Gravity-based energy storage company Energy Vault has been issued a mandate for an initial 2GWh of its proprietary solution at net-zero industrial parks in China.
The first site has been confirmed for a 2GWh Energy Resiliency Center, its long duration energy storage solution (pictured), at an industrial development in Inner Mongolia.
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The industrial parks are being developed by EIPC, part of state organisation Investment Association of China, selected provincial and local governments, and Atlas Renewables. Atlas Renewables is majority-owned by environmental management services company China Tianying and signed a US$50 million licensing agreement for Energy Vault’s technology back in February this year.
The parks will use Energy Vault’s gravity energy storage technology and its Energy Management Software (EMS) platform to support the country’s ’30-60′ climate change policy: to reach Carbon Peak in 2030 and Carbon Neutrality in 2060.
Although precise use cases of the company’s energy storage system were not spelt out in a press release, Atlas Renewables’ CEO Eric Fang said it would “help with economic dispatching of power and power grid efficiency.”
Energy Vault has been expanding its activities in deploying lithium-ion based battery energy storage systems with roughly 1GWh under development or in the pipeline for Wellhead Electric and W Power and Jupiter Power in the US. That division is headed by John Jung, former CEO of battery storage and EMS pioneer Greensmith Energy until its acquisition by Wärtsilä in 2017.
The company started construction in the second quarter of this year on its first large-scale deployment of the gravity-based solution in China, a 100MWh system with the local partners, as reported by Energy-Storage.news.
While announcing the 2GWh mandate, Energy Vault CEO Robert Piconi said: “Together with Atlas Renewable, CNTY and the EIPC, we are making significant progress ahead of our original plans on the deployment of the first 100MWh EVx system to support grid resiliency and delivery of renewable energy to the Chinese national grid, as well as additional development and deployment of additional EVx systems in China as this announcement demonstrates.”
The company is expecting revenue of US$75-100 million in 2022 and roughly another US$600 million in 2023, it announced in its most recent quarterly results.