Dr. Horne possesses more than 30 years of
domestic and international experience managing the development and
commercialization of advanced energy storage systems
Dr. Horne to accelerate Energy Vault’s
development of complementary energy storage solutions to Energy
Vault’s existing technologies portfolio
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a
leader in sustainable, grid-scale energy storage solutions, today
announced the appointment of Craig Horne, Ph.D., as Vice President,
Advanced Energy Storage Development. Dr. Horne will be based in
Energy Vault’s U.S. headquarters in Westlake Village, Calif.
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Dr. Craig Horne (Photo: Business
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Dr. Horne began working with energy storage technologies more
than 30 years ago and joins Energy Vault with deep domestic and
international experience. Over multiple decades, Dr. Horne managed
the development and commercialization of advanced energy storage
systems, as well as materials, processes, and diagnostic methods
for energy, electronics, and telecom applications.
In response to a fast-moving market requesting more
sophisticated storage solutions, Dr. Horne will be responsible for
the expansion of Energy Vault’s portfolio of energy storage
solutions that complement the company's current offerings,
supporting early-stage research at the company, and supporting
commercial activities involving the current solution offerings.
“We are privileged to have Craig join as a leader of Energy
Vault. Craig brings extensive experience to Energy Vault with a
proven track record in leadership roles across a unique set of
storage industry segments, including technology and product
development, project integration and project execution,” said Marco
Terruzzin, Chief Commercial and Product Officer, Energy Vault. “Dr.
Horne will be responsible for driving new technologies and
solutions to market that address customer demand for a wide range
of storage requirements, while further enhancing our current
portfolio.”
Dr. Horne’s appointment further demonstrates Energy Vault’s
successful rapid execution of the Energy Vault Solutions (EVS)
technology-neutral integration and software strategy, introduced in
Q4 2021, to provide customers with the most flexible and
cost-effective energy storage solutions regardless of the
underlying storage and generation technology. EVS leverages the
most advanced software architecture, cyber security protocols, and
optimization algorithms to enable the secure integration and
orchestration of multiple energy assets under a multitude of use
cases.
As recently announced, Energy Vault through its EVS offering,
signed three EPC contracts for a total of 495 MWh with Jupiter
Power and Wellhead Electric. This includes a 100 MW (200 MWh)
battery energy storage system in Fort Stockton, Texas to provide
Fast Frequency Response and energy support to the ERCOT market, a
10 MW (20 MWh) system in Carpinteria, California for Resource
Adequacy in the CAISO market as well as energy resiliency in a
disaster-prone, transmission-vulnerable stretch of the Southern
California coastline, and a 68.8 MW (275.2 MWh), in Stanton,
California, to meet critical power needs for southern
California.
“I am delighted to join the Energy Vault team and am especially
excited to capitalize on my thirty years working with battery
technologies, the last seven of which have been spent in the system
integration, EPC, and owner/IPP sectors of the industry to bring
additional breakthrough storage solutions to the market,” said Dr.
Craig Horne, Vice President, Advanced Energy Storage Development,
Energy Vault. “It recently became clear to me just how drastic the
limitations are related to how far incumbent lithium-ion based
solutions can go in satisfying the accelerating demand for energy
storage. With the shift to intermittent renewable energy assets,
the power sector needs a diverse set of economically competitive
energy storage technologies for long-duration applications. In
addition, the competition for Li-ion batteries from the
transportation sector has increased prices and squeezed supply.
These market forces have created an unprecedented opportunity to
accelerate the development of alternative energy storage
technologies for stationary energy applications. I believe Energy
Vault’s strategy to create multiple solutions that satisfy the wide
range of requirements across the spectrum of storage projects is
best positioned to capitalize on this opportunity and enable a
renewable world.”
Immediately prior to joining Energy Vault, Dr. Horne served as
Managing Director of Energy Storage at Wellhead Electric
Corporation, a leading developer and operator of innovative energy
generation and energy storage facilities. Prior to his role at
Wellhead Electric Corporation, Dr. Horne held senior leadership
energy storage roles with Swinerton Renewable Energy, RES Group and
EnerVault, which he co-founded and served as Chairman, CEO and
Chief Strategy Officer. Dr. Horne also served six years on the
Board of the Energy Storage Association (now American Clean Power),
including Chairman from 2018-2019, and two years on the Board of
the California Energy Storage Alliance. Fifteen of his 22 awarded
U.S. patents are in the fields of batteries, fuel cells, and grid
storage.
Dr. Horne holds a Ph.D. in Materials Science & Mineral
Engineering from University of California, Berkeley, an M.S. in
Materials Science & Engineering from University of California,
Los Angeles, and a B.S. with high honors in Materials Science &
Engineering from University of Florida, Gainesville.
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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