) Vision Fund has made its first foray into energy storage technology with a $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. Energy Vault launched in late 2018 and has already partnered with Mexican materials company CEMEX and India’s The Tata Power Company as it looks to complete a test phase and then build its first commercially functioning site.
Source: Energy Industry News (energyindustrynews.net)
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