.

For more information about Energy Vault, please visit energyvault.com or @EnergyVaultInc

Energy Vault Media Contact:

Isaac Steinmetz
[email protected]
+1.646.883.3655

 

Cemex Ventures Invests in Energy Vault to Support Rapid Deployment of Energy Storage Technology Using Concrete Blocks

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MADRID, SPAIN. MAY 16, 2019– CEMEX Ventures, the open innovation and Corporate Venture Capital unit of CEMEX, announced today its investment in Energy Vault, an Idealab company that has developed a transformative technology to store energy. The new investment is further reinforced by plans to support rapid market adoption and deployment of Energy Vault’s technology through CEMEX’s strategic network.

  • Energy Vault’s transformative energy storage technology solves a key challenge for renewables, which have struggled to replace, in a significant manner, fossil fuel power due to production unpredictability and intermittency of wind and sunlight. Consequently, energy storage solutions that can harness energy from renewable sources become vital if cleaner and more sustainable sources of energy are sought.
  • In the absence of longer duration and more cost-effective energy storage, the amount of electricity that can be delivered to the grid from renewable energy sources, even though now widely affordable, has been limited.
  • For the first time, Energy Vault’s system enables renewables to deliver baseload power below the cost of fossil fuels 24 hours a day.

This investment follows a previously announced technology partnership with CEMEX to provide concrete and other composite material technology for Energy Vault’s storage towers.Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. This solution is based on the same well-understood principles of physics and mechanical engineering used in those plants. Energy Vault’s system replaces water with custom made concrete bricks through an innovative use of low-cost materials. The massive bricks are combined with its patented system design and proprietary algorithm-based software to operate a newly designed crane. The crane orchestrates the energy storage tower and electricity charge/discharge while accounting for a variety of factors, including energy supply and demand volatility, weather elements and other variables such as inertia and system deflection.

As a result, Energy Vault can deliver all the benefits of a gravity-based pumped hydro system with lower price, higher round trip efficiency, without the requirement for specific land topographies and negative environmental or wildlife impacts. Importantly, with Energy Vault’s longer duration and more cost-effective energy storage, electricity from renewables can be delivered for less than the price of fossil fuels 24 hours a day for the first time. In April 2019, Energy Vault won the World Changing Idea Award from Fast Companyinthe Energy categoryfor the unprecedented economic and environmental benefits its technology provides.

“Energy storage that enables power to be delivered for less than the cost of fossil fuels is critical as the world shifts away from its reliance on carbon-based fuels to renewable energy,” said Gonzalo Galindo, CEO of CEMEX Ventures. “Energy Vault’s storage technology is transformational, and we’re extremely pleased to broaden our relationship and support the company’s efforts. The investment is also important because it complements the CEMEX R&D partnership and will accelerate our corporate objectives to achieve a carbon-free industrial footprint.”

“CEMEX is akey strategic partner that adds critical innovations in material science that enhance both the economics and longevity of our energy storage system, and we’re thrilled to expand our partnership to welcome CEMEX Ventures as an investor,” said Robert Piconi, chief executive officer and co-founder, Energy Vault. “The combination of CEMEX’s smart concrete solutions, significant global infrastructure and now its strategic investment will accelerate our ability to enable renewable energy to replace fossil fuels 24 hours a day.”

For more information on Energy Vault, please visit energyvault.ch

Launched in 2017, CEMEX Ventures focuses on helping overcome the main challenges and capitalizing on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has developed an open collaborative platform to lead the revolution of the construction industry, engaging startups, entrepreneurs, universities, andother stakeholders to tackle the challenges in the construction environment and shape the industry’s future. For more information on CEMEX Ventures, please visit: www.cemexventures.com.

