Energy Vault, Wellhead Electric and W Power Announce Agreement for 275 MWh Energy Storage Project in Southern California
September 08 2022 - 8:00AM
Business Wire
Energy Vault, Wellhead Electric and W Power to
deploy 68.8 MW (275.2 MWh) battery energy storage system at W Power
Energy Reliability Center in Stanton, California. The Stanton ESS
will be one of the largest energy storage systems in southern
California and will be built on Energy Vault Solutions’ (EVS)
proprietary system design and EVS’ Energy Management Software.
Wellhead Electric has also selected Energy
Vault, as preferred integrator, for two additional hybrid energy
storage projects in Southern California.
This contract reflects the successful and rapid
execution of the EVS technology-agnostic integration and software
strategy, as previously announced in Q4 2021, to provide customers
with the most flexible and cost-effective energy storage solutions
regardless of the underlying storage and generation technology.
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced the signing of the Stanton Energy
Storage System (SESS) EPC contract with Wellhead Electric Company,
Inc. (“Wellhead Electric”) and W Power, LLC, (“W Power”), a
woman-owned business enterprise that has developed and owned power
generation facilities in California. The project will be operated
by Wellhead Services, Inc., one of the most experienced developers
and operators of innovative energy generation and energy storage
facilities in California, which is based in Sacramento,
California.
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Energy Vault will begin deployment immediately in 2022 of a
275.2 MWh battery storage project at W Power’s Energy Reliability
Center in Stanton, California. The project is on an accelerated
timeline to meet critical power needs for southern California and
is expected to be completed in mid-2023. Energy Vault will also
support W Power and Wellhead with development and deployment of
future energy storage projects in California representing
approximately 600 MWh+ of additional capacity in the near term.
The system will be built on Energy Vault Solutions’ (EVS)
proprietary integration platform and powered by EVS’ energy
management software. The EVS platform, which was introduced in Q4
2021, leverages the most advanced software architecture and
optimization algorithms, and enables the integration and
orchestration of multiple energy assets under a multitude of use
cases. Together with the Company’s existing sustainable long
duration gravity energy storage technology offering, Energy Vault
continues to advance the global transition to a carbon-free,
resilient power grid.
"We look forward to developing this project with Wellhead and W
Power that will be built on our proprietary system and reflects
execution on our previously announced EVS strategy,” said Robert
Piconi, Chairman and Chief Executive Officer, Energy Vault. “This
exciting project reflects our broad energy storage experience and
capabilities across multiple underlying storage technologies while
optimizing energy density and performance requirements that was a
key factor to meet Wellhead’s requirements. The demanding
deployment timelines and need for surety of execution exhibit our
ability to be customer focused, nimble and responsive to the
rapidly-expanding needs of the global storage market.”
“Our EVS-enabled solutions are the natural complement to Energy
Vault’s long-duration gravity storage capabilities which are being
deployed globally in parallel, and a key component of our vision of
being a leading energy storage technology partner to our customers
that require innovation and creativity in dealing with the
complexities of the grid,” continued Mr. Piconi. “With EVS we have
been able to expand our serviceable market and we are proud to
offer a broad portfolio of solutions, from short to long duration,
with our EVxTM gravity-based technology, that help customers
achieve their decarbonization targets while maximizing economic
returns. This is fundamental to the mission of the Company.”
“The team at Energy Vault has greatly impressed us with both
their extensive knowledge of energy storage solutions and their
critical engineering, integration, and construction experience,”
said Hal Dittmer, CEO, Wellhead Electric. “They have won our trust
because of their dedication to find the optimal solution for our
Stanton site. In addition, because of the EVS technological
platform, with the highest energy density and safety features, we
were able to fit the maximum energy storage capacity at our site,
with full confidence of meeting our expected system performance and
project economic return requirements.”
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.
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, 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.
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