- Press Releases
October 28 (Renewables Now) - Energy Vault Inc has signed a deal to provide 1.6 GWh of energy storage as part of multiple sustainable aviation fuel (SAF) projects developed by DG Fuels LLC in North America.
The first project to benefit from the new agreement will involve a 500-MWh installation in Louisiana and it will be followed by developments in British Columbia and Ohio. These three projects are expected to generate up to USD 520 million (EUR 447m) in revenue for Energy Vault. The first is expected to start in mid-2022.
More specifically, the customer will deploy Energy Vault’s gravity energy storage systems in conjunction with a solar photovoltaic (PV) facility. The renewable power output will support HydrogenPro water electrolysis for both hydrogen and oxygen feedstock production.
Energy Vault has developed an energy storage system based on the mechanical engineering fundamentals of pumped hydro but replacing water with custom-made composite blocks. Its solution can meet a broad set of storage durations, from 2 to 12 hours, or even more.
The company is in the process of being acquired by blank-check firm Novus Capital Corporation II (NYSE:NXU) in a move that would grant it a listing on the New York Stock Exchange.
(USD 1.0 = EUR 0.860)