Energy Vault signs MOU with Jupiter Power for 2.4GWh of US-localised battery storage

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Gravity-based energy storage company Energy Vault has announced another battery energy storage deal, agreeing to work with US developer Jupiter Power for 2.4GWh of systems.

The pair will “expeditiously collaborate to secure 2.4GWh of supply chain equipment and services that will be integrated and delivered through Energy Vault’s hardware and software management platform in Jupiter Power’s battery energy storage projects,” read a media statement.

They will also commit to supporting US-based manufacturing for Jupiter’s battery storage projects across the US. The projects are expected to reach commercial operation in 2024 and 2025.

Energy Vault said it will focus on maximising US localisation for the energy storage equipment that will qualify for the Inflation Reduction Act’s (IRA) investment tax credit, the Domestic Content Bonus Credit.

The two companies will work to ensure such facilities are sited in “Energy Communities” locations, which are being prioritised for investment by the IRA. These include brownfield coal sites and other economically disadvantaged areas.

“Due to our team’s hard work developing new energy storage projects from California to Maine over the last several years, Jupiter is uniquely positioned to lead now in making the Inflation Reduction Act’s vision of large-scale domestic battery systems manufacturing jobs a reality,” said Andy Bowman, Jupiter Power’s CEO.

“We are very pleased to be expanding our relationship with Energy Vault to grow our supply of the equipment the grid critically needs today while also supporting sustainable battery equipment manufacturing here at home,” he added.

Energy Vault has been expanding its battery energy storage activities substantially as of late. It has announced deals with Jupiter Power prior to this one as well as ones with Wellhead Electric and W Power.

But it also recently scored a 2GWh mandate for its gravity-based solution, the technology the company is known for, for industrial parks across China.

It listed on the NYSE in February this year, adding nearly US$200 million to its capital reserves, and expects combined revenue over 2022/23 of US$680 million.

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