SoftBank bets $110 million on energy storage startup Energy Vault

Softbank Group Chairman Masayoshi Son Press Conference
SoftBank Group Corp. Chairman and CEO Masayoshi Son. Photo: Tomohiro Ohsumi/Getty Images

Late Wednesday brought word that investment giant SoftBank Vision Fund was pouring $110 million into Energy Vault, a startup with new technology for long-duration energy storage.

Why it matters: It's the first investment by the Vision Fund in the energy storage space. (It has staked Uber, Slack and other well-known companies.)

SoftBank Group gives more insight into Vision Fund 2

SoftBank Group CEO Son Masayoshi presents earnings figures
SoftBank Group CEO Son Masayoshi presents earnings figures. Photo: Alessandro Di Ciommo/NurPhoto/Getty Images

SoftBank Group Wednesday morning provided more info on Vision Fund 2, while reporting second-quarter earnings that smashed analyst expectations.

Why it matters: The big news was that SVF2 could begin investing as early as next month, with the trigger being when the original Vision Fund is 85% invested. It was at 68% through the end of June.