LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–Power Vault Holdings, Inc. (NYSE: NRGV) (“Power Vault” or the “Firm”), a pacesetter in sustainable, grid-scale power storage options, at the moment introduced, together with its companions Atlas Renewable and China Tianying (CNTY), that the world’s first grid-scale EVx™ gravity power storage system (GESS) has entered the primary phases of commissioning.
Positioned exterior of Shanghai in Rudong, Jiangsu Province, China, the 25 MW/100 MWh EVx GESS is constructed adjoining to a wind farm and a nationwide grid interconnection website to enhance and stability China’s nationwide power grid by way of the storage and supply of renewable power. Commissioning started in June on the facility electronics and new ultra-efficient “ribbon” lifting techniques. The system is predicted to be absolutely grid interconnected in This autumn as deliberate with native state grid authorities, making EVx the world’s first business, utility scale non-pumped hydro gravity power storage system. Constructing on the superb spherical journey effectivity (RTE) outcomes (above 75%) of the primary 5 MW EV1 Tower that was grid interconnected in Switzerland in mid-2020, the brand new EVx system with its effectivity chain design enhancements is predicted to have RTE above 80%, inserting the brand new gravity system as a pacesetter in power storage effectivity versus all different types of mechanical, thermodynamic processes, compressed air or circulate battery techniques.
“ Completely satisfied to share our continued progress and a essential milestone achieved with our companions Atlas Renewable and China Tianying associated to graduation of commissioning actions of the world’s first EVx gravity power storage system,” stated Robert Piconi, Chairman and Chief Govt Officer of Power Vault. “ The group’s tempo and high quality of growth because the begin of development in March 2022 has been extraordinary, particularly when contemplating the backdrop of two COVID associated work stoppages within the first yr of development alone. Whereas this represents a big milestone, our work in China is simply starting given latest native bulletins of multi-GW hours of gravity power storage buildouts, together with initiatives introduced in 2022 supporting China’s “Zero-carbon parks” initiative with Power Vault’s gravity power storage expertise. Look ahead to sharing extra on this primary EVx deployment and our deliberate future gravity expertise deployments globally as we see rising demand for longer period power storage.”
Eric Fang, Chief Govt Officer, Atlas Renewable, said: “ This milestone couldn’t have been achieved with out the unprecedented collaboration between the collective groups within the U.S. and China, because the world’s two largest economies have joined forces to meaningfully deal with local weather change. Power Vault’s breakthrough, revolutionary expertise is on the cusp of taking part in a essential position in supporting China’s clear power transition and 30-60 decarbonization coverage. We stay targeted on an environment friendly system commissioning course of as a way to start storing and dispatching renewable power to China’s nationwide grid in full alignment with native and state grid authorities. This primary deployment of Power Vault’s EVx expertise will function a mannequin for world decarbonization expertise partnerships, and as we have now beforehand introduced, are already engaged on multi-GWh deployments of Power Vault’s gravity expertise in China to assist and ideally speed up China’s present 30-60 internet carbon impartial plans.”
Highlighting the market adoption of Power Vault’s gravity expertise, China Tianying’s subsidiary, Jiangsu Nengying New Power Expertise Growth Co., Ltd., introduced final week that it has entered into an settlement with the Individuals’s Authorities of Huailai County to construct an extra 100 MWh gravity power storage undertaking in Huailai County, Hebei Province, China. The undertaking, to be positioned in Cunrui City, will present secure and eco-friendly inexperienced electrical energy to information facilities within the area. This enlargement highlights the sturdy demand and worth proposition for Power Vault’s gravity power storage expertise, the execution of the native development and enterprise growth groups, and the influence that Power Vault’s gravity power storage expertise can have within the very close to time period in decreasing carbon emissions throughout the globe. Power Vault will present extra particulars on this enlargement in the course of the Firm’s second quarter 2023 earnings convention name scheduled for August 8, 2023.
Moreover, on July 26, the Nationwide Power Administration of China launched a complete roster of great technical gear initiatives scheduled for 2023 throughout the power sector. Notably, Power Vault’s EVx gravity power storage resolution obtained outstanding recognition on this announcement. The doc highlights the substantial surge in demand for renewable power sources and emphasizes the indispensable position of gravity power storage within the essential mission of world decarbonization.
About Power Vault
Power Vault® develops and deploys utility-scale power storage options designed to rework the world’s strategy to sustainable power storage. The Firm’s complete choices embrace proprietary gravity-based storage, battery storage, and inexperienced hydrogen power storage applied sciences. Every storage resolution is supported by the Firm’s {hardware} technology-agnostic power administration system software program and integration platform. Distinctive to the business, Power Vault’s revolutionary expertise portfolio delivers custom-made short-and-long-duration power storage options to assist utilities, impartial energy producers, and huge industrial power customers considerably scale back levelized power prices whereas sustaining energy reliability. Using eco-friendly supplies with the power to combine waste supplies for useful reuse, Power Vault’s EVx™ gravity-based power storage expertise is facilitating the shift to a round financial system whereas accelerating the worldwide clear power transition for its prospects. Please go to www.energyvault.com for extra info.
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