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.

Energy Vault has started commissioning its first commercial EVx gravity energy storage project in Rudong, China.

Energy-Storage.news caught up with Energy Vault CEO Robert Piconi to primarily discuss its gravity-based energy storage solution which, putting it mildly, has its fair share of sceptics.

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 Energy-Storage.news.

At look at the fortunes, prospects and claims made by three energy storage technology firms that joined the SPAC-driven public listing wave.

Energy Vault secured 2.8GWh of project orders in the first quarter of 2023 and revealed that it has invested in Kore Power, the US lithium-ion battery and BESS firm, though booked revenues fell 75%.

A ‘first of its kind’ microgrid will be installed at a California substation, where it will use a combination of lithium-ion batteries and green hydrogen to provide 48 hours of back up.

Gravitricity has partnered with firms in the US and Germany to deploy its gravity energy storage solution while Energy Vault has provided an update on its China project.

Energy Vault has confirmed its increased guidance for 2022, posting US$146 million in revenue of which two-thirds came in Q4.

The global need for grid-scale energy storage will rise rapidly in the coming years as the transition away from fossil fuels accelerates.