Korea Zinc to invest US$50M in Energy Vault

2 min read | January 04, 2022 09:58 PM PST | By Sonal Goyal

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Korea Zinc to invest US$50M in Energy Vault — Image source: © Surasak24cover | Megapixl.com

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Highlights

Korea Zinc has become the latest company that backed Energy Vault with US$50 million.

Korea Zinc will employ the technology at its Australian refinery to decarbonise operations.

Energy Vault plans to get listed on the New York Stock Exchange through Novus capital.

Leading nonferrous metal company Korea Zinc has agreed to invest US$50 million in Energy Vault, an energy storage developer.

Before Korea Zinc, Saudi Aramco, SoftBank Group Corp, and global miner BHP Group (ASX:BHP) invested in the company. Through Novus Capital, a special purpose acquisition company, Energy Vault intends to list this quarter on the New York Stock Exchange.

Future Plans

Through this investment, Korea Zinc aims to make Sun Metals refinery in Queensland to produce green zinc globally. By 2030, the company aims at shifting to 80% renewable energy and 100% by 2040.

Korea Zinc and BHP are looking forward to using renewable power at their smelting and mining sites to make green hydrogen for their trucks. For conducting such operations, energy storage is necessary as energy is required 24/7.

On the other side, Energy Vault aims to enter the Australian market by constructing energy storage for Sun metals in mid-2022. The companies have not discussed the size and location of the project.

Commented on the development, Robert Piconi, chief executive officer of Energy Vault, said:

Bottom Line

Australian companies are moving towards renewable energy sources, and Korea Zinc is one of the companies that will invest US$50 million in Energy Vault and use the technology in the Australian zinc refinery. This news brings the company into the limelight.

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