Energy Vault Named Technology Pioneer by World Economic Forum as It Offers an Economic Way to Store Clean Energy and Deliver Dispatchable Power
Energy Vault, the creator of products that combine conventional physics with advanced machine vision software to provide utility-scale storage of clean energy, today announced its selection as one of the World Economic Forum’s Technology Pioneers of 2020. Energy Vault’s gravity-based, long duration storage technology is transforming the way electricity is stored and distributed, making it possible – for the first time – for renewable energy to be dispatchable and competitive with fossil fuels all day, every day.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200616005363/en/
Energy Vault Tower in wind farm. ©Energy Vault All Rights Reserved. (Photo: Business Wire)
The World Economic Forum Technology Pioneers of 2020 are 100 of the most promising companies that are shaping industries from agriculture to healthcare, while also working on sustainability issues and much more. As governments around the world consider the possibility of pursuing a green recovery from the Covid-19 pandemic, Energy Vault’s technology is providing a cost-effective solution for governments and commercial enterprises to “build back better” while maintaining their commitments to tackling climate change.
Consumption of fossil fuels has dropped dramatically in recent months, reducing costs while increasing demand for renewables. As renewable energy is dependent on intermittent sources, reliable and affordable energy storage is an essential component of solidifying this progress and eradicating dependence on fossil fuels.
Energy Vault’s specially designed crane uses proprietary technology and machine vision software to autonomously orchestrate the lifting and lowering of massive composite bricks made from locally sourced soil or waste materials. Able to connect directly into national utility grids or to directly support off-grid renewable generation, the storage systems are deployed by energy providers such as utilities and other large industrial energy consumers. Energy Vault installations also localize their brick manufacturing, construction and ongoing maintenance, bolstering local economies and creating jobs. The company’s first utility-scale, commercial demonstration unit is under final commissioning in Switzerland and will be directly connected to the Swiss national grid in order to demonstrate full charging and continuous power discharging capabilities.
The World Economic Forum’s Technology Pioneers are early to growth-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society. The Technology Pioneers community is an integral part of the larger Global Innovators Community of start-ups at the World Economic Forum.
“We are pleased that the World Economic Forum continues to recognize both innovative and economic solutions that will help reduce our fossil fuel dependency,” said Robert Piconi, Chief Executive Officer and Co-Founder, Energy Vault. “Now is the time for the world to take substantive action. In the U.S., for example, the pandemic period has resulted in renewable energy consumption surpassing coal power for the first time in 130 years. Government policy makers and private sector companies have an historic opportunity to make a bold and fundamental choice: seize this opportunity to invest in powering our future economic growth with clean energy to preserve our planet for all future generations to come, making 2020 the inflection point in carbon emissions in our world’s history – or return to carbon emission growth to meet energy demand through the irresponsible expansion of fossil fuel energy generation, jeopardizing the future quality of life of our global ecosystems. A clean, sustainable recovery will help avert another devastating global crisis, and Energy Vault is uniquely positioned to make that an affordable reality while supporting local economies as they recover. As a member of the Global Innovators Community, Energy Vault will continue to pursue our mission to accelerate the pace of sustainable clean energy adoption while stimulating economic recovery to more locations and institutions around the world.”
“We’re excited to welcome Energy Vault to our 20th cohort of Technology Pioneers,” said Susan Nesbitt, Head of the Global Innovators Community, World Economic Forum. “Energy Vault and its fellow pioneers are developing cutting-edge technologies all over the world. Beyond their innovations, these firms are contributing greatly to improving the state of the world.”
This year’s cohort selection marks the 20th anniversary of the Technology Pioneers community. Throughout its 20-year run, many Technology Pioneers have continuously contributed to advancement in their industries, while some have even gone on to become household names. Past recipients include Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, Twitter and Wikimedia.
Following Energy Vault’s selection as Technology Pioneer, Mr. Piconi will be invited to participate at World Economic Forum activities, events and discussions throughout the year. Energy Vault will also contribute to Forum initiatives over the next two years, working with policymakers and private sector leaders to help define the global agenda on key issues.
About WEF Technology Pioneers
2020 Technology Pioneer firms are shaping the future by advancing technologies such as sustainability, AI, IoT, robotics, blockchain, biotechnology and many more. The diversity of these companies extends to their leadership as well, as more than 25 percent of 2020 Technology Pioneers are female led. The firms also come from regions all around the world, extending their community far beyond Silicon Valley.
Technology Pioneers have been selected based on the community’s selection criteria, which includes innovation, impact and leadership, as well as the company’s relevance with the World Economic Forum’s Platforms.
About Energy Vault
Energy Vault is the creator of renewable energy storage products that are transforming the world’s approach to long duration, utility-scale energy storage. Applying conventional physics fundamentals of gravity and potential energy, the system combines an innovative crane design that lifts specially designed, massive composite bricks with a proprietary, cloud-based software platform which orchestrates the storage and discharge of electricity. Utilizing 100 percent eco-friendly materials at unprecedented economics, Energy Vault is accelerating the shift to a fully renewable world.
The company was created at Idealab Studio, the leading technology incubator founded by Bill Gross.
About World Economic Forum
The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (weforum.org and @wef and @Davos)
About the Global Innovators
The Global Innovators Community is a group of the world’s most promising start-ups and scale-ups that are at the forefront of technological and business model innovation. The World Economic Forum provides the Global Innovators Community with a platform to engage with public- and private-sector leaders and to contribute new solutions to overcome current crises and build future resiliency.
Companies who are invited to become Global Innovators will engage with one or more of the Forum’s Platforms, as relevant, to help define the global agenda on key issues.
