BESS $350 million + agreement to provide
flexible, grid-scale energy storage, advancing renewable energy
generation and enhancing the stability of the New South Wales power
grid
Energy Vault continues its expansion in the
Australian market and executing on its global growth plans as
outlined in its May 2024 Investor and Analyst Day meetings
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, announced today that it has signed an agreement with
Enervest Group (“Enervest”) for the deployment of a 1,000 MWh
battery energy storage system (BESS) at the Stoney Creek site in
New South Wales, Australia. As part of the agreement, the companies
are now finalizing the development and grid application approvals
to bring the project to full FID.
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Energy Vault and Enervest Announce
Agreement for 1.0 GWh Energy Storage Project for the Stoney Creek
Battery Energy Storage System in New South Wales, Australia
(Graphic: Business Wire)
The Stoney Creek BESS marks a significant step forward in
Enervest's strategy to enhance grid reliability and support the
state’s growing renewable energy capacity. The Stoney Creek system
will provide flexible, grid-scale energy storage, improving the
efficiency of renewable energy generation while enhancing the
stability and reducing the carbon intensity of the New South Wales
power grid.
Energy Vault will serve as the turn-key engineering,
procurement, construction and commissioning partner and system
integrator for the project, and will also provide long term
services, software and maintenance support over the life of the
project The BESS system will be built with Energy Vault’s
proprietary X-Vault integration platform using Energy Vault’s
proprietary UL9540 and AS3000 certified B-VAULT™ product, and
Vault-OS Energy Management System to control, manage and optimize
the BESS operations. Energy Vault’s innovative system architecture
provides customer optionality with both battery and inverter
suppliers, while unique AC-coupled and DC-coupled configurations
provide the drop-in flexibility needed for any project.
“Energy Vault’s leading integrated hardware and software
solution coupled with their deep technology and system design
expertise makes Energy Vault an ideal partner for the Stony Creek
BESS,” said Ross Warby, Chief Executive Officer of Enervest. “We
value strong partnerships such as the one we have with Energy Vault
and consider such collaborations as cornerstone to accelerated,
quality project development. We look forward to consolidating
further partnerships with other key stakeholders including the
Narrabri local and indigenous community, and the successful
delivery of the project.”
“We continue to expand and convert on our growing, multi-GWh
funnel of energy storage projects in Australia and look forward to
building the partnership with Ross and his team at Enervest,” said
Robert Piconi, Chairman of the Board and Chief Executive Officer of
Energy Vault. “With Enervest, we share a focus on large scale and
financially attractive projects to enhance grid resiliency, and the
Stoney Creek project is another example of executing to the growth
plans that we have outlined for 2025 and beyond.”
Today’s announcement demonstrates the continued expansion of
Energy Vault’s growing footprint in the Australian market, which
follows recently announced projects already under execution in New
South Wales for 400MWh which will be delivered in 2025,
highlighting Energy Vault’s B-VAULT portfolio which consists of
more than 2GWh in total projects either deployed or currently in
development.
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 G-Vault™ 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.
About Enervest Group
Enervest is an Australian-owned and operated energy developer
with capability in the origination, development, design,
construction and operation of utility and diversified energy
generation and storage assets.
With over 15 years of industry experience, a proven track record
for delivering complex projects, Enervest is focused on leading
Australia’s energy transition. Our objective is to seize control of
the opportunity to create a better energy grid by delivering
impactful and positive energy and investment outcomes.
Our commitment is to develop projects which bring value for
communities, benefit local infrastructure and engaging with
stakeholders, local and first nations, to collaborate in a shared
value model benefiting both local infrastructure and community.
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 awards, 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 Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 12, 2024, 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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