EnerVault, a privately held company founded in 2008, is developing highly flexible, very large electric energy storage systems that are inherently safe, reliable and cost-effective for large commercial and industrial facilities, renewables support and utility grids. The company's mission is to promote the wide-scale use of energy storage; make possible the expanded use of renewable energy such as wind and solar by compensating for intermittent output; allow smart grid technologies to stabilize the grid and reduce blackouts by matching load demand and capacity as needed; reduce service interruptions caused by grids exceeding capacity; support micro-grids; and substitute fossil-fuel based peak capacity plants with clean, emissions-free electricity.
| Date | Amount | Type | Investors | Valuation |
|---|---|---|---|---|
| 02/23/12 | $15,500,000 | Series B |
3M New Ventures Commercial Energy TEL Venture Capital Total Energy Ventures US Invest | undisclosed |
