The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Energy Vault to reveal iterations to gravity solution this year, claims ‘lowest cost of storage in the world’


Energy Vault will reveal new form factors to its EVx gravity-based energy storage solution which could deliver the “lowest cost of energy storage in the world”, CEO Robert Piconi claimed to

The company is currently building the first commercial system which will go online using its gravity energy storage technology in Rudong, China, set to commission this year. The deployment design (pictured above) has changed since the original crane-like system, and further changes could be revealed soon, although they sound less wholesale than that.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“There there will be other, let’s say, form factors of the gravity solution to take advantage of different applications that we’ll be talking about this year. And it’s very interesting, because you can get ultra low costs,” Piconi said.

“If you think about taking advantage of existing topology, or landscapes, that means you’re taking costs out of what otherwise we’d have to build in the structure of EVx, and just taking advantage of certain components that we’ve already built.”

“And then you essentially get to really the lowest cost of storage in the world. There’s nothing out there that would get to these types of CapEx-consequential, let alone levelised cost, of storage, because the blocks don’t degrade over time.”

This sounds like a way of deploying gravity-based solutions in a manner akin to Gravitricity, which has designed its system to go into vertical mine shafts in the earth, storing the energy medium at, and on, ground level (although this is’ interpretation).

Energy Vault has increasingly been expanding into battery energy storage system (BESS) deployments, which Piconi said is because the long duration energy storage market has not taken off as quickly as expected. He said it is part of a strategy of offering short (BESS), medium (gravity) and long-duration energy storage (through green hydrogen) to customers, to be able to provide whatever they need.

But the firm is nonetheless still clearly very focused on the gravity technology for which it is known, claiming 2GWh of project awards for the segment in its first quarter results – although those project awards still need to be converted into firm project orders, as per the company’s reporting methodology.

When asked for more details on these gravity energy storage project awards, Piconi would only say they are all ‘outside of the US’ but ‘not all in China, to be clear’. will be publishing the full interview with Piconi, touching on projects, strategy, technology and challenges in the coming week.

24 April 2024
11am PDT / 2pm EDT
This webinar explores the advantages of the metal-hydrogen technology and how it is being packaged into turnkey solutions for project integrators across the globe. We will also highlight the developing long-duration-energy-storage market and identify which technologies are ready to address the demanding needs of an evolving electrical grid.

Read Next

April 23, 2024
The energy storage arm of Canadian Solar said the technology ‘has more complexity than solar’ when it comes to nearshoring manufacturing away from China, and local cell manufacturing could be part of the long-term strategy to leverage domestic content incentives.
April 23, 2024
NGK Insulators will provide 72 containerised sodium-sulfur (NAS) battery storage units to a green hydrogen production plant in Germany.
April 23, 2024
Croatia will provide some €500 million (US$534 million) in subsidies for battery energy storage system (BESS) technology, a government minister said.
April 22, 2024
Dutch developer Giga Storage has received a permit for construction for its 600MW/2,400MWh BESS project in neighbouring Belgium and will choose the BESS technology provider after summer.
April 22, 2024
Lithium-ion battery OEM CATL’s claim that its latest BESS product has no degradation for the first five years of use has provoked much discussion across the industry, with some sceptical of its merits.

Most Popular

Email Newsletter