Grid scale energy solutions provider Energy Vault Holdings has announced the ground breaking of the first EVx facility in China.
This 100MWh gravity based EVx system is being constructed beside a wind farm and national grid site in Rudong, Jiangsu Province situated outside of Shanghai to increase and balance China’s national energy grid through the supply of clean energy to the State Grid Corporation of China (SGCC).
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The EVx construction commencement comes after the earlier announced License and Royalty agreement for renewable energy storage in partnership with Texas-based Atlas Renewable and its majority investor China Tianying, an international environmental management and waste remediation corporation.
The project is the first utility-scale gravity-based storage arrangement between a US and Chinese company and was permitted by the local city government and provincial government with support from the central government agencies in China.
Energy Vault and Atlas Renewable signed a $50m licensing deal regarding the use of former’s gravity-based energy storage technology and its technology agnostic energy management and asset optimization software suite in the power market of the Asian country.
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This deal also includes terms regarding volume-based deployment royalties besides covering aspects on maintenance, monitoring and the beneficial re-use of waste materials within composite blocks of Energy Vault.
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By GlobalDataThe $50m licensing fee is slated to be completed this year.
The partnership between Energy Vault and Atlas Renewable and China Tianying, and the deployment of EVx, are claimed to in line with the US-China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s, published at COP26 in last November.
Energy Vault chairman co-founder and CEO Robert Piconi said: “Our first commercial EVx deployment in China is a significant milestone for Energy Vault and for the People’s Republic of China as it pursues its decarbonisation goals.
“China is rapidly expanding its use of renewable energy coupled with annual energy storage mandates in order to meet its decarbonization goals. We are very pleased that EVx and our Energy Management Software Platform have already received local regulatory endorsement and is being deployed now as a critical enabling technology to support China’s energy transition and carbon neutrality goals. In 2021, China produced more metric tons of greenhouse gasses than the next four largest countries combined, and as currently planned, will continue to increase emissions until 2030. We must move swiftly to reverse this trend, and together with local partners China Tianying and Atlas Renewable, we will do just that.”
Atlas Renewable CEO Eric Fang said: “The world’s first deployment of Energy Vault’s transformative EVx technology is taking place in China and it represents U.S. and Chinese collaboration in its best form. The world’s two largest economies have joined forces to meaningfully address climate change with breakthrough, innovative technology that will play a critical role in enabling China’s clean energy transition and 30-60 policy. This project clearly demonstrates the seriousness with which China takes its COP26 commitments and will serve as a model for global decarbonisation.”
CNTY chairman Yan added: “The achievement of the Rudong project, will be historically noteworthy, as a path forward, enabled by both Chinese and American private business working together cooperatively and effectively, for a common climate goal: non carbon based energy storage that fully completes the energy production and use cycle of renewable electric power generated from non-carbon sources.”
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Image: Energy Vault Resiliency Center. Credit: Business Wire/ Energy Vault Holdings.
