Beth: Saudi Aramco has acquired a stake in Swiss energy storage company Energy Vault.

Robert Baconi, CEO and Co-Founder, said Energy Vault has made rapid progress over the past 12-18 months as it completed the first commercial scale deployment of its technology, adding, "We are pleased to have the support of Saudi Aramco as a strategic partner in the energy storage project."

“Our mission is to invest in companies that develop technologies of strategic importance to Aramco,” said Mahdi Al-Adel, CEO of Aramco Ventures, a subsidiary of Saudi Aramco. "The innovative energy storage technology from Energy Vault has unique environmental and economic benefits. We are excited to help this company further accelerate the global deployment of its technology," he added.

The new energy storage technology in the Energy Vault is inspired by water pumping stations that rely on the force of gravity and the movement of water to store and discharge electricity.