NTPC signs MOU with Energy Vault for Gravity-based Energy Storage Technology
New Delhi : Public sector power producer NTPC Limited has signed a Memorandum of Understanding (MOU) with Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions. 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.
“As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. 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.