Energy Vault, 2 Others Construct Gravity-Based Energy Storage in China

• The 100 MWh EVx system is being developed beside a wind farm as well as nationwide grid site in Rudong situated outside of Shanghai.
• Energy Vault and Atlas Renewable signed a $50 million licensing contract for making use of Energy Vault's proprietary gravity-based energy storage space technology.

Energy Vault Holdings announced the groundbreaking for the initial EVx implementation for gravity based energy storage system in China. The 100 MWh EVx system is being built adjacent to a wind farm and nationwide grid site in Rudong situated beyond Shanghai to augment and also balance China's national energy grid with the distribution of renewable resource to the grid which is the globe's largest utility as well as supplies power to greater than 1.1 billion Chinese citizens.

Energy Vault had a previous contract for renewable energy storage space in partnership with Atlas Renewable and also China Tianying that handle zero-carbon clean energy innovations.

The project is the initial utility range gravity-based storage space deployment between an U.S. and also Chinese firm and was approved by the regional city government and also provincial federal government with support from the Chinese government as there is a policy for Carbon Peak in 2030 and Carbon Neutrality in 2060.

Energy Vault and also Atlas Renewable authorized a $50 million licensing agreement for the use of Energy Vault's exclusive gravity-based energy storage space technology and also its technology agnostic energy management as well as asset optimization software suite in the Chinese power market.

The agreement likewise consists of terms regulating volume-based deployment nobilities and covers upkeep, monitoring as well as the helpful reuse of waste products within Energy Vault's composite blocks. The payment of the $50 million licensing fee is scheduled to be finished in 2022.

Energy Vault's partnership with Atlas Renewable as well as China Tianying, and the deployment of EVx, are directly lined up with the U.S.-China Joint Glasgow Declaration on Enhancing Climate Action.

" Our initial commercial EVx release in China is a considerable turning point for Energy Vault and also for the People's Republic of China as it pursues its decarbonization goals," said Robert Piconi, Chairman, Founder and also CEO, Energy Vault.

Piconi added, "China is quickly increasing its use of renewable energy coupled with annual energy storage mandates in order to fulfill its decarbonization goals. We are very pleased that EVx as well as our Energy Management Software Platform have actually currently gotten local regulative recommendation as well as is being released currently as an essential making it possible for innovation to support China's energy change as well as carbon neutrality goals."

Eric Fang, Chief Executive Officer, Atlas Renewable, informed, "The world's two biggest economies have joined forces to meaningfully deal with climate modification with advancement, cutting-edge innovation that will certainly play an essential role in making it possible for China's clean energy change as well as 30-60 policy. This project clearly shows the seriousness with which China takes its COP26 commitments and will certainly function as a version for international decarbonization."

CNTY Chairman Yan stated, "The achievement of the Rudong project, will be historically significant, as a path forward, enabled by both Chinese and American exclusive organization collaborating cooperatively and effectively, for a common climate goal: non carbon based energy storage space that completely completes the energy production and also use cycle of renewable electric power created from non-carbon sources."

Energy Vault notified that its gravity-based remedies are based upon the well-understood physics and also mechanical design basics of pumped hydroelectric energy storage space, yet change water with tailor-made composite blocks that can be made from low-cost as well as in your area sourced materials, consisting of regional soil, mine tailings, coal burning residuals (coal ash), and also end-of-life decommissioned wind turbine blades.

The gravity based energy storage space systems are developed to aid utilities, independent power producers and also huge commercial energy individuals significantly lower their levelized cost of energy while maintaining power integrity.