NTPC, Energy Vault sign MoU for gravity-based energy storage tech
- The objective of the MoU is to collaborate and formalize a long-term strategic partnership for the release of Energy Vault's EVx ™ gravity-based energy storage technology and software solutions based upon the outcome of a joint feasibility study.
NTPC Limited, the biggest power creating utility in India, has actually revealed that it has actually authorized a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc
The objective of the MoU is to collaborate and formalize a long-term strategic partnership for the release of Energy Vault's EVx ™ gravity-based energy storage innovation and software solutions based on the outcome of a joint usefulness study.
The modern technology additionally supplies beneficial use of coal ash for production of composite blocks for Energy Vault's gravity based energy storage space system.
Gurdeep Singh, Chairman and Managing Director of NTPC stated, "As a large, integrated power producer, it is critical for NTPC to have a varied clean energy portfolio to decarbonize India's economy. We have actually improved our renewable capacity enhancement targets to spearhead India's energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to accomplish the targets."
"The collaboration with Energy Vault will help NTPC in enhancing its energy transition goals via a sustainable method using coal ash for production of composite blocks. As necessary, this collaboration will certainly additionally advertise a circular economic situation," he added.
"We are delighted to partner with NTPC and assistance India's largest power utility in its clean energy transition," said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault.
"Energy Vault's objective is to make sustainable, carbon complimentary energy a truth and this news notes additional improvement towards that goal with the development into one of the biggest international markets for energy. Our collaboration with NTPC builds on previously revealed commercial expansions across multiple continents as we transitioned to a public firm previously this year," he added.