Energy Vault Holdings has announced it has secured a $300 million (£223m) preferred equity investment to fund the launch of a new subsidiary.
Asset Vault will focus on developing, owning and operating energy storage assets, stand-alone or paired with generation facilities globally.
The investment will support Energy Vault’s strategy to accelerate the deployment of 1.5GW of capacity in “attractive priority” markets.
Robert Piconi, Chairman of the Board and CEO of Energy Vault said: “The $300 million investment and the creation of Asset Vault unlock the full potential of our ‘Own and Operate’ storage IPP strategy with immediate investment flexibility.
“By combining long term contracted revenues with strategic capital and integrated, self-performed project execution, we are well positioned to scale resilient, mission-critical energy infrastructure to meet the current needs driven by the penetration of renewable energy and the massive increases in energy demand driven by data center AI infrastructure.”
Energy Vault secures $300m for new storage subsidiary appeared first on Energy Live News.