Helena is also investing $ 20 million to expand the circular economic value proposition of the company’s storage platform and its breakthrough sanitation technologies
LOS ANGELES & LUGANO, Switzerland, July 21, 2021–(BUSINESS WIRE) – The World Organization for Problem Solving Helena and Energy Vault, creators of renewable energy storage products that are transforming the way the world views utility-scale energy storage for grid resilience, today announced a strategic partnership to identify additional opportunities for Energy Vault’s breakthrough waste remediation technologies as the company begins to roll out its innovative energy storage system globally.
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Energy Vault Commercial Demonstration Unit – Arbedo-Castione, Switzerland. (Photo: Business Wire)
While supporting the expansion of Energy Vault through Helena’s extensive network, this strategic partnership will aim to accelerate the adoption of the Company’s transformative technology by global energy providers, particularly its innovations in sanitation of materials. The unique application of materials science to the primary energy storage medium, composite blocks, allows alternative materials to be used to replace environmentally unfriendly substances such as concrete, which contributes 7-8% greenhouse gas emissions. In addition, the technology can support the recycling of various pre-existing wastes, which in turn helps large utility and industrial companies turn financial and environmental responsibilities into infrastructure assets to support their transition to an approach. fully circular economy. Waste coal ash and decommissioned wind turbine blades, for example, can be redirected from landfills to custom composite blocks that serve as anchors for the company’s gravity systems. By maximizing the use of soil, sand and locally sourced waste, including residues from fossil fuel production, Energy Vault’s supply chain design reduces the GHG impact of the transportation sector while increasing jobs for local economies, which ultimately results in an end-of-life solution for hard-to-decompose materials that can have negative consequences on the environment. This beneficial reuse eliminates waste and enables the continued use of local resources within the framework of a circular economy.
This work will build on the technology and business partnership previously announced in 2019 with CEMEX Research Group, a subsidiary of international building materials company CEMEX, and supports the collaboration Energy Vault announced earlier this month with the global construction giant. Enel Green Power energy.
As part of this partnership, which saw the light of day at the end of 2020, Helena also announced the completion of a USD 20 million investment in Energy Vault. Helena’s investment and partnership with Energy Vault is done through Helena’s non-profit organization, Helena Special Investments, which manages projects aimed at implementing solutions to societal issues by means for profit. Helena joined other investors, including Saudi Aramco Energy Ventures, SoftBank Vision Fund, CEMEX Ventures, Idealab and Neotribe Ventures. As part of his investment, Helena founder and CEO Henry Elkus joined the Energy Vault board.
“Helena’s job is to identify and implement solutions to critical global problems over the next 50 years. There is nothing more important than radically improving energy storage. This is both a short-term solution to the problems we’ve seen recently in areas like Texas, and a long-term need for the world to move away from fossil fuels in a sustainable way. We believe that Energy Vault will play a fundamental role in accelerating this transition, ”said Henry Elkus, Founder and CEO of Helena. “We are also supporting Energy Vault’s strategy by targeting another critical issue: waste remediation. The company’s ability to use massive amounts of waste to build its systems only makes the impact more real and the business model more viable, while providing utilities with a streamlined method of shifting from power generation to waste. from fossil fuels and recycle historic assets. “
“We are delighted to partner with Helena in pursuing our shared mission and our mutual passion to accelerate the decarbonization of our planet,” added Robert Piconi, CEO and Co-Founder of Energy Vault. “Given Helena’s focus on solving the world’s most important challenges, in this case the global transition to clean energy production, we are grateful to have them by our side as a strategic partner and investor. Helena and her global network are already having an impact on the adoption of our technology, and our continued collaboration will help the world take a critical step in addressing the negative effects of climate change. “
Helena is a global problem-solving organization. Through Helena Projects, Helena aims to implement solutions to critical societal problems. Since its founding in 2015, Helena Projects have included: America In One Room, which drew the attention of President Barack Obama and The New York Times to one of the most significant political experiments in US history; Factory in the Sky, which supported the development and construction of the world’s first carbon capture plant; Shield, which has invested in protecting the electricity grid against foreign and domestic threats; and most recently The Covid Project, which provided tens of millions of units of medical supplies and personal protective equipment to frontline responders during the COVID-19 pandemic. To learn more about Helena, visit helena.org.
About Energy Vault
Energy Vault designs renewable energy storage products that transform the global approach to utility-scale energy storage to optimize network resiliency. By applying the classic fundamental physical principles of gravity and potential energy, the system combines an innovative crane model tasked with lifting specially designed massive composite bricks, with a cloud-based software platform, which orchestrates the storage and the discharge of electricity. By using 100% ecological materials at an unprecedented economy, Energy Vault is accelerating the transition to a fully renewable world.
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