2-Gigawatt Hour (2 GWh) Mandate Announced for Energy Vault’s EVx™ Gravity Energy Storage Platform for Initial Carbon Industrial Parks in China
September 15 2022 - 9:44AM
Business Wire
Signals the accelerated deployment of Energy
Vault’s gravity energy storage technology as the core energy
storage technology for the five national zero carbon industrial
parks announced by EIPC and CNTY in China
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a
leader in sustainable, grid-scale energy storage solutions, today
announced further development for the EVx gravity energy storage
platform in China. Specifically, a mandate has been issued
announcing an initial 2-gigawatt hour (2 GWh) gravity energy
storage project and the deployment of Energy Vault’s Energy
Resiliency Centers (ERC’s) at the zero carbon industrial parks in
China that will deploy Energy Vault’s EVx™ gravity energy storage
technology.
In partnership with Atlas Renewable, EIPC (a policy oriented
supporting organization (NGO) of the Investment Association of
China), in conjunction with China Tianying (CHINA SHG: CNTY) and
selected provincial and local governments, will develop five
national zero carbon industrial parks, some of which will be built
in previously underserved economic regions throughout China. The
parks will utilize Energy Vault’s gravity energy storage technology
and its Energy Management Software platform to support China’s
mandated climate change and environmental policy: Carbon Peak in
2030 and Carbon Neutrality in 2060 – commonly referred to as
“30-60.” The intention of the zero carbon industrial parks and
deployments of Energy Vaults’ EVx platform is to support the
acceleration of China’s progress toward their “30-60” goals.
As previously announced in February 2022, Energy Vault and Atlas
Renewable signed a licensing and royalty agreement for the
deployment of Energy Vault’s gravity energy storage technology in
China which followed a $50 million equity investment into the
company as part of the IPO earlier this year on the New York Stock
Exchange (NYSE). The companies immediately commenced the
construction of a first 25 megawatt (MW), 100 MWh system outside
Shanghai in the province of Rudong, which broke ground in March
2022 earlier this year.
The first announced site has been confirmed for a 2 GWh system
supporting the local industrial development in association with the
Tong Liao Municipal People’s Government located in Inner Mongolia
which has a significant indigenous minority population. This
agreement is a major step forward to support China’s new Gobi
Desert Renewable Initiative announced in March 2022 and broad
economic development goals, including enabling economic prosperity
in underserved areas in alignment with China’s energy and economic
policy in the Gobi Desert.
“This mandate demonstrates a strong endorsement and demand for
the deployment of our gravity energy storage technology throughout
China to help them execute their transition to clean energy and to
meet their decarbonization goals,” said Robert Piconi, Chairman and
Chief Executive Officer, Energy Vault. “Together with Atlas
Renewable, CNTY and the EIPC, we are making significant progress
ahead of our original plans on the deployment of the first 100 MWh
EVx system to support grid resiliency and delivery of renewable
energy to the Chinese national grid, as well as additional
development and deployment of additional EVx systems in China as
this announcement demonstrates. We look forward to further
deployment of our gravity and energy management software technology
throughout China under this mandate.”
China Tianying Chairman Yan Shengjun remarked: “We have forged a
strong partnership with Energy Vault at the leadership level and in
several technical areas and are contributing to expand the local
supply chain and other areas of efficiency at our first 25 MW, 100
MWh commercial scale system in Rudong. This will allow for
additional improvements in constructability and capital cost
optimization for all projects that Energy Vault and CNTY will
collaborate on in the future, both in China and as a part of Energy
Vault’s other regional expansions. We are grateful for our
selection by a remarkable visionary, Robert Piconi and Energy
Vault, to work on contributing our efforts to the great national
policy of 30-60 for what it means to our homeland and the
world.”
Mr. Zhang Jie, General Secretary of EIPC, stated: “EIPC is
fulfilling its role as a resource for all parties, domestic and
foreign, to actively pursue the goals of 30-60 that have additional
benefits for enabling economic development goals.”
Atlas Renewable, CEO Eric Fang added: “China understands that
its investment in producing renewable power must be balanced with
the ongoing costs of producing that power and the critical need to
store renewable power. Losing electrical power between production
and consumption represents the fundamental challenge to address:
estimates range from 6-10% national power loss in transmission and
competition to access the grid. Energy Vault solves several
critical issues in electrical power management by utilizing its
gravity storage technology along with its AI software orchestration
solutions that help with economic dispatching of power and power
grid efficiency.”
Atlas Renewable Chairman Neil Bush remarked: “Intermittency is a
key challenge in the transition to renewable energy. China’s
commitment to deploy Energy Vault’s innovative gravity storage
solution and the collaboration between the technical teams in
building the first EVx resilience center is evidence of a global
collaboration that should be modeled in addressing climate
change.”
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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