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The vision Fund provides $110 million for commitment to renewable energy storage

LONDON (Reuters) – Softbank Group (9984.T), the Vision Fund has made its first foray into the energy storage technologies, with a $110 million investment in Switzerland-the Energy from the Vault.

FILE PHOTO: The logo of SoftBank Group, Corp, is seen at the head office of the company in Tokyo, japan, June 30, 2016. (REUTERS photo/Toru Hanai/File Photo

While a lot of countries would like to make use of renewable energy as part of its efforts to cut carbon emissions in the fight against climate change, the challenge is to find a way to save it to disk for later use, especially during the night or when demand peaks.

Inspired by the science of physics and mechanical engineering, is used in hydroelectric power plants, Power Safe, says the technology makes it possible for renewable energy to be stored in a 35-ton brick, and is supplied as a baseload power for less than the cost of fossil fuel at any time of the day.

The majority of rival solutions, which focus on a certain type of battery is stored in the lithium-ion, sodium-sulfur, lead-acid, among others. And the cost is covered by almost 40% in 2015, according to Wood Mackenzie, the most of them after a period of time.

“Energy is Safe, solves a long-standing and complex problem of how to store renewable energy at scale,” Akshay Naheta, a managing partner of SoftBank investment advisors, said in a statement on Thursday, announcing with the aim of the Fund is $110 million investment. “Energy is Safe, it is very complementary to SoftBank’s existing energy portfolio, and we are pleased to offer to the global movement.”

Energy is Safe, was launched in the fall of 2018, and it has been working together with the Mexican materials company, CEMEX, and India’s Tata Power Company, as it may seem to be a proof of concept, and then the construction of its first commercial well-functioning of the site.

In spite of normally investing at a later stage in the development of the company, Softbank believed that Energy is Safe, it could scale quickly, and potentially not have to do with the subsequent funds, and hence the drive too soon in the ring, Naheta he said.

The potential rewards are great. The global energy storage market is expected to 22.2 GW in 2023, nearly 5 GW by the end of 2018, according to a report published in May by the data and analysis company GlobalData.

Robert Piconi, president and co-founder of Energy are Safe, he said that, in spite of the planning for the growth of the company and for each country, the magnitude of the pent-up global demand for an enterprise-scalable solution that convinced them to move faster.

“The Vision of the Fund is to share our passion for the fight against climate change through innovation of energy storage technologies and support as a strategic partner, and Energy is Higher, it is well-positioned to meet the large and currently unmet need for sustainable and efficient energy storage worldwide,” Piconi said.

– Additional reporting by Nina Chestney; Editing by Susan Fenton

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