Korea Zinc invests $50 mln in Energy Vault Korea Zinc to use energy storage at Australian refinery Energy Vault looks to expand in Australia MELBOURNE, Jan 5 (Reuters) - Korea Zinc (010130.KS) has agreed to invest $50 million in energy storage developer Energy Vault and use its technology to help decarbonise operations at its zinc refinery in Australia, the two companies said. Korea Zinc is the latest major company to back Swiss-based Energy Vault, following SoftBank Group Corp (9984.T), Saudi Aramco (2222.SE) and global miner BHP Group (BHP.AX), ahead of a planned listing on the New York Stock Exchange this quarter through a special purpose acquisition company Novus Capital (NXU.N). read more Korea Zinc"s investment increased the amount Energy Vault raised in its private investment in public equity, or PIPE, funding by 50% to $150 million from its initial target. "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," Energy Vault Chief Executive Officer Robert Piconi told Reuters. BHP and Korea Zinc are both looking to use renewable power at their mining and smelting sites and to drive electrolysers to make green hydrogen for their trucks, and energy storage will be crucial to ensure those operations can run 24/7 when the sun is not shining or the wind is not blowing. "Energy Vault"s innovative storage technology and energy management software platform can play a key role in enabling and accelerating our decarbonization strategy as we enhance our ability to power our operations with renewable energy," Korea Zinc Vice Chairman Yun B. Choi said in a statement. Korea Zinc aims to make its Sun Metals refinery in Queensland state one of the world"s first zinc refineries to produce green zinc, part of the group"s broader goal to shift to 80% renewable power by 2030 and 100% by 2040. The investment in Energy Vault follows Korea Zinc"s acquisition through its Ark Energy arm of an Australian wind and solar farm developer. read more Energy Vault plans to start building an energy storage system for Sun Metals in mid-2022. The companies have yet to disclose the location or size of the project. Energy Vault"s EVx storage system works liked pumped hydro, using power when supply is abundant to drive motors and raise 30-tonne blocks, rather than water, up to a height. When power is needed, the blocks are lowered, which releases their potential energy to generate electricity. Enhancing its green credentials, it has developed composite blocks working with Mexico"s Cemex (CEMEXCPO.MX), that can be made from soil dug up at the sites where it plans to build its storage systems and materials like mine tailings, coal ash and even decommissioned wind turbine blades. Piconi said Energy Vault is in talks with other companies in Australia. "I believe it"s going to be one of our largest markets," he said in an interview.