AEMO Advanced Grid Studies for 500MWh Energy
Vault BESS Solution kicks off in Australia
First BESS award for short duration storage in
the Australian market follows previous announcements earlier this
year of Gravity Energy Storage System (GESS) development on a
multi-GWh basis for long duration energy storage in the region,
demonstrating rapid execution and market adoption of Energy Vault’s
solutions and hardware-agnostic software approach for energy
management systems
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a
leader in sustainable, grid-scale energy storage solutions, today
announced a Notice of Award from Meadow Creek Solar Pty Ltd
("Meadow Creek" or "Meadow") for the deployment of a 250MW/500MWh
battery energy storage system (“BESS”) at the Meadow Creek Solar
Farm in Victoria, Australia. Developed by Meadow Creek, the 330MW
solar farm is located three hours north of Melbourne, Australia,
and provides zero-carbon electricity to approximately 110,000 homes
in the region.
Under this Notice, Energy Vault will immediately begin the
advanced grid studies and modeling with technical advisor DNV, as
required by the Australian Energy Market Operator (AEMO) for
interconnected power systems in Australia's eastern and
south-eastern seaboard.
The Meadow Creek Solar Farm has completed extensive work on
project feasibility, including grid capacity, and is currently
progressing through detailed environmental and technical
assessments to support the development application process. The
BESS, being co-located with solar PV, will provide the resiliency
and flexibility of charge and discharge, essential to shoring up
renewable energy supply across the network as Australia adopts the
Australian Energy Market Operator's Integrated System Plan.
“We are delighted to be selected for this important project in
Australia,” said Lucas Sadler, Vice President of Sales and Business
Development, Asia & Pacific (APAC), Energy Vault. “Over the
past few months, the new Australian Federal Government has sent a
strong mandate to the market to expedite the transition to
renewable energy technologies supported by significant State
Government updates to their clean energy and emissions reduction
targets. The Meadow Creek Solar Farm, Hybrid Solar PV and BESS
Developments goals are well met with the market release of Energy
Vault’s AC and DC block bespoke energy storage solutions for the
Australian market. Importantly, this award builds on the
significant progress Energy Vault has made over the past year as we
bring our transformative energy storage solutions to this important
market.”
"The solutions approach Energy Vault conducted with our team has
been pivotal in our decision to select the Energy Vault energy
storage hardware and software platform,” said Cameron Munro,
Development Manager at Meadow Creek Solar Farm. “Energy Vault’s
high energy density design, the option to work with both Central
Storage Inverters or the new AC Block and the most advanced Energy
Management Software, that enables multiple use cases, optimal
economic dispatching and predictive maintenance, bring flexibility
and further options when working with our financial and technical
partners (DNV and AusNet Services).”
The announcement of the Meadow Creek award follows the
appointment earlier this year of Lucas Sadler to Vice President of
Sales and Business Development, APAC, a 30 year veteran within the
renewable energy, energy management and storage industry with
extensive experience in engineering, procurement, and delivery of
both short duration and long duration energy storage systems. Mr.
Sadler has since been building out the local infrastructures and
customer support team in Australia given the strategic growth
priority within the region.
The Award from Meadow Creek follows earlier announcements of
Gravity Energy Storage Systems (GESS) development on a multi-GWh
basis in Australia with Korea Zinc’s subsidiary, Ark Energy, and a
previously announced MOU with BHP. This further demonstrates the
strategic priority of Australia as a key growth market for Energy
Vault, and the market adoption of Energy Vault’s solutions and
software approach to its customers’ diverse energy storage
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
energy costs while maintaining power reliability. Utilizing
eco-friendly materials with the ability to integrate waste
materials for beneficial reuse, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026005391/en/
Energy Vault Investors energyvaultIR@icrinc.com
Media media@energyvault.com
Australian Enquiries Lucas Sadler Vice President of Sales
and Business Development, APAC lucas.sadler@energyvault.com
Meadow Creek Pty Ltd General:
info@meadowcreeksolarfarm.com.au
Energy Vault (NYSE:NRGV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Energy Vault (NYSE:NRGV)
Historical Stock Chart
From Apr 2023 to Apr 2024