Energy Vault and a coal mining company owned by the local government in Sardinia, Italy, have signed a land lease agreement to deploy a project combining gravity energy storage and BESS technology.
Energy Vault has entered into an exclusive partnership with architecture firm Skidmore, Owings & Merrill (SOM) to work on projects using its gravity energy storage technology.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Eos Energy Enterprises, ESS Inc and Energy Vault have increased their revenues and narrowed losses, according to financial results from the three ‘non-lithium’ energy storage companies.
Energy Vault has connected its first commercial EVx gravity-based energy storage system to the grid in China, while construction has been launched on three others, all-in-all totalling 468MWh of capacity.
Ben Lincoln, energy expert at intellectual property law firm Potter Clarkson, looks at patent filing activity in energy storage technologies outside the world of electrochemical batteries.
Energy Vault has secured a US licensing deal for its gravity energy storage technology and awards covering its other technologies there and in Southeast Asia, it said in its Q2 results.
