Energy Vault and Eskom Announce Strategic Development Agreement to Deploy Grid-Scale Gravity Energy Storage Systems in South Africa

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a global leader in sustainable, grid-scale energy storage and AI compute infrastructure solutions, today announced a strategic development agreement with Eskom Holdings SOC Limited (“Eskom”), South Africa’s state-owned electricity utility, to deploy a long-duration gravity energy storage system (GESS).

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The first GESS plant will be built at Eskom’s Hendrina Power Station in Mpumalanga, South Africa, one of the utility’s oldest operating stations. The system is expected to provide 25 MW of capacity with four hours of storage, equivalent to 100 MWh, and is designed to be fully scalable, up to 4GW. This landmark agreement establishes a partnership between the two companies, aligning their long‑term interests to accelerate the decarbonization of Southern Africa’s power sector.

Under the terms of the agreement, Energy Vault will provide Eskom with its latest EVx 2.0™ GESS technology system, and associated equipment, together with on‑site engineering, project management, and localized training support. The partnership intends to license, co‑develop, and collaborate on the deployment of up to 4 GWh of GESS storage, with significant potential across the 16-member Southern African Development Community (SADC) region by 2035.

Energy Vault’s EVx 2.0™ GESS platform incorporates significant advancements over the previous EVx design, particularly in the software orchestration, mechanical operation, energy efficiency, construction automation, and construction tooling. These enhancements enable a system capable of scaling to multi-gigawatts (GW’s) of efficient energy storage to support growing renewables penetration. The EVx 2.0 design also features improved material science technology for the economic re-use of ash from coal combustion as the storage medium in the blocks, which may weigh up to 25-30 tons each.

“This landmark agreement with Eskom represents a transformational milestone for Energy Vault and for Africa’s energy future,” said Robert Piconi, Chairman and Chief Executive Officer. “By combining our breakthrough EVx 2.0 platform with Eskom's extensive power generation, grid expertise and regional reach, we're not only advancing long-duration storage at unprecedented scale but also pioneering a new model for sustainable industrial development. This partnership will create local jobs, establish resilient supply chains, and demonstrate how gravity energy storage can accelerate Africa's transition from coal dependency to energy independence and security — all while delivering reliable, affordable power to communities that need it most."

This collaboration directly supports Eskom’s Just Energy Transition Partnership (JETP) initiative, which is focused on achieving a sustainable and equitable transition away from coal while ensuring grid reliability, job creation, and local economic development.

“Eskom is committed to reducing the environmental impact of its electricity generation activities and will continuously drive projects to support South Africa’s local and global emission reduction targets and transition responsibly. Eskom’s strategy is designed to position us as a resilient and competitive energy leader in a liberalised energy market. We will drive a just and inclusive energy transition that includes intensifying the repowering and repurposing of coal power stations and exploring clean coal technologies and solutions using technology as a strategic enabler to improve efficiencies and lower the cost of electricity. This partnership with Energy Vault and its innovative gravity storage technology will play a pivotal role in achieving our Just Energy Transition goals,” said Dan Marokane, Group Chief Executive, Eskom Holdings.

Southern Africa is undergoing a dynamic transformation in its energy landscape, with governments and utilities across the SADC region working to expand access to reliable, affordable, and sustainable electricity. Today, 56% of the SADC region’s population has access to electricity, up from just 36% a decade ago, reflecting the impact of coordinated regional efforts and investment in infrastructure. Coal remains the dominant source of power generation, contributing over 80% of South Africa’s electricity supply in 2024, but the region is actively diversifying its energy mix. Utility-scale energy storage technologies are set to play a key role in integrating renewables, strengthening national grid resilience, and improving grid reliability—while also unlocking new opportunities for industrial growth, job creation, and community development.

This agreement positions Eskom and Energy Vault as regional leaders in grid-scale, long-duration storage and underscores both parties’ commitment to driving a clean, just, and resilient energy transition for Southern Africa.

About Energy Vault

Energy Vault^® is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems to accelerate time-to-power for utilities, independent power producers, industrial customers and the AI and data center market. At the core of its platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault’s integrated solutions combine energy storage, generation, and advanced energy management to deliver scalable infrastructure tailored to customer needs. Its portfolio spans short-, long-, and multi-day duration storage, enabling reliability, flexibility and cost efficiency across applications. For utilities and grid operators, Energy Vault provides firm, flexible capacity ​enhances grid stability and helps to ensure reliable power delivery. For industrial and data center customers, the platform enables resilient, cost-efficient power supply to support critical operations. Through its Build, Own & Operate model, Energy Vault generates long-term, recurring revenues while delivering project execution excellence across development, delivery and operations. By combining innovation with disciplined execution, Energy Vault is redefining how power infrastructure is developed and deployed – delivering reliability, flexibility and scale in a rapidly evolving global energy market. Please visit www.energyvault.com for additional information.

About Eskom Holdings SOC Ltd

Eskom Holdings SOC Ltd is a state-owned corporation (SOC) and South Africa’s primary electricity utility, entirely owned by the South African government. Eskom operates across the full electricity value chain—generation, transmission, and distribution—supplying over 86% of South Africa’s energy needs and approximately 20% of the electricity produced on the African continent. Governed by a dual mandate to ensure financial sustainability while driving socio-economic growth, Eskom is committed to a responsible transition toward a lower-carbon future. The entity maintains a vast national network of approximately 33,000km, balancing supply and demand in real-time to power the nation’s economy and participate in the Southern African Development Community (SADC) electricity market. Please visit Eskom Holdings SOC Ltd for more information.

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