Energy Vault will supply a 100 MW (200 MWh)
battery energy storage system at a Jupiter Power Facility near Fort
Stockton, Texas, which will provide energy and ancillary services
to ERCOT.
Energy Vault will additionally construct and
commission a 10 MW (20 MWh) battery energy storage system for
Jupiter Power in Carpinteria, California, which will participate in
the CAISO Resource Adequacy program and provide resiliency to
California.
The Jupiter Power battery energy storage
systems will utilize Energy Vault Solutions’ (EVS) proprietary
system design and EVS’ Energy Management Software which are
designed for optimal grid resiliency and economic energy dispatch
regardless of the underlying storage technology.
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, and Jupiter Power (“Jupiter”), a leading battery energy
storage developer and owner/operator of utility-scale battery
energy storage projects in the United States, today announced the
signing of two contracts whereby Energy Vault will supply
equipment, engineering, procurement, construction, balance of plant
services and the energy management software for two of Jupiter’s
battery energy storage projects.
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The projects include a 100 MW (200 MWh) battery energy storage
system near Fort Stockton, Texas, which will provide energy and
ancillary services to ERCOT, and a 10 MW (20 MWh) system in
Carpinteria, California, to provide grid services through
participation in the CAISO Resource Adequacy program as well as
energy resiliency in Southern California. The projects will provide
critically needed dispatchable capacity to these electricity
markets and are expected to be completed in 2023.
The systems will utilize Energy Vault Solutions’ (EVS)
proprietary integration platform and powered by EVS’ innovative
energy management software platform, which started development nine
months ago in November 2021, as previously announced. EVS leverages
advanced software architecture and optimization algorithms and
enables the integration and orchestration of multiple energy assets
under a multitude of use cases.
"With today’s inaugural EVS-enabled battery energy storage
projects announcement supporting a market leader in storage
infrastructure and analytics like Jupiter, we are delivering on our
comprehensive energy storage solutions strategy introduced just
nine months ago,” said Marco Terruzzin, Chief Commercial Officer,
Energy Vault. “We are seeing strong demand for our EVS-enabled
energy storage solutions on a global basis due to the unique
ability of our platform to integrate and deliver both short and
long duration (EVx) energy storage technologies.”
“Jupiter is pleased to be working with Energy Vault to expand
our existing battery energy storage portfolio with these two new
projects,” said Michael Geier, Chief Technology Officer of Jupiter
Power. “As the largest developer and operator of battery energy
storage projects on the ERCOT grid, we see a strong need to
continue to execute innovative storage solutions to help relieve
grid strain. We are also excited to be building our first project
in California, where grid conditions continue to demonstrate a
strong need for additional battery energy storage capacity.”
Jupiter currently has 654 MWh of battery energy storage projects
in operations or commissioning in Texas and more than 11 GW of
additional projects in development in several target markets from
California to Maine. Jupiter’s projects are critical to
decarbonizing the U.S. electricity grid by providing non-emitting
generation to support and firm the penetration of renewable
electricity resources, namely solar and wind, while increasing grid
resiliency and reliability.
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.
About Jupiter Power
Jupiter is a leading battery energy storage infrastructure
platform with deep trading, analytics, development, finance,
operations, and construction capabilities and unparalleled
intellectual property in dispatch optimization. Jupiter is backed
by EnCap Investments L.P., Yorktown Partners and Mercuria Energy,
and has offices in Austin and Houston, Texas, and Chicago,
Illinois. Jupiter has a portfolio of utility-scale battery energy
storage projects operating or in construction in the U.S., with a
pipeline of over 11,000MW in active development. For more
information on Jupiter Power, please visit our Twitter, LinkedIn,
or Facebook pages or visit www.jupiterpower.io.
Forward-Looking Statements
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, 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. 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.
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Energy Vault
Investors energyvaultIR@icrinc.com
Media media@energyvault.com
Jupiter Power
Media Caitlin.Smith@JupiterPower.com Media@JupiterPower.com
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