The venture capital arm of CEMEX, the Mexican concrete giant has invested in a gravity energy storage firm, EnergyVault.
EnergyVault has developed an energy storage technology that uses renewable energy to raise concrete blocks via winches, into a suspended stack.
The blocks are then lowered, generating power. The method employed to generate energy via system is not dissimilar to pumped hydro storage, but at a much lower cost, and without the need for specific land topographies associated with the older technology.
Energy ault claims the system offers broader applications and ensures that renewables can be used for baseload power requirements more affordably than fossil fuels, regardless of time of day.
CEMEX had previously signed an agreement with EnergyVault to supply concrete and other composite materials to EnergyVault for use in their storage towers.
Gonzalo Galindo, CEO of CEMEX Ventures, said: “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.
“EnergyVault’s storage technology is transformational and we’re extremely pleased to broaden our relationship and support the company’s efforts.”