LUGANO, Switzerland & WESTLAKE VILLAGE, CA & NEW DELHI–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), a leader in sustainable grid-scale energy storage solutions, today announced the signing of a a Memorandum of Understanding (MOU) with NTPC Limited (NSE India: NTPC, BSE: 532555), the largest power generation utility in India.
The purpose of the MOU is to collaborate and formalize a long-term strategic partnership for the deployment of Energy Vault’s EVx™ gravity energy storage technology and software solutions based on the results of a joint feasibility study. The technology also offers beneficial use of coal ash for the manufacture of composite blocks for Energy Vault’s gravity energy storage system.
“We are delighted to partner with NTPC and support India’s largest power utility in its transition to clean energy,” said Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault. “Energy Vault’s mission is to make sustainable, carbon-free energy a reality and this announcement marks another step towards that goal with expansion into one of the world’s largest energy markets. Our collaboration with NTPC builds on previously announced business expansions across multiple continents as we transitioned to a public company earlier this year.
Gurdeep Singh, President and CEO of NTPC, said, “As a large integrated power producer, having a diversified clean energy portfolio is essential for NTPC to decarbonize India’s economy. We have upgraded our renewable capacity addition targets to spearhead India’s energy transition goals and are focusing on solar, wind, RTC and hybrid projects to meet the targets. The collaboration with Energy Vault will help NTPC pursue its energy transition goals through a sustainable approach using coal ash for the manufacture of composite blocks. As a result, this collaboration will also promote a circular economy.
About the Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The company’s proprietary energy management system and optimization software suite are technology agnostic in their ability to orchestrate various energy generation and storage resources to help utilities, power producers independent and large industrial energy users to significantly reduce their levelized cost of energy while maintaining the quality of electricity and the network. reliability. Energy Vault’s EVx™ Gravity Energy Storage System uses environmentally friendly materials with the ability to integrate waste for beneficial reuse. Energy Vault is facilitating the transition to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit: www.energyvault.com
NTPC, a publicly traded company in India, has a significant presence across the entire power generation value chain and is the largest power generation utility in India. NTPC’s total installed capacity is 68.96 GW with plans for a total installed capacity of 130 GW by 2032, which would include 60 GW of renewable energy capacity. By 2032, non-fossil fuel generation capacity is expected to match or exceed NTPC’s thermal capacity. Additionally, NTPC is exploring opportunities in green energy solutions, including energy storage, electric mobility, biomass co-combustion, and reduction of SOx and NOx from fossil fuel power plants. The NTPC is also exploring green hydrogen, waste-to-energy and carbon capture and utilization (CCU) technologies and field demonstration projects in these areas are also at an advanced stage.
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospects”, “designed” and similar expressions which predict or indicate future events or trends or which are not statements of historical matters These forward-looking statements include, but are not limited to, expectations and timing related to the deployment of Energy Vault’s business and timing of deployments, including with respect to the project announced in this press release.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many real events and circumstances are beyond the control of Energy Vault.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, commercial, financial, political and legal conditions; risks relating to the deployment of Energy Vault’s activities and the timing of expected commercial milestones, including the project announced in this press release; risks related to the joint feasibility study; risks related to the inability or unwillingness of Energy Vault customers to perform sales contracts; risks relating to the performance and availability of the Energy Vault EVS; demand for renewable energy; Energy Vault’s ability to market and sell its solution; ability to negotiate definitive contractual agreements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unexpected costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related cost increases; and the effects of competition on Energy Vault’s future business; and the factors identified under “Risk Factors” in the current report on Form 8-K filed by Energy Vault on February 14, 2022, as amended on March 31, 2022. and other Energy Vault documents filed or at file, with the SEC.