Hybrid Green Hydrogen plus Battery energy
storage system will be capable of powering approximately 2,000
electric customers within PG&E’s Calistoga microgrid for up to
48 hours (293 MWh of carbon-free energy)
Project supported by a 10.5-year tolling
agreement; Commercial operation expected by the end of Q2 2024,
solidifying Energy Vault’s global leadership role in green hydrogen
and gravity-based technologies for long duration energy storage
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the
“Company”), a leader in sustainable grid-scale energy storage
solutions, today announced construction start of its previously
announced deployment of a utility-scale green hydrogen plus battery
ultra-long duration energy storage system (BH-ESS) with 293
megawatt-hours (MWh) of dispatchable carbon-free energy.
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the full release here:
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Rendering of the Calistoga Resiliency
Center, a first-of-a-kind hybrid energy storage system coupling
lithium-ion batteries with hydrogen fuel cells. (Photo: Business
Wire)
Construction of the BH-ESS, which is being developed for Pacific
Gas and Electric Company (PG&E) on less than one acre of land
in the Northern California City of Calistoga, is expected to be
completed by the end of Q2 2024. Upon completion, the BH-ESS,
dubbed the Calistoga Resiliency Center, will be the
first-of-its-kind and the largest utility-scale green hydrogen
energy storage project in the United States. The battery portion of
the system will be used to support grid forming and black start
capabilities. The system will be prepared to power downtown
Calistoga and the surrounding area for up to 48 hours during
potential Public Safety Power Shutoffs (PSPS), which occur when the
powerlines serving the surrounding area must be turned off for
safety due to high wildfire risk. PG&E’s proposal for the
system was approved by the California Public Utilities Commission
(CPUP) in April 2023.
Energy Vault’s BH-ESS will replace the traditional mobile diesel
generators currently used to energize PG&E’s Calistoga
microgrid during PSPS events in the area. The project represents a
major advance in community-scale microgrid development and a
significant step toward realizing the CPUC’s vision of cleaner
forms of microgrid generation.
“The timely start of construction is an important milestone in
our partnership with PG&E to deliver this first of its kind
microgrid solution. We greatly look forward to not only its
delivery but most importantly to the sustainability benefits it
will bring to the Calistoga community,” said Marco Terruzzin, Chief
Commercial and Product Officer, Energy Vault. “Our partnership with
California’s largest public utility is yet another example of the
growing recognition that optimizing grid resiliency and economics
toward achieving decarbonization goals requires innovation that
leverages multiple technologies and a ‘fit-for-purpose’
customer-centric approach when designing energy storage solutions.
The City of Calistoga and PG&E have been excellent partners for
Energy Vault, and we are excited to bring this innovative project
online in the coming months.”
“Deploying cost-effective, next-generation energy supply and
long-term storage technologies is essential to ensuring grid
reliability and to achieving PG&E’s goal of a net zero energy
system by 2040,” said Mike Delaney, Vice President, Utility
Partnerships and Innovation. “PG&E is developing a portfolio of
promising new forms of electricity generation and storage
technologies, and identifying the right applications that will
support the further proliferation of these technologies at the
lowest capital cost and highest-impact locations.”
The energy storage system will be owned, operated and maintained
by Energy Vault while providing dispatchable power under a
long-term tolling agreement with PG&E. The Company will
leverage its VaultOS™ Energy Management System to control, manage
and optimize the BH-ESS operations. The system has been developed
under the umbrella of Energy Vault’s H-VAULT™ suite of hybrid
configurations leveraging green hydrogen and batteries, to ensure
continuity and resilience during PSPS events. By coupling the
ultra-long duration capabilities of fuel cells using green
hydrogen, and the fast response capabilities of B-VAULT™️
lithium-ion batteries, H-VAULT™ provides the clean, reliable,
cost-effective back-up power that is critical to enable islanded
microgrids during transmission outages.
Under the 10.5-year agreement, Energy Vault will provide
“Distributed Generation-Enabled Microgrid Services” – a type of
energy service that involves using grid-forming generation and
storage resources, to provide energy, fault current contribution
and to regulate voltage and frequency within the utility’s
established parameters to enable the islanding of the Calistoga
microgrid during PSPS outages. The solution is designed to operate
during PSPS events, serving all the load within a safe-to-energize
area in the City of Calistoga, including critical facilities such
as fire and police stations, and shared services in the downtown
and surrounding area.
About Energy Vault Energy Vault® develops and deploys
utility-scale energy storage solutions designed to transform the
world's approach to sustainable energy storage. The Company's
comprehensive offerings include proprietary gravity-based storage,
battery storage, and green hydrogen energy storage technologies.
Each storage solution is supported by the Company’s hardware
technology-agnostic energy management system software and
integration platform. Unique to the industry, Energy Vault’s
innovative technology portfolio delivers customized
short-and-long-duration energy storage solutions to help utilities,
independent power producers, and large industrial energy users
significantly reduce levelized energy costs while maintaining power
reliability. Utilizing eco-friendly materials with the ability to
integrate waste materials for beneficial reuse, Energy Vault’s EVx™
gravity-based energy storage technology is facilitating the shift
to a circular economy while accelerating the global clean energy
transition for its customers. Please visit www.energyvault.com for
more information.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our bookings and backlogs
equating to future revenue; the lack of assurance that non-binding
letters of intent and other indication of interest can result in
binding orders or sales; the possibility of our products to be or
alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, and
in our Annual Report on Form 10-K for the year ended December 31,
2022, as such factors may be updated from time to time in its other
filings with the SEC, accessible on the SEC’s website at
www.sec.gov. New risks emerge from time to time and it is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. Any forward-looking statement made by us in
this press release speaks only as of the date of this press release
and is expressly qualified in its entirety by the cautionary
statements included in this press release. We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable laws. You should not place undue reliance on our
forward-looking statements.
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