Energy Vault
Corporate brand
UnclaimedEnergy Vault is a Swiss energy-storage company developing gravity, kinetic, electrochemical, and hybrid long-duration energy-storage systems.
Last updated October 14, 2026
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Overview
Energy Vault is a Swiss energy-storage technology company established in 2017 by Swiss engineers at the Idealab startup studio. It was created around the idea that large quantities of electricity could be stored for long periods by raising heavy masses and recovering their gravitational potential energy when electricity is needed. The concept is intended to address a central challenge of renewable-power systems: wind and solar generation can fluctuate, while electricity demand and grid requirements continue around the clock. The company's best-known technology is a gravity battery. In its original design, electrically powered cranes lift and stack heavy composite blocks. When power is required, the blocks are lowered under controlled conditions, and the motors operate as generators. Unlike conventional lithium-ion batteries, the system does not depend primarily on electrochemical cells and is designed for utility-scale, long-duration operation. Energy Vault has also described systems using other gravity or kinetic principles, including configurations that can use locally available materials in their storage blocks. The company attracted early commercial and strategic attention in 2019. It received funding from Cemex and later announced approximately $110 million in Series B financing, described as the first energy-storage investment by SoftBank's Vision Fund. During the same period, the company received Fast Company's World Changing Idea Award for its utility-scale storage concept. In 2020, the World Economic Forum named Energy Vault a Technology Pioneer. The company also completed the mechanical construction of a grid-scale testing tower at Castione-Arbedo in Ticino, Switzerland. Testing of the tower included lifting and lowering individual blocks while measuring electricity drawn from and returned to the grid. Energy Vault expanded its commercial and financial structure during the following years. In 2021, it announced investment from Saudi Aramco Energy and other existing investors. In February 2022, Energy Vault Holdings, Inc. began trading on the New York Stock Exchange after completing a business combination with Novus Capital Corporation II. The transaction generated approximately $235 million in gross proceeds, in addition to previously disclosed funding and licensing-related payments associated with Atlas Renewable, a subsidiary of China Tianying. China became an important early market for the company's gravity-storage commercialization. Through an agreement involving Atlas Renewable, Energy Vault's technology was licensed for development with Chinese construction companies and local authorities. A project in Rudong, Jiangsu, was developed near a China Tianying wind farm. In 2023, Energy Vault announced the beginning of commissioning for a 25 MW/100 MWh gravity-storage system at Rudong. China Tianying subsequently announced plans associated with a potential expansion of capacity at the site to as much as 3.3 GWh. Energy Vault has increasingly broadened its business beyond its first-generation gravity-battery architecture. Its portfolio includes battery energy-storage systems and software intended to use artificial intelligence for storage control, energy management, and demand optimization. The B-Vault product line applies the company's software and project-development capabilities to electrochemical battery systems in the United States and international markets. The company has also worked on hybrid backup systems combining hydrogen fuel cells with batteries for locations that are frequently off-grid, including a prototype installation in Calistoga, California. Energy Vault's positioning therefore combines physical energy-storage infrastructure with controls, optimization software, licensing, and project development. Its original gravity technology remains central to its identity, while the broader portfolio reflects the commercial reality that different grids and customer sites require different combinations of duration, power, response speed, footprint, and cost. The company operates in a competitive field that includes lithium-ion battery integrators, pumped-hydroelectric storage developers, hydrogen-storage companies, and other providers of long-duration storage. Its stated market opportunity is tied to the growth of renewable generation and the need for dispatchable, grid-scale storage, although the economic performance and commercial adoption of individual storage technologies depend on project conditions and local electricity markets.
