Gravity over lithium-ion: SoftBank invests $110M in Swiss storage company Energy Vault

Credit: Source: Energy Vault Dive Brief: Swiss energy storage company Energy Vault announced a $100 million investment from SoftBank’s Vision Fund, one of the largest technology investors in the world, in a press release on Thursday. The investment came as part of a Series B funding round and marks SoftBank’s first investment in the energy storage space, according to a news release. Energy Vault said that it will use the funds to accelerate the global development of its gravity storage technology. This marks one of the first meaningful investments for gravity storage, Yayoi Sekine, energy storage analyst at BloombergNEF (BNEF), told Utility Dive. "Lithium-ion batteries dominate the energy storage space, accounting for about 90% of energy storage installations year-on-year (excluding pumped hydro)," she said. The right digital twin can help you achieve cost reductions, cost avoidance and improved productivity. Learn how to leverage the power of this innovative technology. Get the Playbook The investment of Japan-based SoftBank, which has made a name for itself by pouring money into technology companies such as Uber, WeWork and Slack, further validates the growth of the energy storage industry. "The size of SoftBank investment in Energy Vault is impressive," Sekine said. "It shows […]

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