2-Gigawatt Hour (2 GWh) Mandate Announced for Energy Vault’s EVx™ Gravity Energy Storage Platform for Initial Carbon Industrial Parks in China
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced further development for the EVx gravity energy storage platform in China. Specifically, a mandate has been issued announcing an initial 2-gigawatt hour (2 GWh) gravity energy storage project and the deployment of Energy Vault’s Energy Resiliency Centers (ERC’s) at the zero carbon industrial parks in China that will deploy Energy Vault’s EVx™ gravity energy storage technology.
In partnership with Atlas Renewable, EIPC (a policy oriented supporting organization (NGO) of the Investment Association of China), in conjunction with China Tianying (CHINA SHG: CNTY) and selected provincial and local governments, will develop five national zero carbon industrial parks, some of which will be built in previously underserved economic regions throughout China. The parks will utilize Energy Vault’s gravity energy storage technology and its Energy Management Software platform to support China’s mandated climate change and environmental policy: Carbon Peak in 2030 and Carbon Neutrality in 2060 – commonly referred to as “30-60.” The intention of the zero carbon industrial parks and deployments of Energy Vaults’ EVx platform is to support the acceleration of China’s progress toward their “30-60” goals.
As previously announced in February 2022, Energy Vault and Atlas Renewable signed a licensing and royalty agreement for the deployment of Energy Vault’s gravity energy storage technology in China which followed a $50 million equity investment into the company as part of the IPO earlier this year on the New York Stock Exchange (NYSE). The companies immediately commenced the construction of a first 25 megawatt (MW), 100 MWh system outside Shanghai in the province of Rudong, which broke ground in March 2022 earlier this year.
The first announced site has been confirmed for a 2 GWh system supporting the local industrial development in association with the Tong Liao Municipal People’s Government located in Inner Mongolia which has a significant indigenous minority population. This agreement is a major step forward to support China’s new Gobi Desert Renewable Initiative announced in March 2022 and broad economic development goals, including enabling economic prosperity in underserved areas in alignment with China’s energy and economic policy in the Gobi Desert.
“This mandate demonstrates a strong endorsement and demand for the deployment of our gravity energy storage technology throughout China to help them execute their transition to clean energy and to meet their decarbonization goals,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “Together with Atlas Renewable, CNTY and the EIPC, we are making significant progress ahead of our original plans on the deployment of the first 100 MWh EVx system to support grid resiliency and delivery of renewable energy to the Chinese national grid, as well as additional development and deployment of additional EVx systems in China as this announcement demonstrates. We look forward to further deployment of our gravity and energy management software technology throughout China under this mandate.”
China Tianying Chairman Yan Shengjun remarked: “We have forged a strong partnership with Energy Vault at the leadership level and in several technical areas and are contributing to expand the local supply chain and other areas of efficiency at our first 25 MW, 100 MWh commercial scale system in Rudong. This will allow for additional improvements in constructability and capital cost optimization for all projects that Energy Vault and CNTY will collaborate on in the future, both in China and as a part of Energy Vault’s other regional expansions. We are grateful for our selection by a remarkable visionary, Robert Piconi and Energy Vault, to work on contributing our efforts to the great national policy of 30-60 for what it means to our homeland and the world.”
Mr. Zhang Jie, General Secretary of EIPC, stated: “EIPC is fulfilling its role as a resource for all parties, domestic and foreign, to actively pursue the goals of 30-60 that have additional benefits for enabling economic development goals.”
Atlas Renewable, CEO Eric Fang added: “China understands that its investment in producing renewable power must be balanced with the ongoing costs of producing that power and the critical need to store renewable power. Losing electrical power between production and consumption represents the fundamental challenge to address: estimates range from 6-10% national power loss in transmission and competition to access the grid. Energy Vault solves several critical issues in electrical power management by utilizing its gravity storage technology along with its AI software orchestration solutions that help with economic dispatching of power and power grid efficiency.”
Atlas Renewable Chairman Neil Bush remarked: “Intermittency is a key challenge in the transition to renewable energy. China’s commitment to deploy Energy Vault’s innovative gravity storage solution and the collaboration between the technical teams in building the first EVx resilience center is evidence of a global collaboration that should be modeled in addressing climate change.”
About Energy Vault
Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary gravity-based energy storage technology, battery storage technology, and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com.
