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Swiss Energy Storage developer has received investment funds from Saudi Aramco.
- The company’s EVx platform is modular and scalable, enabling flexibility for industrial energy users.
Saudi Aramco Energy Ventures has invested in Energy Vault, an energy storage products developer. Energy Vault intends to use the funds to boost the deployment of its technology. The company develops energy storage systems to store intermittent renewable energy at GW-hour scale both economically and sustainably.
The company completed its first 5MW / 35MWh system connected to the Swiss national utility grid in July 2020. Energy Vault has worked with large utility companies to optimize its energy storage technology platform to enable flexibility and serve higher power and variable duration needs. The company has developed its EVx product platform, which sets a new industry benchmark in energy storage economics.
EVx introduces a modular architecture deployed in 10MWh increments and scaled to multi-GW-hour storage capacity. In addition, EVx offers full flexibility in terms of duration because energy and power are decoupled, allowing deployments for both high power/shorter duration needs (2-6 hours) in addition to longer duration storage applications (6-12 hours+).
Energy Vault’s energy storage system is ideal for companies in many industrial verticals with 24/7 power needs and is making a transition to clean energy. Other regional examples include desalination plants, which require around the clock industrial power to reliably and economically deliver clean drinking water.