Source: Energy Vault
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Korea Zinc invests $50 million in energy storage developer Energy Vault and will use its technology to help decarbonise operations at its Australian zinc refinery
  • Korea Zinc is aiming to make its Sun Metals refinery in Queensland one of the world’s first zinc refineries produce green zinc
  • Energy Vault is planning to build an energy storage for Sun Metals in mid-2022, however the companies have not spoken on the location or size of the project
  • Energy Vault is in talks with other companies in Australia

Korea Zinc will invest $50 million in energy storage developer Energy Vault and will use its technology to help decarbonise operations at its Australian zinc refinery.

This isn’t the first major company to invest in the Swiss-based business, with SoftBank, Saudi Aramco and BHP Group (BHP) all backing Energy Vault.

Energy Vault is planning to list on the New York Stock Exchange this quarter, through a special purpose acquisition company Novus Capital

Korea Zinc’s investment increased the amount Energy Vault raised in its private investment in public equity, or PIPE, funding by 50 per cent to $150 million from its initial target.

Energy Vault CEO Robert Piconi was pleased with the investment.

“This is a very strong signal for the market from a large strategic (company) and validation of our technology and putting money behind their clean energy transition strategy,” he told Reuters.

Both BHP and Korea Zinc is looking to use renewable power at their mining and smelting sites and to drive electrolyses to make green hydrogen for their trucks, this means energy storage will be crucial to these operations to run 24/7.

Korea Zinc is aiming to make its Sun Metals refinery in Queensland one of the world’s first zinc refineries produce green zinc.

Energy Vault is planning to build energy storage for Sun Metals in mid-2022, however the companies have not spoken on the location or size of the project.

Mr Piconi said the Energy Vault is in talks with other companies in Australia.

“I believe it’s going to be one of our largest markets,” he said.

More From The Market Herald

" Deloitte: Australian business leaders “more concerned than ever before” about climate change

Almost three-quarters of Australian executives see the world at a tipping point for responding to climate…

" Australian investors funnelled pandemic savings into managed funds over 2021: Calastone

Australian investors funnelled record amounts of cash into managed funds over 2021 as pandemic savings worked…

" Tasmania continues to be the best-performing economy: CommSec

Tasmania continues to lead the rankings as the best-performing state economy in Australia, according to the…

" Hydrogen industry marks milestone with world first shipment of hydrogen

The Australian hydrogen industry just marked a milestone with the world's first shipment of liquefied hydrogen…