Wednesday, October 23, 2019
News
NEWS HOME
»
PRESS RELEASES

CEMEX Ventures Invests in Energy Vault to Support Rapid Deployment of Energy Storage Technology Using Concrete Blocks
  SocialTwist Tell-a-Friend  
   


Date: 17-05-2019 11:25AM
Source: CEMEX
Category: General, Natural Resources/ Forest Products, Energy Companies, Oil And Gas, Technology
Location: Madrid, Spain

Business Wire India

CEMEX Ventures, the open innovation and Corporate Venture Capital unit of CEMEX, announced today its investment in Energy Vault, an Idealab company that has developed a transformative technology to store energy. The new investment is further reinforced by plans to support rapid market adoption and deployment of Energy Vault’s technology through CEMEX’s strategic network.

  • Energy Vault’s transformative energy storage technology solves a key challenge for renewables, which have struggled to replace, in a significant manner, fossil fuel power due to production unpredictability and intermittency of wind and sunlight. Consequently, energy storage solutions that can harness energy from renewable sources become vital if cleaner and more sustainable sources of energy are sought.
  • In the absence of longer duration and more cost-effective energy storage, the amount of electricity that can be delivered to the grid from renewable energy sources, even though now widely affordable, has been limited.
  • For the first time, Energy Vault’s system enables renewables to deliver baseload power below the cost of fossil fuels 24 hours a day.

This investment follows a previously announced technology partnership with CEMEX to provide concrete and other composite material technology for Energy Vault’s storage towers.

Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. This solution is based on the same well-understood principles of physics and mechanical engineering used in those plants. Energy Vault’s system replaces water with custom made concrete bricks through an 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.

As a result, Energy Vault can deliver all the benefits of a gravity-based pumped hydro system with lower price, higher round trip efficiency, without the requirement for specific land topographies and negative environmental or wildlife impacts. Importantly, with Energy Vault’s longer duration and more cost-effective energy storage, electricity from renewables can be delivered for less than the price of fossil fuels 24 hours a day for the first time. 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.

“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.”

“CEMEX is a key strategic partner that adds critical innovations in material science that enhance both the economics and longevity of our energy storage system, and we’re thrilled to expand our partnership to welcome CEMEX Ventures as an investor,” said Robert Piconi, chief executive officer and co-founder, Energy Vault. “The combination of CEMEX’s smart concrete solutions, significant global infrastructure and now its strategic investment will accelerate our ability to enable renewable energy to replace fossil fuels 24 hours a day.”

For more information on Energy Vault, please visit energyvault.ch

Launched in 2017, CEMEX Ventures focuses on helping overcome the main challenges and capitalizing on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has developed an open collaborative platform to lead the revolution of the construction industry, engaging startups, entrepreneurs, universities, and other stakeholders to tackle the challenges in the construction environment and shape the industry’s future. For more information on CEMEX Ventures, please visit: www.cemexventures.com.

CEMEX Ventures assumes no obligation to update or correct the information contained in this press release. CEMEX Ventures is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.



CONTACTS :

Media Relations CEMEX Ventures
Cristina Aparicio
+34 91 377 9248
aparicio.cristina@cemexventures.com

Media Relations CEMEX
Jorge Pérez
+52(81) 8888-4334
mr@cemex.com

More Press Releases

The 4th Edition of UNESCO-Merck Africa Research Summit– MARS 2019 to Be Conducted by Merck Foundation in Accra, Ghana

National Committee on Textiles & Clothing (NCTC) Proposes Measures to Boost the Textile and Clothing Industry

Wipro Selected as Dow Jones Sustainability World Index (DJSI) Member for the Tenth Consecutive Year

Enjoy a Fresh and Clean Diwali Season With HiCare's Services

Beverage Carton Industry Joins Forces Globally to Drive Action on Sustainability

AROMA BIT Secures 350mn JPY in Series A Funding from Japan Tobacco and East Ventures

Alibaba Kicks Off 2019 11.11 Global Shopping Festival

Delhi’s Vivaan Gupta Becomes the Youngest Indian to Travel All Continents of the World

Growing Sustainability Concerns Will Shape the Indian Soft Drinks Industry

Retrospective Real-World Comparative Analysis Highlights Safety of Vedolizumab and Anti-TNFa Therapies in Biologic-Naïve Patients with Ulcerative Colitis or Crohn’s Disease

ADX Group Announces IPO Progress, New Cyber Security Offerings

Delta Launches Its Latest Power Quality Solutions and 4K Laser DLP® Video Wall for Railway Transportation at IREE 2019

Kartik Mohindra Now a Part of Keepers of the Quaich, a Global Celebration of Scotch Whisky

Topcoder On-Demand Digital Talent Platform Includes New Data Science, AI Features to Advance Enterprise Analytics

Marconi Society's Celestini Program Recognizes Indian Students Tackling Women's Safety & Air Pollution

Market Leading Manufacturing Companies in India Recognized for Their Global Competitiveness

Winners of “Merck More Than a Mother” Fashion Awards - Zambia Announced by Merck Foundation With the Aim to Break the Stigma Around Infertile Women

Raysut Cement Subsidiary, Pioneer Cement, to Develop USD200 Million Georgia Cement Project

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Court dismisses complaint against Gambhi...
Haryana had 68.31 per cent polling...
Ashok Malik appointed Policy Advisor in ...
Ex-BJP MLA claims daughter victim of lov...
US welcomes Indian govt action to stabil...
Conrad Sangma meets Modi, seeks central ...
More...    
 
 Top Stories
14 gunmen killed in encounter in Bu... 
Baloch women, children hold protest... 
UN to focus on prevention of resume... 
British PM's Brexit timetable rejec... 
British PM's Brexit timetable rejec... 
Kurdish forces leave Syria border a... 
Delhi: 22-year-old arrested for kil... 
2 dead after grenade explodes in Uk...