Energy Vault Media Contacts:
+44 (0) 75 3808 6651
+1 646 883 3655
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Moody’s Analytics Wins Two Risk Technology Awards for Stress Testing Solutions15.7.2020 14:00:00 EEST | Press release
Moody’s Analytics has won Enterprise-Wide Stress Testing Product of the Year and Credit Stress-Testing Product of the Year in the 2020 Risk Technology Awards. They’re two of our seven wins in this year’s awards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005065/en/ To manage financial risk, banks must understand the potential impacts of different economic scenarios on their credit portfolios. They perform stress tests both to address regulatory requirements and to extract business value from the results, for more informed risk management. Moody’s Analytics solutions help them achieve both goals. Our solutions, including the cloud-based Capital Risk Analyzer, drive stress testing and forecasting programs at banks around the world. Customers make use of the insights gained from stress testing to fulfill regulatory requirements, perform capital planning, and make better and more strategic business decisions. “We’re ho
Brand New Virtual Exhibition in July - Summer Sourcing Weeks丨Go ONLINE15.7.2020 13:07:00 EEST | Press release
The COVID-19 outbreak has put a damper on business activity across the world. With travel limitations in place across markets, it is difficult for international buyers to travel for visiting physical exhibitions. But there is a simple solution – go digital. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005405/en/ Brand New Virtual Exhibition in July - Summer Sourcing Weeks | Go ONLINE (Photo: Business Wire) Summer Sourcing Weeks丨Go ONLINE (SSWGO) organised by the Hong Kong Trade Development Council (HKTDC) offers a one-stop sourcing online platform for buyers and suppliers to continue exploring business opportunities in industries including lighting, electronics, ICT, medical & healthcare, houseware, fashion, home textiles & furnishings, gifts & premium as well as printing & packaging. Click2Match is a brand new AI-enabled business matching platform in SSWGO. With tailor-made virtual meeting, meeting planner, live cha
IDEMIA Wins the Security Industry Association (SIA) Award for the Best New Biometric Product for Its VisionPass Advanced Facial Recognition Device15.7.2020 10:00:00 EEST | Press release
IDEMIA, the global leader in Augmented Identity, today announces that VisionPass, its newly launched advanced facial recognition device, won the SIA New Product Showcase Award in the Biometric category, at a virtual ceremony held on July 9th. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200715005029/en/ (Photo: Business Wire) IDEMIA’s team defended the company’s submission in front of the judges by giving a “behind the curtain” overview of why and how IDEMIA developed this product, from a blank sheet of paper, listening to partners’ and clients’ pain points, as well as to their needs in terms of performance, reliability, user experience, etc. The team then explained the technical choices made by its R&D team to meet these very demanding requirements and come up with what is now confirmed with this award, as the most advanced facial recognition terminal on the market. Its 2D+3D+infrared cameras, combined with AI-trained alg
Eaton’s Vehicle Group Leveraging Industry 4.0 Technology to Navigate COVID-19 Pandemic15.7.2020 00:37:00 EEST | Press release
Power management company Eaton today announced its Vehicle Group has been leveraging advanced Industry 4.0 technology to help its global operations safely navigate the ongoing COVID-19 crisis and continue to service its customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200714006047/en/ 3D-printed latticed aluminum aerospace parts, which were produced with Laser Powder Bed Fusion on a Concept Laser M2 UP1 3D printer. (Photo: Business Wire) Eaton’s Vehicle Group envisions Industry 4.0 as both operational and informational technologies, enabling autonomous production systems that are connected, optimized, transparent, proactive, and agile. Supported by an integrated ecosystem, the technologies are composed of augmented reality, rapid application development, autonomous robots, digital simulation, and additive manufacturing. “I’m proud of our Vehicle Group team and their ingenuity, especially during the COVID-19 pandemic
PTC Named Global Manufacturing Partner of the Year in the 2020 Microsoft Partner of the Year Awards14.7.2020 21:35:00 EEST | Press release
PTC (NASDAQ: PTC) today announced it has been named the Global Manufacturing Partner of the Year, for the second year in a row, in the Microsoft 2020 Partner of the Year Awards. Honored among a global field of top Microsoft partners, PTC has demonstrated excellence in innovation and implementation of customer solutions based on Microsoft technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200714005951/en/ Honored among a global field of top Microsoft partners, PTC has demonstrated excellence in innovation and implementation of customer solutions based on Microsoft technology. “We are pleased to announce that PTC has been recognized by Microsoft as the Global Manufacturing Partner of the Year for the second consecutive year,” said Jim Heppelmann, President and CEO, PTC. “Together, PTC and Microsoft have enabled digital transformation for some of the world’s largest organizations. We look forward to continuing that succ
Spotify Launches in Russia and 12 Additional European Markets14.7.2020 20:30:00 EEST | Press release
Spotify (NYSE: SPOT) today launched its service in 13 new markets across Europe including Russia, one of the world’s top 20 largest streaming markets. Already the world’s most popular audio streaming subscription service, with today’s expansion, Spotify now reaches a current total of 92 markets worldwide. Spotify’s 13 new markets include: Albania, Belarus, Bosnia & Herzegovina, Croatia, Kazakhstan, Kosovo, Moldova, Montenegro, North Macedonia, Russia, Serbia, Slovenia, Ukraine. As the leading platform driving music discovery on more types of devices than any other service, Spotify’s expansion in Europe comes as consumers in the region embrace streaming. According to the International Federation of the Phonographic Industry (IFPI), Russia is the 17th-biggest streaming market in the world and on pace to be the 10th-biggest streaming market by 2030. More than 87 percent of fans in Russia now access music through streaming, compared to 61 percent adoption globally, and 68 percent adoption
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom