Energy Vault, traded on the New York Stock Exchange under the ticker NRGV, is an advanced energy storage technology company focused on providing long-duration, cost-effective solutions to support renewable energy integration and grid stability. Founded in 2017 and headquartered in Lugano, Switzerland, the company has developed a patented gravity-based energy storage system that leverages composite building blocks to store and release energy through mechanical motion. This novel approach complements battery storage by offering scalable capacity and extended discharge durations suitable for utility-scale applications.
The core product, the Energy Vault EVx system, uses excess or off-peak power from wind, solar, or other renewable sources to lift and stack heavy blocks using electric cranes. When energy demand peaks or generation dips, the system reverses the process, lowering the blocks to generate electricity via regenerative braking. The modular design allows for customization of storage capacity and discharge time, making it adaptable for various project sizes. Energy Vault’s technology aims to address the intermittency challenges associated with renewables while reducing reliance on lithium-based chemistries.
Since its inception, Energy Vault has expanded its global footprint through partnerships and demonstration projects across North America, Europe, and Asia. The company has engaged with utilities, independent power producers, and infrastructure investors to deploy pilot plants and explore commercial-scale installations. These collaborations target remote microgrids, urban energy hubs, and large grid-scale storage facilities, reflecting Energy Vault’s ambition to serve diverse geographies and grid architectures.
Energy Vault is led by CEO Robert Piconi, a veteran executive with extensive experience in energy and technology ventures, alongside co-founders Dr. Carlo Giacalone and Dr. Robert Hebner, who bring expertise in mechanical engineering and power systems. Under their guidance, the company continues to refine its proprietary algorithms, optimize block materials for enhanced durability, and pursue strategic alliances that accelerate the adoption of gravity-based storage solutions worldwide.
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