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CEMEX Ventures assumes no obligation to update or correct the information contained in this press release. CEMEX Ventures is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

Energy Vault Wins World Changing Idea Award 2019 from Fast Company for Transformative Utility-Scale Energy Storage Technology

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Energy Vault Wins Energy Category for its Unique Storage Solution that Yields Unprecedented Economic Benefits to Global Energy Providers

LUGANO, Switzerland–(BUSINESS WIRE)–Energy Vault, an Idealab company that creates renewable energy storage products, today announced its selection by Fast Company as the winner of one of the publication’s World Changing Idea 2019 awards. The company won the Energy category and was recognized for its transformative utility-scale energy storage technology that sets new benchmarks in economic and other operating performance benefits to global energy providers. Further differentiating Energy Vault’s solution is its unique utilization of environmentally sustainable materials for its core brick storage components, including the ability to use materials that would otherwise require landfill or remediation at significant cost, i.e., coal ash carbonate, hydrocarbon contaminated soils, steel sludge, etc. World Changing Ideas honors businesses, policies, projects, and concepts that offer innovative solutions that can transform the world and help shift society to a more sustainable and equitable future. The winners were selected from a list of hundreds of finalists, which were chosen from a pool of nearly 2,000 entries. Each category was judged by a jury of prominent social entrepreneurs, venture capitalists, thinkers, designers, and a Fast Company editor. Energy Vault’s technology is spotlighted in the May issue of the print magazine, which is available on newsstands today.

Renewables have struggled to more fully replace fossil fuel power due to production unpredictability and intermittency from reliance on factors such as wind and sunlight. In the absence of more efficient and cost-effective storage, the amount of electricity that can be delivered to the grid from renewable energy sources, even though now widely affordable, has been limited.

Energy Vault’s breakthrough technology was inspired by gravity-based pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same well-understood fundamentals used in those plants, but replaces the water with custom made concrete bricks through an extremely innovative use of low-cost materials. The large bricks are combined with Energy Vault’s patented system design and proprietary algorithm-based software to operate a newly developed crane, which calibrates the energy storage and subsequent electricity discharge while accounting for a variety of factors, including power supply, energy demand volatility, and weather.

As a result, the company can deliver all the benefits of a pumped hydro system, but at a much lower levelized cost of storage, higher roundtrip efficiency, and unlimited scalability given the elimination of the requirement for specific land topography and related negative environmental or wildlife impacts. Importantly, Energy Vault’s system can also be paired with renewable generation like solar PV for offgrid and microgrid solutions, allowing commercial and industrial customers to maximize their renewable power usage and delivering on the promise of reliable 24 hour a day power to remote towns and villages in emerging markets.

“The lack of a viable, sustainable, and scalable storage solution has been one of the most formidable challenges facing humanity as it transitions from its historic dependence on fossil fuels to renewable energy,” said Robert Piconi, chief executive officer and co-founder, Energy Vault. “Energy Vault’s technology solves this problem in a way that’s as compassionate to the planet as it is efficient to build and operate. We’re honored and humbled that Fast Company has recognized the importance of our work with the World Changing Idea award. We’re keen to rapidly continue our efforts as we now transform our innovative ideas into actual commercial deployments and support all energy providers to enable a renewable world.”

In addition to previously announced customer and strategic partnerships, Energy Vault has initial agreements with other customers on multiple continents.

For additional information on Energy Vault’s technology and its selection for a World Changing Idea 2019 award, please visit:

Fast Company: These huge towers of bricks are an ingenious solution to our energy storage problem
Fast Company: This brilliant brick tower stores energy with gravity instead of batteries
World Changing Ideas 2019 winners
About Energy Vault
Energy Vault, an Idealab portfolio company, is a creator of renewable energy storage products that are revolutionizing the approach to long duration, utility-scale energy storage. Applying conventional physics fundamentals of gravity and potential energy, the system combines an innovative crane design that lifts specially designed, massive concrete bricks with a proprietary, cloud-based software platform that orchestrates the storage and discharge of electricity. Utilizing 100 percent eco-friendly materials at unmatched cost levels, Energy Vault is accelerating the transformation to a fully renewable world.

For more information about Energy Vault, please visit energyvault.ch or follow us @EnergyVaultInc

About the World Changing Ideas Awards
World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With a goal of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.

Contacts
Al Duncan
1.626.585.6900
[email protected]