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NTPC Limited, India’s largest power generating utility, has signed a Memorandum of Understanding with Energy Vault Holdings, Inc., (Energy Vault), a leader for grid-scale, sustainable energy storage solutions.
The MOU aims to establish a long-term strategic partnership with Energy Vault for the deployment of its EVx(tm), gravity-based energy storage technology. It also includes software solutions that are based on the results of a joint feasibility report. This technology allows for the use of coal ash to make composite blocks for Energy Vault’s gravity-based storage system.
Gurdeep Singh, chairman and managing director of NTPC, stated, “As a large integrated power producer, it’s critical that NTPC has a diverse portfolio of clean energy to decarbonize India’s economy. To help India achieve its energy transition goals, we have increased our renewable capacity addition targets and are now focusing on Solar Wind, RTC, and Hybrid projects. NTPC will benefit from the collaboration with Energy Vault in order to further its energy transition goals by using coal ash for composite block manufacturing. This collaboration will promote a circular economy.
Robert Piconi (Chair, Co-Founder, and CEO of Energy Vault) stated that he was excited to partner with NTPC in India’s clean energy transition. “Energy Vault has a mission to create sustainable and carbon-free energy. This announcement is a further step towards that goal. It will be expanding into one of the most important global markets for energy. As we became a public company earlier in the year, our collaboration with NTPC continues on previous announced commercial expansions across multiple countries.