CEMEX Ventures, the open innovation and Corporate Venture Capital unit of CEMEX, announced its investment in Energy Vault, an Idealab company that has developed a transformative technology to store energy.
“Energy storage that enables power to be delivered for less than the cost of fossil fuels is critical as the world shifts away from its reliance on carbon-based fuels to renewable energy,” said Gonzalo Galindo, CEO of CEMEX Ventures. “Energy Vault’s storage technology is transformational, and we’re extremely pleased to broaden our relationship and support the company’s efforts. The investment is also important because it complements the CEMEX R&D partnership and will accelerate our corporate objectives to achieve a carbon-free industrial footprint.”
Energy Vault’s technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The new system replaces water with custom made concrete bricks through innovative use of low-cost materials.
The massive bricks are combined with its patented system design and proprietary algorithm-based software to operate a newly designed crane. The crane orchestrates the energy storage tower and electricity charge/discharge while accounting for a variety of factors, including energy supply and demand volatility, weather elements and other variables such as inertia and system deflection.
In April 2019, Energy Vault won the World Changing Idea Award from Fast Company in the Energy category for the unprecedented economic and environmental benefits its technology provides.
For more information on Energy Vault, please visit energyvault.ch
Source: CEMEX Ventures