Aramco Energy Ventures, the strategic technology investment program of energy company Aramco, is investing in Energy Vault.
This investment will enable Energy Vault to deploy its energy storage technologies.
Aramco invests in Energy Vault
Energy Vault announces a new investment from Aramco Energy Ventures (SAEV).
This is Aramco’s strategic technology investment program.
The amount of the investment has not yet been disclosed.
Founded in 2017, Energy Vault has a revolutionary technology inspired by pumped hydroelectric power plants.
These rely on gravity and the movement of water to store and discharge electricity.
The company’s technology is therefore based on these same fundamental principles, but replaces water with customized composite blocks.
Energy Vault develops its energy storage technologies
But these blocks, made from waste and sanitation materials, are not Energy Vault’s only innovative technology.
The company also has a proprietary system and software for vision and artificial intelligence.
Combined, they operate a crane, storing energy at height and generating electricity.
What’s more, its Evx energy storage technology platform features a highly scalable, modular architecture.
It can be built in increments of 10 MWh, and can scale up to multi-GWh storage capacity.
What’s more, it offers total flexibility in terms of duration, as energy and power are decoupled.
Accelerating the deployment of Evx technology
This investment offers many advantages to Energy Vault.
The funds generated by the investment will enable Energy Vault to accelerate the worldwide deployment of its technology.
Both companies stand to benefit from this new investment.
While Aramco will benefit from Energy Vault’s innovative technology, Energy Vault will accelerate its own development.
