Lugano, Switzerland & Sacramento, Westlake Village, Calif., United States:
Energy Vault, Wellhead Electric and W Power to deploy 68.8 MW (275.2 MWh) battery power storage system at W Power Energy Reliability Center in Stanton, California. The Stanton ESS will probably be one of many largest power storage methods in southern California and will probably be constructed on Energy Vault Solutions’ (EVS) proprietary system design and EVS’ Energy Management Software.
Wellhead Electric has additionally chosen Energy Vault, as most popular integrator, for two further hybrid power storage tasks in Southern California.
This contract displays the profitable and speedy execution of the EVS technology-agnostic integration and software program technique, as beforehand introduced in This autumn 2021, to offer prospects with essentially the most versatile and cost-effective power storage options whatever the underlying storage and technology know-how.
Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a pacesetter in sustainable, grid-scale power storage options, at this time introduced the signing of the Stanton Energy Storage System (SESS) EPC contract with Wellhead Electric Company, Inc. (“Wellhead Electric”) and W Power, LLC, (“W Power”), a woman-owned business enterprise that has developed and owned energy technology amenities in California. The challenge will probably be operated by Wellhead Services, Inc., one of the vital skilled builders and operators of progressive power technology and power storage amenities in California, which relies in Sacramento, California.
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Energy Vault will start deployment instantly in 2022of a 275.2 MWh battery storage challenge at W Power’s Energy Reliability Center in Stanton, California. The challenge is on an accelerated timeline to fulfill vital energy wants for southern California and is predicted to be accomplished in mid-2023. Energy Vault will even assist W Power and Wellhead with improvement and deployment of future power storage tasks in California representing roughly 600 MWh+ of further capability in the close to time period.
The system will probably be constructed on Energy Vault Solutions’ (EVS) proprietary integration platform and powered by EVS’ power administration software program. The EVS platform, which was launched in This autumn 2021, leverages essentially the most superior software program structure and optimization algorithms, and permits the mixing and orchestration of a number of power belongings underneath a large number of use circumstances. Together with the Company’s current sustainable lengthy period gravity power storage know-how providing, Energy Vault continues to advance the worldwide transition to a carbon-free, resilient energy grid.
“We sit up for creating this challenge with Wellhead and W Power that will probably be constructed on our proprietary system and displays execution on our beforehand introduced EVS technique,” mentioned Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “This excitingproject reflects our broad energy storage experience and capabilities across multiple underlying storage technologies while optimizing energy density and performance requirements that was a key factor to meet Wellhead’s requirements. The demanding deployment timelines and need for surety of execution exhibit our ability to be customer focused, nimble and responsive to the rapidly-expanding needs of the global storage market.”
“Our EVS-enabled solutions are the natural complement to Energy Vault’s long-duration gravity storage capabilities which are being deployed globally in parallel, and a key component of our vision of being a leading energy storage technology partner to our customers that require innovation and creativity in dealing with the complexities of the grid,” continued Mr. Piconi. “With EVS we have been able to expand our serviceable market and we are proud to offer a broad portfolio of solutions, from short to long duration, with our EVxTM gravity-based technology, that help customers achieve their decarbonization targets while maximizing economic returns. This is fundamental to the mission of the Company.”
“The team at Energy Vault has greatly impressed us with both their extensive knowledge of energy storage solutions and their critical engineering, integration, and construction experience,” mentioned Hal Dittmer, CEO, Wellhead Electric. “They have won our trust because of their dedication to find the optimal solution for our Stanton site. In addition, because of the EVS technological platform, with the highest energy density and safety features, we were able to fit the maximum energy storage capacity at our site, with full confidence of meeting our expected system performance and project economic return requirements.”
About Energy Vault
Energy Vault develops and deploys sustainable power storage options designed to remodel the world’s method to utility-scale power storage in realizing decarbonization whereas sustaining grid resiliency. The firm’s proprietary gravity-based power storage know-how, battery storage know-how, and power storage administration and integration platform are meant to assist utilities, impartial energy producers and massive industrial power customers considerably cut back their levelized value of power whereas sustaining energy reliability. Utilizing eco-friendly supplies with the flexibility to combine waste supplies for helpful re-use, Energy Vault is facilitating the shift to a round economy whereas accelerating the clear power transition for its prospects. For further info, please go to: www.energyvault.com.
Forward-Looking Statements
This press launch incorporates forward-looking statements that contain dangers, uncertainties, and assumptions together with statements relating to Energy Vault’s future growth, deployments and capabilities. There are a major variety of components that would trigger precise outcomes to vary materially from the statements made in this press launch, together with: dangers associated to the deployment of Energy Vault’s power administration software program the tasks introduced in this press launch, dangers associated to Energy Vault’s potential to provide tools, engineering, procurement, building and steadiness of plant providers for the tasks introduced in this press launch, the truth that the challenge is the primary such deployment for Energy Vault and because of this, there might be unexpected points with the system, the flexibility to fulfill milestones in order to obtain funds, unexpected delays in the tasks introduced in this press launch, whether or not these tasks will probably be constructed on time or whether or not they may function as deliberate, developments and adjustments in the overall market, the persevering with influence of COVID-19, political, financial, and business situations, and the influence of competing applied sciences on demand for battery powered tasks. Additional dangers and uncertainties that would have an effect on our monetary outcomes are included underneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, which is accessible on our web site at traders.energyvault.com and on the SEC’s web site at www.sec.gov. Additional info will even be set forth in different filings that we make with the SEC every so often. All forward-looking statements in this press launch are primarily based on info obtainable to us as of the date hereof, and we don’t assume any obligation to replace the forward-looking statements supplied to replicate occasions that happen or circumstances that exist after the date on which they have been made, besides as required by relevant regulation.
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