History
Energy Vault was founded in 2017 by a group of Swiss engineers working within the Idealab startup studio. The company emerged during a period in which utilities, technology firms, and governments were seeking alternatives to short-duration battery storage for managing the variability of renewable electricity. Its initial proposition was a gravity battery that would store electricity by raising heavy blocks and release it by lowering them through motor-generators. In 2019, Energy Vault secured funding from Cemex and subsequently raised approximately $110 million in Series B financing. The financing was notable because the company described it as the first energy-storage investment by SoftBank's Vision Fund. That year, Energy Vault also received Fast Company's World Changing Idea Award for its utility-scale storage concept. The company began construction of a testing tower for its EV1 case study in Castione-Arbedo, Ticino. The tower was intended to demonstrate the mechanical operation and grid interface of the gravity system rather than serve as a full commercial installation. The company completed mechanical construction of the Swiss testing tower in 2020. The structure was approximately 70 metres high and used large cranes to move cement-based blocks containing fly ash. Tests conducted in December 2020 raised and lowered individual blocks while recording electricity imported from and returned to the national grid. These tests provided operating data for the motors, generators, controls, and energy-conversion process. Energy Vault was also named a Technology Pioneer by the World Economic Forum in 2020. During 2021, Energy Vault announced investment from Saudi Aramco Energy and other existing investors. Its next major corporate step came in February 2022, when Energy Vault Holdings, Inc. began trading on the New York Stock Exchange after combining with Novus Capital Corporation II. The transaction was described as raising approximately $235 million in gross proceeds. The company also disclosed licensing-related payments associated with Atlas Renewable, a China Tianying subsidiary active in energy production and waste processing. China became an early commercial market for Energy Vault's gravity-storage approach. The relationship with Atlas Renewable led to a licensing arrangement involving Chinese construction companies and local authorities. A project was developed in Rudong, near a China Tianying wind farm, with the aim of pairing renewable generation and long-duration storage. In the summer of 2023, Energy Vault announced the beginning of commissioning for a 25 MW/100 MWh system at the site. A few months later, China Tianying announced a potential capacity expansion that could bring the broader project to as much as 3.3 GWh. Energy Vault subsequently diversified its technology portfolio. Although gravity storage remained the company's defining technology, the business expanded into battery energy-storage systems and software. Its B-Vault line applies battery systems and energy-management capabilities to projects in the United States and international markets. The company has also developed software intended to optimize storage and demand management using artificial-intelligence techniques. In addition, it worked on a hybrid backup configuration combining a hydrogen fuel cell with a battery buffer for sites that are frequently off-grid; a prototype installation was associated with Calistoga, California. This diversification reflects the different technical and commercial requirements of the energy-storage market. Gravity systems may be suited to selected utility-scale, long-duration applications, while electrochemical batteries can provide modular deployment, rapid response, and broader siting flexibility. Hydrogen-based systems can address longer-duration or backup requirements in circumstances where fuel logistics and system availability are appropriate. Energy Vault's business model consequently includes technology development, licensing, project delivery, software, and operation or support of storage assets rather than relying on a single storage chemistry or mechanical design. Energy Vault remains an active energy-storage company with an international operating focus. Its public identity continues to be associated with gravity batteries and the EVx platform, while its commercial scope includes battery storage, software, and hybrid systems. The long-term success of its technologies depends on the cost and performance of projects, regulatory treatment, grid-market structures, construction execution, and the continuing expansion of renewable electricity.
- 2023
Rudong gravity-storage project enters commissioning
[1]Energy Vault announces commissioning of a 25 MW/100 MWh gravity-storage system at Rudong, China.
- 2022
Public-market listing
[1]Energy Vault Holdings, Inc. begins trading on the New York Stock Exchange after a business combination with Novus Capital Corporation II.
- 2021
Saudi Aramco Energy investment announced
[1]Energy Vault announces investment from Saudi Aramco Energy and other existing investors.
- 2020
Swiss testing tower becomes mechanically operational
[1]Energy Vault completes mechanical construction of its grid-scale testing tower and conducts lifting and lowering tests of heavy blocks.
- 2020
Named a World Economic Forum Technology Pioneer
[1]The World Economic Forum recognizes Energy Vault as a Technology Pioneer.
- 2019
Early financing and international recognition
[1]Energy Vault receives funding from Cemex, raises approximately $110 million in Series B financing, and receives a Fast Company's World Changing Idea award.
- 2019
Construction begins on the EV1 testing tower
[1]The company begins construction of a gravity-storage testing tower at Castione-Arbedo in Ticino, Switzerland.
- 2017
Energy Vault is founded
[1]A group of Swiss engineers establishes Energy Vault within the Idealab startup studio to develop gravity-based long-duration energy storage.
