NEW YORK : Energy Vault, a developer of utility-scale battery storage technology backed by SoftBank Group Corp and the venture arm of Saudi Aramco, has raised US$100 million in a funding round, its chief executive told Reuters on Tuesday.
This is critical for replacing fossil fuel-burning power stations with consistent green energy, supporting carbon-reduction goals set by governments in the face of climate change. As well as providing power for longer, the blocks are made on site from soil and locally sourced waste materials, removing the environmental and financial cost of transportation, Robert Piconi, chief executive of Energy Vault, told Reuters.
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