January 19, 2023, Houston, Texas — Atlas Renewable LLC of Houston, Texas announces significant new developments from the Chinese National Energy Administration (NEA) that the Chinese Government has accepted and will promote, at the national policy level, the Gravity Energy Storage technology in large-scale deployment in the Chinese renewable energy market. Such gravity energy storage technology [Energy Vault GESS] technology pioneered by Energy Vault is currently under construction by China Tianying under license at their renewable facility in Rudong, China. This first of its kind global deployment of the EVx “Next Generation” gravityelectrical energy storage technology and the 24/7 implementation of construction and drive towards first half 2023 commissioning has given Chinese policy makers a high level of confidence that the representations made by both partners are accurate and have accepted its results in shaping “a new national gravity storage standard. “
Eric Fang, Atlas Renewables Co-Founder and CEO describes the importance in this way, “New Energy Technology that is cutting edge, like EVx, has to clear a high initial hurdle before it is allowed to be adopted: both for credibility and a seal of approval, or “green light” for the all-important financing for deployment phase. High level sectoral policy approval certifies that it blends into the existing China framework, is necessary and serves a valuable purpose.”
CEO Fang continued, “In China established policies are published and engineering conforms to the standard. New Technology which has the possibility of widespread adoption must achieve the standards process first.” In the case of Energy Vault, the policy process was critical: Atlas Renewable in concert with the Washington, DC based National Center for Sustainable Development (NCSD) and the Energy Investment Professional Committee (EIPC) of the Investment Association of China collaborated to help promote the technology’s understanding and answer the questions asked by local, municipal and provincial governments.
Neil Bush, Chairman of Atlas Renewable and Neil Bush Global Advisers further emphasized, “Energy Vault’s value proposition is a foundational element of future Chinese growth and helping to lift hundreds of millions of Chinese to share the vision of a modestly prosperous future. Solving the practical problems of energy storage is a worthy goal and the recognition of it is acknowledged by this new policy doctrine.”
Applications of the Energy Vault technology will require strict examinations and reviews by the collective energy, policy, technology expert groups, answering agencies’ questions for its technical and applicable components, the implications for the broader renewables market both generation and transmission within China and the thresholds for interaction with the local, provincial and national grids. The Chinese government approval of Gravity Energy Storage for the Chinese market is the underpinning this effort: and Atlas Renewable and its cooperation partners in the US, Europe and China undertook the policy effort first, 18 months before this announcement to begin building the policy foundation well before the Rudong project was identified and undertaken. Experience based planning for policy considerations is not the norm in the US but is critical in China to the long-term success and value proposition of Energy Vault.“This is a perfect example of integrated policy, technology, investment and implementation approach,” Mr. Fang added.
“Chinese governmental approval for gravity energy storage deployment in China is another key milestone for our innovative technology, reflecting significant construction progress for our first 100 MWh EVx system in Rudong,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “China’s support at the national policy level will facilitate broader adoption of EVx to meet strong demand for our technology to enable China’s decarbonization.”
Mr. Piconi concluded, “China’s welcome to us through the outstanding work of China Tianying and EIPC, whose cooperation and willingness to collaborate, has led to a strong partnershipbetween our organizations. We are looking forward to completion of the Rudong EVx project as the first step to a bright future for Energy Vault in China.”
About Atlas Renewable LLC, Houston, Texas
Atlas Renewable LLC is structured as an integral part of the project development and execution process led by CNTY in China. Atlas Renewable LLC serves as an American facilitation bridge between Chinese institutions, investors and regulatory entities and Energy Vault to identify projects, help pre-qualify and oversee financing efforts through the available mechanisms supported by Chinese Local, Provincial and National policies. Atlas Renewable LLC can evaluate situations quickly for Energy Vault, help to solve problems and give context to the new world of getting things done in China efficiently and effectively. Atlas Renewable LLC principals each have decades of experience and relationships in China with people at all levels.