After achieving mechanical completion of the
critical power electronic components, commissioning of the newly
constructed EVx started in June as planned, and is expected to be
fully interconnected to the local state utility grid in the fourth
quarter of this year
The system will be the world’s first
commercial, grid-scale gravity energy storage system that offers a
more economical, scalable and sustainable alternative to existing
pumped hydroelectric plants that currently represent ~90% of all
energy storage capacity globally
Constructed just outside of Shanghai adjacent
to a wind turbine farm, the 25 MW EVx system will be one of the
largest long duration energy storage systems in the world
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced, along with its partners Atlas Renewable
and China Tianying (CNTY), that the world’s first grid-scale EVx™
gravity energy storage system (GESS) has entered the first phases
of commissioning.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230801653396/en/
Energy Vault Announces Commencement of
Commissioning of World’s First EVx™ Gravity Energy Storage System
(Photo: Business Wire)
Located outside of Shanghai in Rudong, Jiangsu Province, China,
the 25 MW/100 MWh EVx GESS is built adjacent to a wind farm and a
national grid interconnection site to augment and balance China’s
national energy grid through the storage and delivery of renewable
energy. Commissioning began in June on the power electronics and
new ultra-efficient “ribbon” lifting systems. The system is
expected to be fully grid interconnected in Q4 as planned with
local state grid authorities, making EVx the world’s first
commercial, utility scale non-pumped hydro gravity energy storage
system. Building on the excellent round trip efficiency (RTE)
results (above 75%) of the first 5 MW EV1 Tower that was grid
interconnected in Switzerland in mid-2020, the new EVx system with
its efficiency chain design enhancements is expected to have RTE
above 80%, placing the new gravity system as a leader in energy
storage efficiency versus all other forms of mechanical,
thermodynamic processes, compressed air or flow battery
systems.
“Happy to share our continued progress and a critical milestone
achieved with our partners Atlas Renewable and China Tianying
related to commencement of commissioning activities of the world’s
first EVx gravity energy storage system,” said Robert Piconi,
Chairman and Chief Executive Officer of Energy Vault. “The team’s
pace and quality of development since the start of construction in
March 2022 has been extraordinary, especially when considering the
backdrop of two COVID related work stoppages in the first year of
construction alone. While this represents a significant milestone,
our work in China is just beginning given recent local
announcements of multi-GW hours of gravity energy storage
buildouts, including projects announced in 2022 supporting China’s
“Zero-carbon parks” initiative with Energy Vault’s gravity energy
storage technology. Look forward to sharing more on this first EVx
deployment and our planned future gravity technology deployments
globally as we see increasing demand for longer duration energy
storage.”
Eric Fang, Chief Executive Officer, Atlas Renewable, stated:
“This milestone could not have been achieved without the
unprecedented collaboration between the collective teams in the
U.S. and China, as the world’s two largest economies have joined
forces to meaningfully address climate change. Energy Vault’s
breakthrough, innovative technology is on the cusp of playing a
critical role in supporting China’s clean energy transition and
30-60 decarbonization policy. We remain focused on an efficient
system commissioning process in order to begin storing and
dispatching renewable energy to China’s national grid in full
alignment with local and state grid authorities. This first
deployment of Energy Vault’s EVx technology will serve as a model
for global decarbonization technology partnerships, and as we have
previously announced, are already working on multi-GWh deployments
of Energy Vault’s gravity technology in China to support and
ideally accelerate China’s current 30-60 net carbon neutral
plans.”
Highlighting the market adoption of Energy Vault’s gravity
technology, China Tianying's subsidiary, Jiangsu Nengying New
Energy Technology Development Co., Ltd., announced last week that
it has entered into an agreement with the People's Government of
Huailai County to build an additional 100 MWh gravity energy
storage project in Huailai County, Hebei Province, China. The
project, to be located in Cunrui Town, will provide stable and
eco-friendly green electricity to data centers in the region. This
expansion highlights the strong demand and value proposition for
Energy Vault’s gravity energy storage technology, the execution of
the local construction and business development teams, and the
impact that Energy Vault’s gravity energy storage technology can
have in the very near term in reducing carbon emissions across the
globe. Energy Vault will provide more details on this expansion
during the Company’s second quarter 2023 earnings conference call
scheduled for August 8, 2023.
Additionally, on July 26, the National Energy Administration of
China released a comprehensive roster of significant technical
equipment projects scheduled for 2023 within the energy sector.
Notably, Energy Vault's EVx gravity energy storage solution
received prominent recognition in this announcement. The document
highlights the substantial surge in demand for renewable energy
sources and emphasizes the indispensable role of gravity energy
storage in the crucial mission of global decarbonization.
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
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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
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conditions, expected future developments and other factors we
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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
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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
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and reputation; developments and projections relating to our
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impact of health epidemics on our business and the actions we may
take in response thereto; our expectations regarding our ability to
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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;
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, 2022, 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
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the impact of all factors on our business or the extent to which
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and is expressly qualified in its entirety by the cautionary
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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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