Comprehensive technical due diligence
evaluation of B-VAULT™ provides third-party assessment of
performance, safety and reliability
Report highlights uniqueness of the flexibility
and integration capabilities of B-VAULT to meet a wide range of
grid applications
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced that it has received a comprehensive,
successful due diligence evaluation, commonly referred to in the
industry as a “Bankability Report”, of its UL9540
factory-certified, B-VAULT™ battery energy storage system (BESS)
from DNV, a leading independent assurance and risk management
provider. The report acknowledges that B-VAULT fully conforms to
the industry’s expectations for performance, safety and
reliability.
DNV’s technical review provides both lenders and customers,
evaluating the B-VAULT for their energy storage projects, with a
detailed review of Energy Vault’s B-VAULT BESS solution concluding
it is compliant with typical industry safety standards and
regulations, meets expectations for performance and integration,
and is technically sound. The thorough evaluation encompassed
various aspects of B-VAULT, including suppliers, designs, and
integration capabilities. The evaluation was conducted over six
months and included a visit by DNV personnel to the B-VAULT
production factory.
Highlights from DNV’s independent technical due diligence
report include:
Integration and Flexibility
DNV recognized that the scope and flexible installation capacity
of Energy Vault’s B-VAULT solution can address the site-specific
requirements of a wide range of customers. The report highlights
Energy Vault’s process of delivering turn-key systems that are
factory built, tested, and shipped to a project site ready for
simple and economical installation process and commissioning.
Energy Vault’s B-VAULT solution is designed to meet a wide range of
diverse customer needs and has the capability to incorporate
battery cells with multiple different chemistries, various cell
capacities, and from multiple suppliers. Energy Vault is proud to
note that DNV recognized the uniqueness of B-VAULT’s DC (external
inverter) and AC (inside of the enclosure modular-inverter)
offerings within the industry.
Thermal Management
DNV acknowledges the strengths of B-VAULT’s thermal management
system, which combines liquid-cooling and air-cooling for
components within the enclosure. The combination of liquid-cooling
for battery racks and air-conditioning for general enclosure
temperature control and dehumidification ensures optimal system
performance.
Safety
DNV's thorough evaluation recognized Energy Vault for including
protection systems for fire and other hazards into the B-VAULT
solution that comply with regulatory standards and are aligned with
industry best practices. B-VAULT fire and emergency protection
systems, which include fire and smoke detection, gas sensors, and
ventilation, are designed to manage the system in a timely manner
in order to reduce the risk of fire or explosion by eliminating
single point of failure.
“Our objective at Energy Vault is to provide customers with a
comprehensive portfolio of energy storage solutions that are safe,
reliable and cost-effective, and DNV’s independent and thorough due
diligence assessment means that customers and lenders can
confidently rely upon Energy Vault’s battery energy storage systems
to meet their specific grid storage needs,” said Marco Terruzzin,
Chief Commercial and Product Officer, Energy Vault. “This
assessment not only serves as a key validation of the excellence of
Energy Vault’s BESS solutions, but affirms the company’s role as
the leading energy storage solutions provider enabling the
transition to a renewable world.”
“Reliability, safety, and performance are of the highest
priority for Energy Vault when designing energy storage solutions
that are tailored to site-specific requirements,” said Akshay
Ladwa, Chief Engineering Officer of Energy Vault Solutions. “DNV’s
Bankability Report provides the critical diligence that customers
and lenders need when considering energy storage solutions, and
we’re proud that this report confirms that Energy Vault’s battery
energy storage solutions can be depended upon.”
Engineered to meet short duration energy storage needs, B-VAULT
is a suite of fully integrated BESS designed for reliability,
flexibility and availability. Innovative enclosure 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. Advanced
safety and cybersecurity features combine with native energy
management system (VaultOS™) integration and competitive project
pricing to deliver on customer needs. Energy Vault has B-VAULT
systems contracted/under construction across the United States,
Europe and Australia.
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;
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 June 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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