Australian startup Green Gravity has secured AU$9 million in Series A capital funding to complete product development of its gravity-based energy storage technology.
Energy Vault has entered into an exclusive partnership with architecture firm Skidmore, Owings & Merrill (SOM) to work on projects using its gravity energy storage technology.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Energy-Storage.news caught up with Energy Vault CEO Robert Piconi to primarily discuss its gravity-based energy storage solution which, putting it mildly, has its fair share of sceptics.
Energy Vault will reveal new form factors to its EVx gravity-based energy storage solution which could deliver the “lowest cost of energy storage in the world”, CEO Robert Piconi claimed to Energy-Storage.news.
Energy Vault secured 2.8GWh of project orders in the first quarter of 2023 and revealed that it has invested in Kore Power, the US lithium-ion battery and BESS firm, though booked revenues fell 75%.
Gravitricity has partnered with firms in the US and Germany to deploy its gravity energy storage solution while Energy Vault has provided an update on its China project.
Gravity-based energy storage company Energy Vault expects US$680 million in combined revenue over 2022 and 2023, it claimed in its recent quarterly results.
