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
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Investors in Energy Vault are vying for a profit.
NTPC is a software development company.