How would you describe your solution in a few words?
Energy Vault’s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability.
Energy Vault Resiliency Center (EVRC) rendering in a solar field with the city of Dubai in the background. © Energy Vault Inc.
Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.
Who are your customers?
Energy Vault’s target customers include independent power producers, government organizations, utilities, grid operators, as well as industrial and commercial organizations with sizeable electricity needs.
What are the environmental benefits of your solution?
Energy Vault’s gravity-based solutions are based on the well-understood physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks that can be made from low-cost and locally sourced materials, including local soil, mine tailings, CCR, & end-of-life decommissioned wind turbine blades.
Energy Vault systems are intended to minimize environmental and supply chain risks. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.
How do you manage to exist on the market?
Our sales model is designed to serve the full scope of the addressable market by offering our customers a choice of two programs:
- Storage Asset Owner Program the customer would own both the energy storage system and the service the system provides (the energy storage and dispatch of electricity).
- Storage Service Customer Program customers such as community choice aggregators, independent power producers and utility companies would sign long-term power purchase agreements and/or tolling agreements to purchase power on a fixed dollar per kilowatt monthly or hourly basis while we and potentially other equity co-investors would retain an ownership interest in the system.
Nominated Solution: Gravity Energy Storage
Company: Energy Vault Inc.
Further Information: www.energyvault.com
Robert Piconi, Co-Founder and CEO of Energy Vault © Energy Vault Inc.
