February 02, 2022
Talent & innovation News
Lugano/Houston/Haian – Energy Vault is licensing its technology for gravity-based storage plants to the Texas-based company Atlas Renewable LLC, which plans to build storage plants in China. There, Energy Vault is working with China Tianying, the main investor in Atlas Renewable.
Energy Vault has signed a licensing and license fee agreement for China and the special administrative regions of Hong Kong and Macau with the energy company Atlas Renewable, which is based in Houston in the US state of Texas. According to a press release, Energy Vault will also be working with China Tianying, a Chinese company that is the main investor in Atlas Renewable. Construction of the first 100-megawatt-hour plant is scheduled to start near Shanghai in the second half of 2022. CEO of Atlas Renewable Eric Fang comments: “Following China’s commitment to achieving carbon peak in 2030 and carbon neutrality in 2060, renewable energy storage is and will be the answer.”
Energy Vault, which is headquartered in the Greater Zurich Area, states that this is the first partnership between a North American and a Chinese company for the use of Energy Vault’s gravity-based storage technology in China. In 2022, Energy Vault will receive 50 million US dollars from Atlas Renewable for this. Furthermore, Atlas Renewable is investing a further 50 million US dollars to increase the current private placement (private investment in public equity; PIPE) of Energy Vault shares.
With China Tianying, Energy Vault plans to investigate on site the possibility of recycling waste in the mobile composite blocks of its gravity-based storage plants, which each weigh 35 metric tons. This would consider coal combustion residues, mining waste, glass fiber waste, and concrete rubble.
According to Robert Piconi, CEO and Co-Founder of Energy Vault, entry into the Chinese market was not originally part of Energy Vault’s five-year plan. However, he states that it “will become the largest renewable energy storage growth market in the world over the next 10 years”, adding: “Much like the global COVID pandemic, the climate change crisis knows no borders and compels us to set aside our political biases and unite as a global community to solve this problem.”
Original Link: https://www.greaterzuricharea.com/en/news/energy-vault-licenses-technology-china?utm_campaign=Oktopost-News&utm_content=Oktopost-LinkedIn&utm_medium=social&utm_source=LinkedIn