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NTPC ties up with Energy Vault

NTPC has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc (Energy Vault) in this regard, a statement said.

April 27, 2022 / 12:24 PM IST
 
 
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NTPC has collaborated with Swiss firm Energy Vault for deployment of gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

NTPC has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc (Energy Vault) in this regard, a statement said.

The objective of the MoU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault's EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

The technology also offers beneficial utilization of coal ash for manufacturing of composite blocks for Energy Vault's gravity-based energy storage system.

"The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy," Gurdeep Singh, Chairman and Managing Director of NTPC said.

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Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault said the collaboration builds upon previously announced commercial expansions across multiple continents as Energy Vault transitioned to a public company earlier this year.



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PTI
first published: Apr 27, 2022 12:34 pm
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