AUSTIN,
Texas and LUGANO, Switzerland and WESTLAKE VILLAGE, Calif., Sept. 28,
2022 /PRNewswire/ -- Jupiter Power
LLC ("Jupiter Power" or
"Jupiter"), the leading United
States developer and operator of utility-scale, battery
energy storage systems ("BESS"), today announced the execution of
an agreement with Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy
Vault"), a leader in sustainable, grid-scale energy storage
solutions. Under this agreement, Jupiter
Power and Energy Vault will expeditiously collaborate to
secure 2.4 GWh of supply chain equipment and services that will be
integrated and delivered through Energy Vault's hardware and
software management platform in Jupiter
Power's battery energy storage projects.
Jupiter Power and Energy Vault
are committed to supporting U.S. based manufacturing for use in
Jupiter's BESS projects across the United
States electric markets including ERCOT, MISO, CAISO, PJM,
NYISO, and ISO-NE. The projects are expected to reach commercial
operations in 2024 and 2025.
Under the agreement, Energy Vault will focus on maximizing U.S.
localization and deployment of energy storage equipment that will
qualify for the recently enacted Inflation Reduction Act's Domestic
Content Bonus Credit. As part of the joint effort, Jupiter Power will collaborate in siting the new
domestic manufacturing facilities, where possible, by utilizing
assets secured for future Jupiter
Power projects across the country, including the siting of
such facilities in "Energy Communities" locations prioritized for
investment by the Inflation Reduction Act, such as brownfield coal
sites and economically disadvantaged areas.
"Due to our team's hard work developing new energy storage
projects from California to
Maine over the last several years,
Jupiter is uniquely positioned to lead now in making the Inflation
Reduction Act's vision of large-scale domestic battery systems
manufacturing jobs a reality," said Andy
Bowman, Jupiter Power's CEO.
"We are very pleased to be expanding our relationship with Energy
Vault to grow our supply of the equipment the grid critically needs
today while also supporting sustainable battery equipment
manufacturing here at home."
"We are excited to continue our strategic relationship with
Jupiter Power, which enables us to
leverage our technology platform while maximizing U.S. content for
near-term deployments in critical energy storage projects," said
Marco Terruzzin, Chief Commercial Officer, Energy Vault. "Energy
Vault is laser focused on its customers' needs with a commitment to
continuous innovation, allowing this agreement to serve as a
gateway for realizing the intent of the Inflation Reduction Act in
rapidly bringing energy storage localization to the U.S."
The letter of intent agreement follows previously announced
agreements between Jupiter
Power and Energy Vault for BESS projects in Texas and California totaling 220 MWh, under which
Energy Vault will supply a 100 MW (200 MWh) battery energy storage
system at a Jupiter Power Facility near Fort Stockton, Texas, and additionally
construct and commission a 10 MW (20 MWh) battery energy storage
system for Jupiter Power in
Carpinteria, California.
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 650 MWh portfolio of operating
utility-scale battery energy storage projects, 340 MWh of new
projects currently in or near construction and a pipeline of over
11,000 MW of new projects in active development. For more
information on Jupiter Power, please
visit our Twitter, LinkedIn, or Facebook pages or visit
www.jupiterpower.io
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
The information in
this press release may contain statements that are not historical
facts but are "forward-looking statements'" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and within
the meaning of "safe harbor" provisions under the United States
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of present or historical facts included in
this press release, including statements that involve risks,
uncertainties, and assumptions and including statements regarding
Energy Vault's future expansion, deployments and capabilities, are
forward forward-looking statements. When used in this press
release, the words "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Energy Vault cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Energy Vault. In addition, Energy Vault cautions you
that the forward-looking statements contained in this press release
are subject to the following factors: risks related to the
deployment of Energy Vault's energy management software and the
other 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 non-binding nature of
the letter of intent, including with respect to whether the
transactions contemplated by the LOI will be consummated the fact
that 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. Should one or more of the risks or
uncertainties described in this press release, or should underlying
assumptions, prove incorrect, actual results and plans could differ
materially from those expressed in any forward-looking statements.
Additionally, you should carefully consider the risks and
uncertainties described 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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SOURCE Jupiter Power