Energy Vault raised $ 100 million this week to start construction of the first gravitational energy storage. Among the investors are SoftBank and Aramco, which underlines the value of the project. The first unit will be built in the United States by the end of the year, and from next year in Europe, the Middle East and Australia.
The EVx is an automatic six-jib tower crane. Energy is stored in the process of lifting 35-ton blocks, made on site from any debris, to a height. During the day and in windy conditions, surplus of renewable solar or wind energy is sent to the crane's electric motors, which lift the blocks to a height. The descent of blocks to the ground under the influence of gravity starts the opposite process - the generation of electricity in electric generators.
It is claimed that the efficiency of the installation reaches 85%. In a prepared project, the installation is most effective for delivering maximum power within 2–4 hours. The EVx has a service life of over 35 years and multi-site crane service allows the storage capacity to be scaled to several gigawatt hours.
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