The fund — which bet on tech companies such as Uber, WeWork, and Slack — turns to renewable energy

The Softbank Vision Fund has invested $110 million in Swiss energy startup Energy Vault.

Energy Vault pioneered the storage of renewable energy using recycled concrete blocks built into a tower. Its towers have been compared to a “super-sized concrete-and-steel version of a child’s erector set” by Greentech Media.

“For the first time, we’ve got a cost point in economics with energy storage that enables renewables [scale] below the cost of fossil fuel,” Energy Vault co-founder and CEO Robert Piconi told CNBC.

As a result, Energy Vault will use the funds to scale up its storage technology on a transcontinental basis. The fund did not reveal its valuation. It will induct Andreas Hansson, partner for SoftBank Investment Advisers, as a member of its board of directors.

Vision Fund 2 Launches

With this investment, the Vision Fund, $100 billion in size, has departed from its tendency to invest in tech startups and ventured into energy storage. Meanwhile, the company will continue investing in other high-growth areas.

In July, the firm launched its Vision Fund 2, a $108 billion fund focused on Artifical Intelligence.