High oil prices could boost renewables, says Energy Vault CEO

Swiss oil traders anticipate high prices and strong profits
24. April 2026

High oil prices could boost renewables, says Energy Vault CEO

Robert Piconi, the Chair and CEO of Energy Vault, says high oil prices could actually be good news. Energy Vault, a firm specialised in energy storage solutions for renewable sources such as solar and wind, is something of an exception for a Swiss-born company. It listed on the New York Stock Exchange (NYSE) in 2022 via an accelerated route called a SPAC (Special Purpose Acquisition Company) after raising more than $200 million (CHF156 million) as a startup – a record. Swissinfo spoke with Robert Piconi, the American co-founder, Chairman and Chief Executive Officer of Energy Vault, in Lugano, canton Ticino. He discussed why the company established part of its operations to the United States and how he is leveraging electricity price volatility. Swissinfo: How are you affected by current geopolitical tensions, including US tariffs and the ongoing instability in the Middle East? RP: These tensions create uncertainty and tend to shift investor sentiment towards more predictable assets …

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