License executed with GESSOL (Pty), a South Africa-based consortium including WBHO, one of the largest listed EPC companies in Southern Africa (JSE: WBO), iX Engineers and Sizana Solutions
Agreement includes multi-year license revenues and additional royalty revenue streams tied to project deployments in South Africa and the broader 16 member-state Southern African Development Community (SADC) region
License includes exclusive use of Energy Vault’s leading gravity energy storage technology portfolio and VaultOS™ software platform, which will serve energy storage use cases within the public utility, mining, IPP/micro-grid and broader industrial sectors toward achieving the region’s energy storage requirements coupled with its sustainability goals
Total addressable market regionally for energy storage expected to be 125GWh+ through 2035, yielding a market potential of multi-billion dollars in EPC projects and associated royalty streams to construct gravity energy storage systems throughout the 16 member-state SADC region