Energy Vault inks deal with India’s largest power utility

Rendered image of Energy Vault technology in front of scenic mountains and wind turbines (energy vault jupiter)
Image: Energy Vault

Sustainable, grid-scale energy storage solutions company Energy Vault Holdings Inc has signed a Memorandum of Understanding (MoU) with NTPC Limited, the largest power generating utility in India.

The objective of the MOU is to collaborate and formalise a long-term strategic partnership for deployment of Energy Vault’s EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilisation of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system.

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“We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition,” Energy Vault co-founder, chairman and CEO Robert Piconi said.

“Energy Vault’s mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”

NTPC chairman and managing director Gurdeep Singh said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonise India’s economy.

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“We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets.

“The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilising coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”

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