Energy Vault, a Swiss next-generation long-duration energy storage startup, has partnered with Helena, a project-based consultancy and investment firm which aims to address pressing global issues, to improve the circular economic value proposition of the company’s energy storage platform. 

Helena also completed an investment of USD 20 million in Energy Vault as a part of the partnership.

Founded in 2017, Energy Vault develops gravity-based long-duration energy solutions. The company is yet to commercialize its technology and operates a commercial demonstration unit in Switzerland connected to the Swiss national utility grid from July 2020.

Analyst QuickTake: Energy Vault’s technology uses the same fundamentals of gravity and kinetic energy as a pumped hydro system but replaces the water with custom-made composite blocks. These blocks are lifted using electricity generated from solar and wind during times of abundant supply. Later, when the supply of renewable energy is low, these elevated blocks are returned to the ground and the kinetic energy generated from the falling block is turned back into electricity. These blocks can be also made using recycled materials to improve the circularity of the solution. Earlier this month, Energy Vault partnered with Enel Green Power, an Italian renewable energy company, to integrate the recycling of decommissioned wind turbine blades into the blocks used in the company’s energy storage system.