Investors raise $100 million in Series C funding for brick storage

Investors raise $100 million in Series C funding for brick storage

Investors raise $100 million in Series C funding for brick storage 150 150 Energy Storage Journal

September 2, 2021: A long line of investors led by Prime Movers Lab and including Saudi Aramco have drummed up $100 million in Series C funding for Energy Vault’s proprietary brick energy storage technology.

The technology works with electric motors lifting bricks up and stacking them into an ‘EVx gravitational energy storage tower’. When electricity is needed, they are released back down again and the kinetic energy from the falling bricks turns the motor, previously used to lift the brick, into the generator, which then sends the electricity through an inverter and into the grid.

The bricks are custom made with a steel base plate, a concrete slab on top of that and a mixture of recycled rock and concrete to top it off.

Each tower, depending how high it is stacked, has an energy capacity of up to 35MWh and can release power at 5MW.

The bricks hang off six arms of a crane-like structure at the top of the tower, and they can be held aloft indefinitely.

The company claims the technology has a 90% round-trip efficiency.

“The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources,” said CEO and co-founder Robert Piconi. “Energy Vault is moving to global deployments and market adoption of the technology to help energy providers and industrial customers more cost-effectively meet their sustainability and decarbonization goals.”

Energy Vault has also designed specific software that enables users to operate the energy storage system remotely.