Energy Vault initiates work on 100 MWh energy storage project in China

Energy Vault Holdings, Incorporated (Energy Vault), a grid-scale energy storage solutions provider, has started the deployment of 100 MWh EVx™ gravity-based energy storage system in China.

The system is being built adjacent to a wind farm and national grid site in Rudong, Jiangsu Province located outside Shanghai to augment and balance China’s national energy grid through the delivery of renewable energy to the State Grid Corporation of China (SGCC). Energy Vault and Atlas Renewable Energy, Florida-based renewable energy company, have signed a USD50 million licensing agreement (which is scheduled to be completed by end-2022) for the use of the former’s gravity-based energy storage technology, and its agnostic energy management and asset optimisation software suite in the Chinese power market. The agreement also includes terms governing volume-based deployment royalties, and covers maintenance, monitoring and the beneficial re-use of waste materials within Energy Vault’s composite blocks.

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