Products and positioning
Energy Vault positions itself as a long-duration energy-storage company combining gravity-based storage, electrochemical batteries, hybrid backup systems, and intelligent energy-management software. Its differentiation is based on utility-scale storage duration, technology diversification, project licensing, and the potential use of locally sourced or recycled materials in gravity-storage systems.
Gravity-based long-duration energy storage
EVx
EVx is Energy Vault's gravity-storage platform. It uses electrically driven lifting equipment to raise heavy blocks and store energy as gravitational potential energy. During discharge, controlled lowering drives motors operating as generators. The architecture is intended for utility-scale and long-duration applications, with system designs that can use composite or locally sourced materials for the blocks. Its commercial development is associated with the Rudong project in China.
Battery energy-storage systems
B-Vault
B-Vault is Energy Vault's battery energy-storage offering. It extends the company's activities into electrochemical battery systems, supported by controls and energy-management software. The product line is intended for grid and commercial applications where modular battery deployment, rapid response, and software-directed operation are important. The company has described B-Vault activity in the United States and international licensing or project markets.
Energy-management software
Energy Vault AI-enabled storage and demand-management software
Energy Vault's software platform is designed to coordinate storage assets and manage electricity demand. Its stated capabilities include applying artificial-intelligence techniques to dispatch, optimization, and energy-management decisions. The software can support different physical storage technologies, including battery systems, and forms part of the company's broader strategy to combine hardware, project services, and digital controls.
Hybrid backup power
Hydrogen fuel-cell and battery hybrid backup system
This hybrid configuration combines a hydrogen fuel cell with a battery buffer to provide backup power for locations that are frequently off-grid. The battery can handle short-term buffering and rapid transitions, while the fuel cell is intended to support longer operation when hydrogen is available. Energy Vault has associated the concept with a prototype installation in Calistoga, California.
Brand decisions
2023
Commercialize the Rudong gravity-storage projectProduct launchBackground
Energy Vault pursued a licensed Chinese deployment near a China Tianying wind farm to demonstrate utility-scale gravity storage.
Action taken
The company announced commissioning of a 25 MW/100 MWh gravity-storage system at Rudong.
Aftermath
China Tianying later announced a potential capacity expansion associated with the project of up to 3.3 GWh.
2022
Complete business combination with Novus Capital Corporation IIM&ABackground
Energy Vault sought access to public-market capital to support commercialization of its storage technologies.
Action taken
Energy Vault Holdings, Inc. completed a business combination with Novus Capital Corporation II and began trading on the New York Stock Exchange.
Aftermath
The transaction was described as generating approximately $235 million in gross proceeds, while the company continued developing gravity, battery, and software offerings.
Gross proceeds. Approximately $235 million (February 2022 transaction)
2019
Pursue gravity-based utility-scale storageStrategyBackground
Energy Vault was founded around the proposition that heavy blocks and mechanical equipment could provide long-duration storage without relying on conventional electrochemical battery chemistry.
Action taken
The company developed the EV1 concept and began building a Swiss testing tower to validate the mechanical and grid-interface elements of the system.
Aftermath
The testing program supported further financing, licensing activity, and development of the EVx commercial platform.
- Diversify into batteries, software, and hybrid backupStrategy
Background
Gravity storage addresses selected long-duration applications, while many customers require modular batteries, digital optimization, or hybrid off-grid backup.
Action taken
Energy Vault expanded into B-Vault battery systems, AI-enabled storage and demand-management software, and a hydrogen fuel-cell and battery hybrid prototype.
Aftermath
The company's portfolio broadened beyond gravity systems to include electrochemical and hybrid storage solutions.
Recent events
Reported
Energy Vault and BHP announce collaboration on energy storage[2]
Energy Vault and BHP announced a joint collaboration to explore deploying Energy Vault's energy storage solutions in BHP operations and other potential applications. The parties signed an MOU to study the technology's application and assess potential supply-chain, manufacturing, maintenance, and monitoring collaboration.
Reported
Helena and Energy Vault announce strategic partnership[3]
Helena and Energy Vault announced a strategic partnership to identify opportunities for Energy Vault's waste remediation technologies and support adoption of its energy storage technology.
Sources3 sources
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