Energy Vault Holdings, Inc. (NYSE: NRGV), a pioneering force in sustainable grid-scale energy storage solutions, has announced significant advancements in its endeavors within the Chinese market. The company unveiled the successful interconnection of its first EVx 100 MWh Gravity Energy Storage System (GESS) with the China State Grid. This accomplishment, achieved in December 2023, marks a monumental leap forward in sustainable energy solutions.
In addition to the milestone achievement with the Rudong EVx system, Energy Vault has initiated the construction of three additional EVx GESS deployments across China. Collaborating with partners China Tianying (CNTY) and Atlas Renewable, Energy Vault has a total of nine EVx GESS deployments underway in China, collectively amounting to 3.7 GWh of energy storage capacity. These deployments hold the promise of generating substantial future project revenue royalties for Energy Vault.
The year 2023 witnessed significant progress for Energy Vault’s partners, CNTY and Atlas Renewable, as they broke ground on multiple new EVx projects. Among these projects are a 17 MW/68 MWh EVx GESS deployment in Zhangye City, Gansu Province, strategically positioned adjacent to renewable energy generation and national grid interconnection sites. Additionally, projects in Ziuquan City, Jinta County, Gansu Province, and Huailai Cunrui Town, Zhangjiakou County, Hebei Province, have been initiated, further augmenting China’s national energy grid with renewable energy storage capabilities.
The recognition of Energy Vault’s technology within China’s state energy policy framework is underscored by the selection of the Rudong and Zhangye City EVx systems as “new energy storage pilot demonstration projects” by China’s National Energy Administration (NEA). This designation emphasizes the integral role of gravity energy storage in supporting China’s ambitious renewable energy goals and underscores the global imperative for decarbonization.
Robert Piconi, Chairman and CEO of Energy Vault, commented, “I am pleased to see the increased market adoption of Energy Vault’s gravity energy storage technology in China, the world’s largest energy storage market supported by the new project groundbreaking announcements and other milestones within China’s national energy policy framework for energy storage. We look forward to sharing additional performance and project development in the coming weeks and months as commissioning and new project activities continue at a rapid pace.”
Andrea Pedretti, Energy Vault’s Chief Technology Officer, commented: “Having just spent the last few days in Rudong at the EVx site, I continue to be impressed with the local technical, R&D and construction expertise brought by China Tianying and their partners. Coupled with their internal and local manufacturing capabilities for all of the mechanical systems, we have a great partner to rapidly deploy our EVx and broader gravity energy storage technology in China.”
The successful commissioning and grid interconnection of the Rudong EVx GESS system represents a significant milestone in Energy Vault’s journey. Upon receiving final approvals for commercial operation from provincial and state authorities, the Rudong EVx system is poised to become the world’s first commercial utility-scale non-pumped hydrogravity energy storage system.
Energy Vault is set to provide further updates on the Rudong EVx deployment as part of its upcoming financial report scheduled for Tuesday, March 12, 2024. With these developments, Energy Vault continues to pave the way for sustainable energy solutions, contributing to the global mission of decarbonization.
