Energy Vault Announces Successful Testing and Commissioning of China’s First 100 MWh EVx Gravity Energy Storage System by China Tianying, and Extension of Atlas Renewable Energy License Agreement to 15 Years

Rudong’s 25MW/100MWh EVx system, the world’s first commercial grid-scale gravity energy storage system, was successfully tested and put into operation by China Tianying (CNTY) on May 4 during a celebration attended by Chen Huiyu, secretary of the county Party committee.

The successful tests followed the completion of mechanical works in September 2023 and the successful interconnection of the national grid in December 2023; more than 3.7 GWh of announced projects in China are underway

Licensing agreement with Atlas Renewable for Energy Vault’s EVx gravity energy storage system (GESS) technology extended from 7.5 to 15 years

WESTLAKE VILLAGE, California, May 7, 2024–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced testing and the successful commissioning of the Rudong EVx™ gravity energy storage system (GESS) by China Tianying Co., Ltd (CNTY). The tests included the successful charging and discharging of units of the 25 MW/100 MWh GESS invested and built by CNTY in partnership with Energy Vault and Atlas Renewable.

In addition to the successful testing of the Rudong EVx, Energy Vault announced the extension of its EVx licensing agreement with Atlas Renewable from 7.5 to 15 years, reflecting the key role that gravity storage technology is set to play in the transition energy of China and in achieving China’s decarbonization goals. . Over the past 12 months, CNTY announced eight additional EVx GESS deployments across multiple provinces in China, totaling more than 3.7 GWh, which will generate future project fee streams for Energy Vault as the systems are built and put into service.

“The successful testing and commissioning of the Rudong EVx, the world’s first grid-scale gravity energy storage system, is an important milestone for Energy Vault, our local partners Atlas and CNTY, and especially for China and its progress toward achieving its sharpness goals. carbon neutrality,” said Robert Piconi, President and CEO of Energy Vault. “These tests demonstrate that gravity energy storage technology promises to play a key role in supporting the energy transition and decarbonization goals of China, the world’s largest energy storage market. We are also pleased to announce that our EVx license and royalty agreement with Atlas Renewable and CNTY has been extended for an additional 7.5 years through 2036, and we look forward to continuing this strong partnership as new systems will be deployed in volume in the years to come.

In January 2024, the Rudong EVx was selected as part of a list of projects classified as “new energy storage demonstration pilot projects” by the China National Energy Administration (NEA). Projects selected as demonstration pilots benefit from increased management oversight by provincial energy authorities, enabling coordination to support progress related to construction, data reporting, compliance and safety measures, among other questions of interest.

The story continues

Commissioning of the 25 MW/100 MWh GESS EVx began in the second half of 2023, followed by the completion in September 2023 of the final four-kilometer 35 kV overhead power line to the end substation existing remote area, recovery and completion of construction of the facility. in October and full grid interconnection in December. Following final provincial and state approvals for the start of commercial operation of the state’s grid, the Rudong EVx will be the world’s first commercial-scale unpumped hydrogravity energy storage system .

About Energy Vault

Energy chest^® develops and deploys large-scale energy storage solutions designed to transform the world’s approach to sustainable energy storage. The Company’s comprehensive offerings include proprietary gravity storage, battery storage and green hydrogen energy storage technologies. Each storage solution is supported by the company’s hardware-agnostic energy management system integration software and platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short- and long-duration energy storage solutions to help utilities, independent power producers and large industrial energy users significantly reduce levelized energy costs while maintaining energy reliability. Using environmentally friendly materials with the ability to integrate waste for beneficial reuse, Energy Vault’s EVx™ gravity energy storage technology facilitates the shift to a circular economy while accelerating the global transition to clean energy for its customers. Please visit www.energyvault.com for more information.

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