Business Wire

Energy Vault and NTPC, India’s Largest Power Utility, Sign MOU for Gravity-Based Energy Storage Technology

Share

Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced the signing of a Memorandum of Understanding (MOU) with NTPC Limited (NSE India : NTPC, BSE : 532555), the largest power generating utility in India.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220427005291/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Energy Vault Resiliency Center™ (Photo: Business Wire)

The objective of the MOU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilization of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system.

“We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition,” said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault. “Energy Vault’s mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”

Gurdeep Singh, Chairman and Managing Director of NTPC said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”

About Energy Vault
Energy Vault develops and deploys turnkey 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 energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity-based energy storage system utilizes 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

About NTPC
NTPC, a publicly traded company in India, has a significant presence across the entire value chain of power generation, and is the largest power generating utility in India. NTPC’s total installed capacity is 68.96 GW with plans for total installed capacity of 130 GW by 2032 which would include a renewable energy capacity of 60 GW. By 2032, non-fossil fuel based generation capacity is expected to be equivalent to or more than thermal capacity of NTPC. Additionally, NTPC is exploring opportunities in green energy solutions, including energy storage, E-mobility, Biomass cofiring and reduction in SOx & NOx from fossil fuel based power plants. NTPC is also exploring Green Hydrogen, Waste-to-Fuel, and Carbon Capture and Utilization (CCU) technologies and field demonstration projects in these areas are also in an advanced stage.

Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the project announced in this press release.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, including the project announced in this press release; risks related to the joint feasibility study; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s the performance and availability of EVS; demand for renewable energy; Energy Vault’s ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unanticipated costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; and the effects of competition on Energy Vault’s future business; and those factors identified under the caption “Risk Factors” in the Current Report on Form 8-K filed by Energy Vault on February 14, 2022, as amended on March 31, 2022. and other documents of Energy Vault filed, or to be filed, with the SEC.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Energy Vault
Investors
energyvaultIR@icrinc.com

Media
media@energyvault.com

NTPC
www.ntpc.co.in

About Business Wire

Business Wire
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

Grovara Partners with Dubai Global Connect, Establishes Middle East HQ and Showroom19.5.2022 13:00:00 CEST | Press release

Grovara, the easy global wholesale experience, announces it has signed a lease agreement and become formally incorporated to do business in Dubai as part of a partnership with Dubai Global Connect (DGC), a permanent wholesale market that facilitates business between international buyers and sellers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005017/en/ Grovara and Dubai Global Connect cemented their partnership on April 26, 2022 at DGC's new Visitor Centre in Dubai. Standing, from left are Grovara Sales Director Eugenia Schlitter, Grovara Executive Chairman David Pottruck, Grovara Chief Innovation Officer/Co-founder Peter Groverman, Dubai Global Connect Food Business Development Lead Badreddine Soukarie, and Grovara VP of Global Supply Chain Juliana Rogenski; Seated, from left are Dubai Global Connect Head of Business Development Paul Boots and Grovara CEO/Co-founder Abu Kamara. (Photo: Business Wire) The partnersh

Zilliant Launches Quick Start Program to Speed Time to Value and First Quick Start Package, Transforming How Companies Manage Pricing in Response to Inflation19.5.2022 13:00:00 CEST | Press release

Zilliant, the industry leader in intelligent end-to-end pricing solutions and sales guidance software, today announced its Zilliant Quick Start Program, which enables significantly faster deployment times for its software and faster time-to-value for customers. The first Quick Start package of this transformative program is Zilliant Quick Start for Global and Country Price Lists, which is available beginning today. In the past, deploying price optimization and management software may have seemed time intensive or difficult to implement. As a direct result, pricing and commercial teams rely on spreadsheets to manage pricing, sales operations and commercial functions, a method that is insufficient to respond to today’s volatile market conditions. The Zilliant Quick Start program flips this paradigm, offering packaged solutions to address specific pricing and sales challenges, each of which can be up and running within the span of three to eight weeks, work seamlessly with each other on t

Eaton Introduces DC-DC Converters for 48-Volt Commercial Vehicle Architectures19.5.2022 12:30:00 CEST | Press release

Power management company Eaton today introduced a family of 48-volt DC-DC converters for diesel-powered commercial vehicles that can be used to power accessories such as antilock brakes and lighting. Unlike competitive offerings, Eaton’s DC-DC converters are operational in ambient temperatures up to 85 degrees Celsius and boast 97% design efficiency. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005093/en/ Eaton’s family of 48-volt DC-DC converters can be used to power accessories such as antilock brakes and lighting and are operational in ambient temperatures up to 85 degrees Celsius. (Graphic: Business Wire) “DC-DC converters are an essential part of our eMobility product portfolio and are used in a variety of vehicle applications,” said Ben Karrer, director, Technology Development, Eaton’s eMobility business. “Many commercial vehicle manufacturers are transitioning to 48-volt architectures, so having the ability to

UZ Brussel First to Treat Breast Cancer Patients with New Brainlab Deep Inspiration Breath Hold with Instant X-Ray Confirmation19.5.2022 12:01:00 CEST | Press release

Brainlab announced today that clinicians at UZ Brussel are the first to treat patients with the company’s new Deep Inspiration Breath Hold (DIBH)* technology designed to streamline image guided and surface guided radiation therapy (IGRT and SGRT) and deliver the highest quality of care for breast cancer patients. UZ Brussel is a university hospital at the Vrije Universiteit Brussel with 721 hospital beds and almost 4,000 employees. UZ Brussel successfully validated the technology and presented research at the Novalis Circle Symposium at ESTRO on May 8, 2022. The research demonstrates that Brainlab ExacTrac Dynamic® DIBH streamlines the process and increases positioning confidence through “on-the-fly” X-Ray confirmation. Internal anatomy verification at the breath hold level may increase confidence in dose sparing of critical structures like the heart. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220518005985/en/ CE-marked

Booba and Silent Seeds Announce the Launch of a New Strain of Cannabis (THC), the B-45!19.5.2022 11:35:00 CEST | Press release

Alexandre Lacarré, the co-founder of the Silent Seeds seed bank (formerly Dinafem) and the famous French rapper Booba, have announced a unique cooperation to create B-45, a seed specially designed for the artist. A first in Europe! This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220519005106/en/ (Photo: Silent Seeds) With 20 years of experience and R&D, Silent Seeds was Booba's partner of choice for the creation and distribution of his own strain of cannabis, entirely tailor-made for an exceptional result. Friday 20 May 2022 will mark the launch of B-45, an Indica-dominant hybrid resulting from crossing (Florida OG x Pre'98 Bubba Kush) x Orange Punch #66. This strain has a record THC content of more than 30%. "If you want to visit Jamaica, you just have to taste my weed". -Booba "From our first meeting, Booba knew exactly what he wanted. We soon came to the conclusion that the cannabis plant held no secrets for him. We would

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