Energy Vault Begins Development on the First Gravity-Based Storage Installation
Energy Vault, a gravity-based power storage provider, has begun building on its first commercial-scale project. The 100MWh battery pack is being constructed near a wind generator in Rudong, Jiangsu State, China, just east of Shanghai.
According to the announcement, this implies the firm’s approach is cost-effective and environmentally benign, allowing the usage of renewable energy from moments when demand is low to instances when capacity is mostly required during peak hours.
The initiative intends to contribute to China’s intention of attaining a carbon climax in 2030 and low emissions by 2060. According to Energy Vault, the Rudong project was expedited, with initial approval granted by numerous Chinese authorities on March 12.
At the same time, renewable energies are predicted to account for 90% of total energy generation by 2050, a milestone that would necessitate a tenfold increase in grid-scale energy storage capacity over the following ten years, according to the release.
Atlas Renewable, headquartered in Houston, struck a $50 million licensing deal with Energy Vault for the use of its production and energy control software package in China.
The gravity-based energy storage mechanism used by Energy Vault functions similarly to a pressurized hydroelectric energy storage unit. Instead of utilizing water, synthetic 30-ton blocks are elevated using sustainable energy to generate potential energy, which is then converted into kinetic energy by dropping the blocks.
Energy Vault claims that its technology can store energy for 2 to 12 hours. The storage facility was revealed in February along with the collaboration of Energy Vault, Atlas Sustainable, and China Tianying. After a merger with Norvus Capital Corp. II, a special duty acquisition business, Energy Vault was appraised at $1.1 billion last year.