CA-ENERGY-VAULT
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced further development for the EVx gravity energy storage platform in China. Specifically, a mandate has been issued announcing an initial 2-gigawatt hour (2 GWh) gravity energy storage project and the deployment of Energy Vault’s Energy Resiliency Centers (ERC’s) at the zero carbon industrial parks in China that will deploy Energy Vault’s EVx™ gravity energy storage technology.
In partnership with Atlas Renewable, EIPC (a policy oriented supporting organization (NGO) of the Investment Association of China), in conjunction with China Tianying (CHINA SHG: CNTY) and selected provincial and local governments, will develop five national zero carbon industrial parks, some of which will be built in previously underserved economic regions throughout China. The parks will utilize Energy Vault’s gravity energy storage technology and its Energy Management Software platform to support China’s mandated climate change and environmental policy: Carbon Peak in 2030 and Carbon Neutrality in 2060 – commonly referred to as “30-60.” The intention of the zero carbon industrial parks and deployments of Energy Vaults’ EVx platform is to support the acceleration of China’s progress toward their “30-60” goals.
As previously announced in February 2022, Energy Vault and Atlas Renewable signed a licensing and royalty agreement for the deployment of Energy Vault’s gravity energy storage technology in China which followed a $50 million equity investment into the company as part of the IPO earlier this year on the New York Stock Exchange (NYSE). The companies immediately commenced the construction of a first 25 megawatt (MW), 100 MWh system outside Shanghai in the province of Rudong, which broke ground in March 2022 earlier this year.
The first announced site has been confirmed for a 2 GWh system supporting the local industrial development in association with the Tong Liao Municipal People’s Government located in Inner Mongolia which has a significant indigenous minority population. This agreement is a major step forward to support China’s new Gobi Desert Renewable Initiative announced in March 2022 and broad economic development goals, including enabling economic prosperity in underserved areas in alignment with China’s energy and economic policy in the Gobi Desert.
“This mandate demonstrates a strong endorsement and demand for the deployment of our gravity energy storage technology throughout China to help them execute their transition to clean energy and to meet their decarbonization goals,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “Together with Atlas Renewable, CNTY and the EIPC, we are making significant progress ahead of our original plans on the deployment of the first 100 MWh EVx system to support grid resiliency and delivery of renewable energy to the Chinese national grid, as well as additional development and deployment of additional EVx systems in China as this announcement demonstrates. We look forward to further deployment of our gravity and energy management software technology throughout China under this mandate.”
China Tianying Chairman Yan Shengjun remarked: “We have forged a strong partnership with Energy Vault at the leadership level and in several technical areas and are contributing to expand the local supply chain and other areas of efficiency at our first 25 MW, 100 MWh commercial scale system in Rudong. This will allow for additional improvements in constructability and capital cost optimization for all projects that Energy Vault and CNTY will collaborate on in the future, both in China and as a part of Energy Vault’s other regional expansions. We are grateful for our selection by a remarkable visionary, Robert Piconi and Energy Vault, to work on contributing our efforts to the great national policy of 30-60 for what it means to our homeland and the world.”
Mr. Zhang Jie, General Secretary of EIPC, stated: “EIPC is fulfilling its role as a resource for all parties, domestic and foreign, to actively pursue the goals of 30-60 that have additional benefits for enabling economic development goals.”
Atlas Renewable, CEO Eric Fang added: “China understands that its investment in producing renewable power must be balanced with the ongoing costs of producing that power and the critical need to store renewable power. Losing electrical power between production and consumption represents the fundamental challenge to address: estimates range from 6-10% national power loss in transmission and competition to access the grid. Energy Vault solves several critical issues in electrical power management by utilizing its gravity storage technology along with its AI software orchestration solutions that help with economic dispatching of power and power grid efficiency.”
Atlas Renewable Chairman Neil Bush remarked: “Intermittency is a key challenge in the transition to renewable energy. China’s commitment to deploy Energy Vault’s innovative gravity storage solution and the collaboration between the technical teams in building the first EVx resilience center is evidence of a global collaboration that should be modeled in addressing climate change.”