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding Energy Vault’s future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the deployment of Energy Vault’s energy management software the projects announced in this press release, risks related to Energy Vault’s ability to supply equipment, engineering, procurement, construction and balance of plant services for the projects announced in this press release, the fact that the project is the first such deployment for Energy Vault and as a result, there could be unforeseen issues with the system, the ability to meet milestones in order to receive payments, unforeseen delays in the projects announced in this press release, whether these projects will be constructed on time or whether they will operate as planned, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, and the impact of competing technologies on demand for battery powered projects. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Capitolis to Present at TradeTech FX 202227.9.2022 20:10:00 CEST | Press release
Capitolis, the technology company reimagining financial markets, will join TradeTech FX, the largest buy side FX event in Europe. This is the first year Capitolis will have a presence on the ground at the event. Ben Tobin, Capitolis SVP, Head of Europe/Portfolio Optimization, will join a panel of FX industry leaders on Wednesday, 9/27, at 12:55 local time to discuss how uncleared margin rules (UMR) and the Standardized Approach for Counterparty Credit Risk (SA-CCR) have impacted the FX trading desk and market structure – and share predictions for how it could influence other FX products in the future. “We’ve been a partner and provider of optimization services to banks, hedge funds, and real money managers over the past five years,” said Ben Tobin, Capitolis SVP, Head of Europe/Portfolio Optimization. “We’ve already helped our customers reduce trillions of notional since the beginning of 2022, including optimization between the banks and their diverse client base.” TradeTech FX attende
Fintatech Announces Trading Chart Designer 2.027.9.2022 18:32:00 CEST | Press release
Fintatech, a custom trading software development company and provider of high-performance capital market solutions with a universal 'trading platform skeleton' in its core that is supplemented by interconnective module-based software components according to the client’s requirements, announces significant enhancements to their Trading Chart Designer software solution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220927005640/en/ Fintatech Trading Chart Designer 2.0 Release (Graphic: Business Wire) Our current trading software solutions list is comprised of: - Trading Chart Designer - Trading Platform Designer - Trading Data Server Read on to learn more about our enhancements in Trading Chart Designer 2.0, including: New indicators Traders may use over 130 Technical Analysis Indicators on our platform to do the finest market analysis. We keep researching and adding new indicators, so that traders may make even more precise
Globee® Awards Issues Call for Business Awards Nominations From All Over The World27.9.2022 17:00:00 CEST | Press release
The Globee® Awards, organizer of the world’s premier business awards programs and business ranking lists, is now accepting nominations for the Annual Business Excellence Awards from all over the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220927005179/en/ Learn more about the Globee Business Awards and how to nominate here: https://globeeawards.com/business-awards/. The coveted annual Globee® Business Excellence Awards program recognizes and honors the world’s best in organizational performance, products and services, innovations, executives and management teams, women in business and the professions, case studies and successful deployments, communications, public relations and marketing campaigns, product management, websites, blogs, white-papers, videos, advertisements, creativity, partner programs, and customer satisfaction programs from every major industry in the world. Individuals and organizations from anywh
Recurly Enhances Revenue Recognition Solution, Helping Subscription Businesses Automate Complex Accounting Processes27.9.2022 16:00:00 CEST | Press release
Recurly, Inc., a leading subscription management and billing platform for high-growth brands, has announced an agreement to acquire LeapRev, a global revenue recognition and forecasting solution. This acquisition will create a single source for subscription management, recurring billing, and revenue management that empowers Recurly customers to better focus on driving growth among increasingly complex and evolving revenue accounting and reporting standards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220927005356/en/ Recurly launches enhanced revenue recognition capabilities. (Graphic: Business Wire) “Recurly powers recurring billing management for many of the world’s leading brands. Part of our customers’ success has resulted from Recurly’s ability to support more granular, pay-as-you-go pricing models. This trend toward enabling greater flexibility in pricing models creates a greater need for accounting automation,” sai
Andersen Global Cultivates Additional Presence in East Asia with Law Firm of Lee & Ko27.9.2022 15:30:00 CEST | Press release
Andersen Global strengthens its global presence in East Asia through a non-exclusive Collaboration Agreement with the full-service law firm Lee & Ko, extending the global organization’s reach into South Korea. Founded in 1977, Lee & Ko is one of the oldest firms in South Korea with more than 800 professionals and 300 Partners. The firm provides clients with full service across its eight major practice groups: antitrust and competition, banking and finance, corporate and M&A, intellectual property, labor and employment, litigation and arbitration, tax and customs, and white-collar crimes. Lee & Ko is consistently recognized as a Tier 1 firm by organizations, including Asialaw, IFLR1000, Legal 500 Asia-Pacific, Chambers & Partners Asia-Pacific, among others. “Throughout our firm’s history, we’ve grown to be widely recognized as a leading firm that provides clients with best-in-class service and comprehensive legal coverage,” Senior Partner Hyeong Gun Lee said. “As a collaborating firm of
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom