SoftBank’s $1 billion Vision Fund has invested $110 million into Swiss energy storage startup Energy Vault.
Energy Vault launched in late 2018, and has come up with a solution to better store energy — a particular problem for renewables, which generate electricity intermittently depending on the weather.
Energy Vault’s system involves lifting and dropping bricks into a tower structure using an autonomous six-armed crane, which stores and releases energy as needed.
Energy storage is seeing growing investor interest as countries around the world move away from fossil fuels to meet their emissions targets.
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SoftBank’s $1 billion Vision Fund has invested $110 million into Energy Vault, a Swiss startup which has come up with an innovative way to store renewable energy to meet the ebb and flow of demand.
It’s SoftBank’s first investment into an energy storage company and marks growing investor interest in the space as countries shift away from fossil fuels.
One of the thornier issues in the switch to renewable energy is that energy provided by the weather is, naturally, dependent on the weather.
A sunnier or gloomier day will dictate whether energy production goes up or down, potentially overloading the grid. That can lead to power cuts. …read more
Source:: Businessinsider – Finance