Energy Vault's gravity storage to power 1.16 GWh of Chinese projects
Energy Vault Holdings Inc (NYSE:NRGV) on Tuesday said that five new systems using its EVx gravity energy storage technology and totalling 1.16 GWh will be built in China.
The projects will be deployed by China Tianying Inc (SHE:000035), or CNTY, under an existing licensing and royalty agreement with Atlas Renewable, under which Energy Vault collects a 5% revenue royalty.
They will add to a 25-MW/100-MWh EVx system that is currently being commissioned and a 2-GWh EVx project in Tong Liao, Inner Mongolia. All these seven projects announced by China Tianying mean that Energy Vault’s EVx platform will be deployed at seven sites in China, totaling 3.26 GWh, and representing over USD 1 billion (EUR 937m) of project value.
The latest agreements are with different provincial governments and are for the construction of a 100-MWh gravity energy storage system (GESS) in Zhangjiakou, Hebei Province, a 100-MWh GESS in Suzhou, Shanxi Province, a 200-MWh GESS in Jinta County, Jiuquan, Gansu Province, a 660-MWh GESS in Songyuan, Jilin Province, and a 100-MWh GESS in Yining, Xinjiang Province.
The 25-MW/100-MWh EVx GESS in Rudong, China started commissioning in June. Following the final state grid interconnection, it will become the world’s first commercial, utility-scale non-pumped hydro gravity energy storage system, the company said.
“Energy Vault’s innovative gravity energy storage technology is seeing strong demand in China because of the long life of these assets and the significant local economic content that helps meeting the state-mandated energy storage requirements accompanying the rapid growth of China’s renewable energy deployments,” commented China Tianying chairman Yan Shengjun.