• Energy Vault, a Swiss long-duration energy storage startup, raised USD 100 million in a Series C funding round led by Prime Movers Lab. The round was supported by new investors Pickering Energy Partners, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford. Existing investors SoftBank Vision Fund, Saudi Aramco Energy Ventures, Helena, and Idealab X also participated.

• The company expects to use the proceeds to deploy its innovative technology across multiple regions including the US, Middle East, Europe, and Australia. Deployments will commence in the US towards the later part of 2021 and a wider global scale-up is expected throughout 2022.

<ul><li> Analyst QuickTake: This is the third time in three months Energy Vault has raised funds. Previously, in June and July, the company raised an undisclosed amount from Saudi Aramco and USD 20 million from Helena (a project-based consultancy and investment firm which aims to address pressing global issues), respectively. Moreover, this is the first time that Energy Vault, which has been operating a commercial demonstration unit in Switzerland, disclosed its commercialization plans.</ul>