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Energy storage firm Energy Vault has announced a $110 million investment into its Series B funding round, by SoftBank Vision Fund.

The $110 million sum is SoftBank’s first investment in renewable energy storage.

Energy Vault will use the funds to accelerate global deployment of its technology, which – for the first time – enables renewables to deliver baseload power for less than the cost of fossil fuels 24 hours a day.

As part of the investment, Andreas Hansson, Partner for SoftBank Investment Advisers, will join the Energy Vault board of directors.

The investment in the technology is an effort by the bank to diversify its energy transition investments and to simplify the transition to renewables.

Robert Piconi, CEO of Energy Vault, said: “As we pursue our mission to enable renewable energy to replace fossil fuels 24 hours a day, we’re thrilled to partner with SoftBank Vision Fund as we expand our global presence

“The Vision Fund shares our passion to combat climate change through innovation in energy storage technologies and, with its support as a strategic partner, Energy Vault is well-positioned to meet the large and currently unmet demand for sustainable and economical energy storage worldwide.”

Energy Vault has agreed to demonstrate the first 35MWh storage tower in the north of Italy with Tata Power Company Limited, India’s largest integrated power company before the end of 2019.  

The company has also developed an extensive relationship with CEMEX, that includes a technology collaboration and development agreement with CEMEX Research Group AG (Switzerland) as well as an investment from CEMEX Ventures announced in May 2019.

In April 2019, the energy storage firm was awarded Fast Company’s World Changing Idea Award, winning the Energy category. The company was created at Idealab Studio, the technology incubator founded by Microsoft founder Bill Gates.