Participated · Series C · Aug 2021

Energy Vault designs and deploys large-scale energy storage systems that balance electric grids and enable greater penetration of renewable power. The company already owns and operates storage facilities in Texas and California and recently added the 1 GWh Stoney Creek project in Australia to its portfolio. Beyond its operating assets, Energy Vault is advancing a roughly 3 GW pipeline of battery energy storage systems across the United States, Europe, and Australia. To house and manage its growing fleet, the company plans to establish a new subsidiary, Asset Vault, once a pending preferred equity transaction is completed. Energy Vault intends to operate as an independent power producer, supported by long-term offtake contracts that are expected to generate high-margin, recurring cash flows. The firm’s recent financings provide working capital and balance-sheet strength to accelerate project development and global expansion.