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Energy Vault, an Idea lab company that has developed a transformative technology to store energy has raised $110 million in Series B funding.

The investment was made by SoftBank Vision Fund, which was its first investment in energy storage technology. Energy Vault will use the funds to accelerate the global deployment of its technology, which 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’s board of directors.

In November 2018, Tata Power announced that it would deploy a 35 MWh Energy Vault system by 2019.

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