The India's Largest Power Utility, Energy Vault and the NTPC, have signed a Memorandum of Understanding for Gravity-Based Energy Storage Technology

The India's Largest Power Utility, Energy Vault and the NTPC, have signed a Memorandum of Understand ...

The formalization of a long-term strategic partnership for the deployment of Energy Vault's EVxTM gravity-based energy storage technology and software solutions to support NTPC's clean energy transition is mandated.

WESTLAKE VILLAGE, Calif. & NEW DELHI(BUSINESS WIRE)April 27, 2022

Energy Vault Holdings, Inc., a leader in sustainable grid-scale energy storage solutions, has today announced the signing of a Memorandum of Understanding (MOU) with NTPC Limited (NSE India : NTPC, BSE : 532555), India's largest power generating utility.

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Resiliency Center for Energy Vaults (Photo: Business Wire)

The objective of the MOU is to establish and develop a long-term strategic partnership for the deployment of Energy Vault's EVxTM gravity-based energy storage technology and software solutions based on the findings of a joint feasibility study. The technology also provides benefit use of coal ash for the manufacturing of composite blocks for Energy Vault's gravity-based energy storage system.

Energy Vault, India's largest power utility, has agreed to collaborate with NTPC, which is committed to making sustainable, carbon-free energy a reality. This collaboration with NTPC further expands into one of the world's largest energy markets.

Close is critical for NTPC to have a diverse clean energy portfolio to support India's energy transition goals, Gurdeep Singh, executive director and CEO of NTPC. We have increased our renewable capacity addition strategies to support India's energy transition goals and we are focusing on solar, wind, RTC, and Hybrid projects to achieve these goals. This collaboration with Energy Vault will assist NTPC in developing its energy transition goals by employing coal ash for the production of composite blocks. This collaboration will also foster

About Energy VaultEnergy Vault develops and deploys key sustainable energy storage solutions that help transform the world's approach to utility-scale energy storage in the process of decarbonization while maintaining grid reliability. Energy Vault's EVxTM gravity-based energy storage system uses eco-friendly materials to assist utilities, independent power producers, and large industrial energy users in reducing their levelized energy costs. For more information, please visit:

About NTPCNTPC, a publicly traded company in India, has a strong presence across the entire value chain of power generation. NTPC's total installed capacity is expected to be equivalent to or more than NTPC's thermal capacity by 2032, owing to the possibility of a reduction in SOx & NOx from fossil fuel based power plants. NTPC is also developing green hydrogen, waste-to-fuel, and carbon capture and utilization (CCU) technologies and field

Forward-looking statements for purposes of the Safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 are generally accompanied by words such as "believe," "may," "believe," "continue," "expect," "future," "designed," and other forward-looking statements that reflect or indicate future events or trends, including the date of the rollout of Energy Vault's operations and the timing of deployments. These statements are also described in this press release, including with respect to the project announced.

These statements are based on many assumptions, whether or not identified in this press release, and are not indicative of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to be used as, and must not be used by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault.

These forward-looking statements are subject to a variety of challenges and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to Energy Vault's rollout of its operations and the timing of expected business milestones, according to this press release; risks related to Energy Vault's performance and availability of EVS, demand for renewable energy, and the ability to negotiate definitive contractual agreements with potential customers; the impact of Covid-19; the global economic conditions, and the consequences of competition.

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Investors in Energy Vault are vying for a profit.

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NTPC is a software development company.

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