TIME’s list of 200 groundbreaking inventions
highlights innovations that are changing how we live, work, play,
and think about what’s possible
EVx gravity energy storage system technology,
developed for large-scale storage projects, combines time-tested
energy storage principles, modern hardware and software
engineering, and cutting-edge materials science to deliver
long-duration storage with no performance degradation
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, is honored to announce the selection of its EVx gravity
energy storage system (GESS) technology to TIME’s Best Inventions
of 2024 list, in the “Green Energy” category. This recognition
highlights growing awareness of the need for reliable,
cost-effective and sustainable energy storage solutions to meet
global decarbonization goals, as well as the significant potential
of gravity energy storage technology to play a key role in
advancing the world’s transition to clean, renewable energy.
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Energy Vault EVx™ Gravity Energy Storage
Technology Named a TIME Best Invention of 2024 (Graphic: Business
Wire)
“Energy Vault was founded with a vision to enable a sustainably
energized world through the development of energy storage solutions
that help utilities, independent power producers and large
industrial energy users reduce the cost of abundant clean energy
while maintaining power reliability,” said Robert Piconi, Chairman
and Chief Executive Officer of Energy Vault. “The selection of EVx
to be a part of TIME’s Best Inventions of 2024 list is testament
not only to the immense potential this technology holds, but also
to the dedication and commitment of the Energy Vault team to pursue
our mission.”
Energy Vault’s EVx GESS systems are based on the proven physics
and mechanical engineering fundamentals of pumped hydro, which
currently accounts for about 90% of the world's energy storage
capacity, but replace water with custom-made,
environmentally-friendly composite blocks which do not lose storage
capacity or degrade over time. The blocks can be made from low-cost
and locally sourced materials, including the excavated soil at
customer construction sites. Importantly, waste materials that
traditionally must be remediated at considerable cost, such as mine
tailings, coal combustion residuals (coal ash), and fiberglass from
decommissioned wind turbine blades, can also be used to make the
blocks, creating a circular economy that is both more economical
and sustainable.
EVx decouples power and energy while maintaining a high
round-trip efficiency exceeding 80%, without the need for specific
topography. The result is a flexible, low-cost, 35-year (or more)
infrastructure asset with a long technical life, zero degradation
in storage medium, and modular architecture that can scale to
multi-GW-hour storage capacity, enabling utilities, independent
power producers and large industrial energy users to significantly
reduce their levelized cost of energy while maintaining power
reliability. The systems are automated leveraging Energy Vault’s
proprietary advanced computer control and machine vision software
that orchestrate the charging and discharging cycles while meeting
a broad set of storage durations starting from 2 hours and
continuing to 12 hours, or more.
The EVx platform is prominent member of Energy Vault’s G-VAULT™
suite of long duration gravity energy storage solutions, which also
include EVu™, EVc™, EVy™, and EV0™.
Energy Vault’s EVx GESS technology, currently being commissioned
in Rudong, China, will be the world’s first grid-scale gravity
energy storage system when fully operational. To date, nine EVx
deployments are underway across China via a licensing agreement
with China Tianying (CNTY) and Atlas Renewable, totaling more than
3.7 GWh.
Earlier this year, Energy Vault announced its expansion into
Southern Africa with an agreement that includes multi-year license
revenues and additional royalty revenue streams tied to gravity
energy storage project deployments in South Africa and the broader
16 member-state Southern African Development Community (SADC)
region.
Energy Vault also previously announced a global exclusive
partnership with world-renowned architecture and engineering firm
Skidmore, Owings & Merrill (SOM), to incorporate gravity energy
storage technology into tall buildings in urban environments and
deployable structures in natural environments, to maximize
sustainability, accelerate carbon payback and lower the levelized
cost of energy consumption.
To compile the TIME Best Inventions of 2024 list, nominations
were solicited from TIME’s editors and correspondents, and through
an online application process, paying special attention to growing
fields—such as AI, green energy, and sustainability. Each contender
was then evaluated on a number of key factors, including
originality, efficacy, ambition, and impact.
See the full list here: time.com/best-inventions-2024
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.
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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Energy Vault
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Energy Vault (NYSE:NRGV)
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