Energy Vault signs agreement for deployment of energy storage system in China

Energy Vault, a Swiss-based global energy storage company, has signed a license and royalty agreement with Atlas Renewable and its majority investor China Tianying, to deploy, operate and maintain its gravity energy storage technology and energy management software platform within Mainland China, Hong Kong, and Macau.

The parties expect to begin construction of the first 100MWh energy storage system in the second quarter of 2022 in Rudong, Jiangsu Province, outside Shanghai, China. Energy Vault’s energy management system will also be integrated with its storage system. Waste materials like excavated soil from customer construction sites, mine tailings, and coal combustion residuals (coal ash) and fibreglass are used to make Energy Vault’s long-term energy storage systems.

 

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