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SoftBank Vision Fund makes its first-ever investment in an energy company

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The Vision Fund said it completed a $110 million investment in Swiss start-up Energy Vault, which creates renewable energy storage products.

that will target companies developing artificial intelligence.

Energy Vault CEO and co-founder Robert Piconi said Thursday the company is "thrilled to partner with SoftBank Vision Fund as we expand our global presence." Energy Vault did not disclose its valuation as part of the latest investment. The firm said it would use the $110 million to "accelerate global deployment" of its storage technology. Andreas Hansson, partner for SoftBank Investment Advisers, will join Energy Vault's board of directors as part of the investment.

 

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