Energy Vault declares 100MWh gravity storage space project in China will begin building and construction in Q2

Feb 4, 2022 12:21 PM ET
  • A 100MWh gravity-based energy storage system established by Energy Vault is expected to begin building and construction in China in the second quarter of this year, the Swiss-American startup has actually claimed.
Energy Vault declares 100MWh gravity storage space project in China will begin building and construction in Q2
Image: Energy Vault

Energy Vault has just received a US$ 50 million financial investment commitment in addition to a US$ 50 million licensing arrangement for its innovation-- which includes mechanically lifting and also lowering large weights to launch potential energy-- from Atlas Renewable, a company majority-owned by Chinese ecological services strong China Tianying Inc (CNTY).

Under the regards to the US$ 50 million certificate and nobility agreement, Atlas Renewable and CNTY will certainly want to release Energy Vault's exclusive modern technology across landmass China, Hong Kong and Macau.

A website has currently been chosen in Rudong, Jiangsu Province, with construction anticipated to start in the following couple of months on a 100MWh project. Power result in megawatts was not disclosed.

CNTY as a waste products handling and recycling company will certainly examine just how waste products could be used to form the large blocks functioning as weights in the Energy Vault systems.

The announcement made today by the gravity storage company comes as it targets a New York Stock Exchange listing (NYSE) via a special objective purchase company (SPAC) merger. Investors of the SPAC, Novus Capital Corporation II, will certainly vote on the purchase on 10 February.

In October last year a Form S-4 submitted by Novus Capital Corporation II disclosed that Energy Vault-- which to date has actually just developed one system, a 5MW demo project in Switzerland-- had not yet refined its large-scale energy storage system platform innovation, called EVx, neither had it shut any sales.

That has not up until now prevented the company from protecting multi-million dollar investment dedications, with the most recent being a US$ 50 million commitment into the SPAC purchase from Korea Zinc. The startup has additionally released a software application services division, called Energy Vault Solutions and headed by previous Greensmith Energy CEO John Jung.

Energy Vault stated the SPAC merger and listing will value the startup at US$ 1.1 billion.

Atlas Renewable's fresh US$ 50 million financial investment commitment is an uplift from a US$ 150 million dedication already made by the company to Energy Vault-Novus' private investment in public equity (PIPE).

Energy Vault has asserted the benefits of its innovation consist of scalability as well as the use of affordable products. Some resources have actually nonetheless articulated scepticism of its reliance on moving components which can require heavy upkeep, in addition to uncertainties over the ability of the systems to effectively keep as well as launch large quantities of energy as needed as needed.

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