SoftBank's Vision Fund makes US$110m bet on renewable energy storage

SoftBank Group's Vision Fund has made its first foray into energy storage technology with a US$110 million investment in Switzerland-based Energy Vault.[LONDON] SoftBank Group's Vision Fund has made its first foray into energy storage technology with a US$110 million investment in Switzerland-based Energy Vault.

Inspired by the physics and mechanical engineering used in hydro plants, Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day. Despite normally investing at a later stage in a company's development, Softbank believed Energy Vault could scale quickly and potentially not need to do a later funding round, hence the drive to take an early stake, Mr Naheta said.

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