About Energy Vault
Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary gravity-based energy storage technology, battery storage technology, and 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. 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. For additional information, please visit: www.energyvault.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding Energy Vault’s future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the deployment of Energy Vault’s energy management software the projects announced in this press release, risks related to Energy Vault’s ability to supply equipment, engineering, procurement, construction and balance of plant services for the projects announced in this press release, the fact that the project is the first such deployment for Energy Vault and as a result, there could be unforeseen issues with the system, the ability to meet milestones in order to receive payments, unforeseen delays in the projects announced in this press release, whether these projects will be constructed on time or whether they will operate as planned, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, and the impact of competing technologies on demand for battery powered projects. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220915005772/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New RSA Agent for Admin Threats Now Generally Available in Microsoft Security Copilot18.11.2025 19:07:00 CET | Press release
RSA Security today announced the general availability of its RSA Advisor for Admin Threats agent in Microsoft Security Copilot. “AI is the force multiplier for defenders, and when partners bring their agentic innovation into the Security Copilot ecosystem, the impact is exponential. Together, we’re not just building tools—we’re creating a new era of intelligent, collaborative cyber defense.” - Vasu Jakkal, Corporate Vice President, Microsoft Security. “We accelerated development of the RSA Advisor for Admin Threats agent to give security leaders the essential AI capabilities they need to quickly detect and resolve high-risk activity or insider threats in RSA ID Plus for Microsoft tenants,” said RSA President, Chief Product and Strategy Officer Jim Taylor. “In a recent RSA survey of more than 2,100 global security leaders, agentic AI emerged as the top cybersecurity priority, and 91% said they plan to integrate AI into their tech stack. We’re working with Microsoft to meet customers’ de
True Announces New Investment Partnership with Integrum to Redefine the Future of the Executive Talent Industry18.11.2025 16:33:00 CET | Press release
True, the premier global executive talent platform driving the industry’s tech evolution through data, AI, and expertise, today announced a new strategic investment partnership with Integrum Holdings LP (“Integrum”), a private investment firm focused on partnering with tech-enabled professional services companies. Integrum’s significant investment will power True’s next phase of growth as it helps clients solve their most pressing talent and leadership needs. Since its founding over 12 years ago, True has become a disruptive force in the industry, growing from a boutique into the sixth-largest executive search firm in North America with over $350 million in revenue. True’s organic growth has been fueled by its highly talented professionals and culture of innovation. With a tech-first and entrepreneurial mindset, and focus on transparency, True has reshaped the executive talent landscape. Brad Stadler, co-founder and CEO of True, said, “I knew during our first meeting, the group at Inte
Klarna now available on Apple Pay in Denmark, Spain, and Sweden with France to follow18.11.2025 16:22:00 CET | Press release
3 countries join the U.S., Canada, and UK in offering the ability to pay with installments when checking out online and in person with Apple Pay Klarna, the global digital bank and flexible payments provider, announced today that its flexible payment products are now available when checking out on Apple Pay in Denmark, Spain, Sweden. The launch brings even greater flexibility and transparency to Apple Pay customers in these countries, with Klarna available to eligible users checking out online and in-app with an iPhone or iPad, and in-store on an iPhone. The expansion builds on successful launches of this feature in the US, UK and Canada, where millions of customers have checked out with Klarna through Apple Pay. Klarna is one of the first buy now, pay later providers to be available on Apple Pay in these countries, offering consumers a seamless, flexible way to pay. Customers in France will be able to check out with Klarna on Apple Pay in the coming weeks. “After the fantastic respons
Bitfury Launches $1 Billion Initiative to Advance Ethical Emerging Technologies18.11.2025 16:11:00 CET | Press release
The company will begin deploying funds as early as Q4 2025 Today, Bitcoin miner turned technology incubator Bitfury announced its pivot to an investment firm with the launch of its $1 billion funding initiative, which seeks to back a new generation of ethical innovators. The firm’s new mission is to close the gap between the accelerating pace of technological progress and the slower evolution of ethical development — a disconnect it sees as a root cause of many global challenges. By supporting mission-driven founders, the company seeks to accelerate ventures that embed ethics, transparency, and human values at the core of emerging technologies. Bitfury’s new chapter as an investment firm builds on its pioneering legacy while expanding its role from technology provider to global catalyst for responsible innovation — ensuring the digital economy develops with integrity and long-term sustainability. Bitfury was originally founded in 2011 as a bitcoin miner, but over the past 15 years has
Interactive Brokers Expands Global Market Access with the Taipei Exchange18.11.2025 16:00:00 CET | Press release
Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, announced access to the Taipei Exchange (TPEx), further expanding its global reach. Eligible clients of Interactive Brokers can now trade equities, ETFs, and Taiwan Depositary Receipts (TDRs) listed on TPEx, alongside products from over 160 global exchanges from a single platform. This extends the opportunity set available to global investors seeking Asian exposure, including the growth potential afforded by emerging small and medium-sized companies listed on the TPEx. Interactive Brokers is one of the few global trading platforms connected to TPEx, a leading Asian exchange for shares of small and medium-sized enterprises (SMEs). Through TPEx, clients can diversify their portfolios to include emerging, high-tech, and creative industries, as well as SMEs and micro-enterprises across Taiwan’s developing economy. To simplify trading, Interactive Brokers will facilitate TPEx trades with an automatic FX conversion be
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom