CA-ENERGY-VAULT
12.5.2022 14:02:40 CEST | Business Wire | Press release
Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions, today announced an increase in scope for its initial energy storage project with DG Fuels LLC (“DG Fuels”) in Louisiana. As previously announced in October 2021, Energy Vault and DG Fuels, an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel and diesel fuel, entered into an energy storage system agreement to support the production of green hydrogen for sustainable aviation fuel (“SAF”) across three projects, which have an expected opportunity of up to $520 million in revenue.
Under the terms of the original agreement, Energy Vault agreed to provide 1,600 megawatt hours (MWh) of energy storage to support DG Fuels across three SAF projects, with the first project originally slated for 500 MWh in Louisiana. In October 2021, Energy Vault invested alongside Black & Veatch and HydrogenPro AS in a financing round for DG Fuels to support its continued development of the first SAF project in Louisiana. Under the terms of the project expansion, the SAF project is being developed to support up to 73 megawatts (MW) for 16 hours, reflecting a total of 1,168 MWh in storage capacity. The companies plan to follow the Louisiana project with additional projects in British Columbia and Ohio, with an opportunity for total storage capacity of 2,234 MWh overall and up to $737 million in potential project revenue over time.
The increased scope of the Louisiana project was enabled by joint Front End Loading (FEL2) engineering optimization between Energy Vault, DG Fuels and its engineering partners. This optimization resulted in a system efficiency gain of approximately 14% fuel yield to 11,650 barrels per day, and increased behind-the-meter electric power needs by an additional 50 MW (800 MWh). The additional electric power requirements will be supported by up to 200 MWh of storage utilizing Energy Vault’s EVx™ gravity-based energy storage technology, powered by behind-the-meter solar.
“This first-of-its kind project is a game changer for the production of sustainable aviation fuels and our EVx™ technology and energy management software platform, which will play a critical role in bringing the project to fruition with sustainable and economic long-duration energy storage,” said Robert Piconi Chairman, Co-Founder and CEO, Energy Vault. “The partnership and collaboration with DG Fuels has been outstanding. The transportation sector is one of the largest contributors to greenhouse gas emissions and a critical segment that we are targeting globally in fulfilling our company mission of decarbonization. We are excited to play an important role here in supporting DG Fuels and their partners to enable the production of green hydrogen that supports the delivery of clean, sustainable fuel to the aviation sector.”
Michael C. Darcy, CEO of DG Fuels said, “At DG Fuels we’ve developed and recently improved our carbon conversion fuel production process that is targeting a 97% carbon conversion efficiency and 2.5% carbon mineralization, which reduces the amount of feedstock required to produce our SAF and lowers our cost of production. All this is to be accomplished without affecting food production. The project is expected to be anchored by our existing and growing list of long-term offtake customers.”
About Energy Vault
Energy Vault develops and deploys turnkey 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 energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity energy storage system utilizes 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
About DG Fuels
DG Fuels is building a zero-CO2 life cycle emissions synthetic fuel system based on high carbon conversion technology reaching 97% efficiency. The DG Fuels’ technology does not require the development of new engines or an expanded hydrogen transportation and storage infrastructure. DG Fuels’ innovative technology produces a hydrogen via biogenic water electrolysis and biomass derived carbon replacement fuel for aircraft, and potentially for locomotives, vessels and trucks as well.
DG Fuels delivers a significant value proposition to end-customers, including meaningful environmental benefits and the ability to materially address sustainability goals. If successful, DG Fuel’s carbon efficient solution will tie together all critical elements to power, fuel, and provide SAF to its customers. Learn more at www.dgfuels.com .
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our 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 the EVx systems in the expanded project announced in this press release, risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels, ability to negotiate definitive contractual arrangements with potential customers, including a purchase and sale agreement with DG Fuels that is contemplated by the announced agreement, the uncertainty of projected financial information, unforeseen delays in the project, whether the project will be constructed on time or whether it will operate as planned or ever achieve commercial scale, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions; our limited operating history as a public company; and our ability to retain qualified personnel. 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 our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005599/en/
Link:
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
Quectel Launches FCE870X and FME170X Tri-band Wi-Fi 7 Modules With Bluetooth 6.0 for Set-top Boxes, Gaming Devices and More30.7.2026 10:00:00 CEST | Press release
Quectel Wireless Solutions, a global end-to-end IoT solutions provider, today announces the FCE870X and FME170X tri-band Wi-Fi 7 modules, powered by the Synaptics SYN4384 chipset and designed for set-top boxes, gaming devices, digital signage, VR/AR headsets, smart gateways and other high-performance connected products. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260730986067/en/ Quectel launches FCE870X and FME170X tri-band Wi-Fi 7 modules with Bluetooth 6.0 for set-top boxes, gaming devices and more The FCE870X and FME170X share the same high-end feature set and differ only in form factor. The FCE870X Wi-Fi 7 module uses a Compact LCC package for embedded designs, while the FME170X Wi-Fi 7 module uses a Compact M.2 package for modular, slot-based systems. Device makers can choose the option that best fits their platform without compromising wireless performance. “These high-end Wi-Fi 7 modules are engineered to run acro
Singapore Selects Thales for Next-generation AI-powered Air Traffic Management System Serving One of Asia’s Busiest Airspaces30.7.2026 10:00:00 CEST | Press release
To address the rapid growth in air traffic, the Civil Aviation Authority of Singapore (CAAS) has selected Thales to develop Singapore’s NexGen Air Traffic Management System (ATMS) and air traffic control radars. Scheduled to enter operational service by 2030, the NexGen ATMS will enable air traffic controllers to provide air traffic control services safely and efficiently, handling up to one million aircraft movements annually. Powered by advanced cybersecurity and Artificial Intelligence technologies, the NexGen ATMS provides an integrated, highly automated environment that enhances controller decision-making, increases operational efficiency, and further strengthens flight safety. The Civil Aviation Authority of Singapore (CAAS) has awarded Thales a landmark contract to develop a new NexGen Air Traffic Management System (ATMS) and air traffic control radars, marking a major step towards a more efficient, safer and more sustainable aviation ecosystem. The NexGen ATMS will replace the
Western Europe’s Fashion E-commerce Market Matures, Representing 20% of Online Consumer Spending as Gen Z Drives momentum30.7.2026 09:00:00 CEST | Press release
Second-hand platforms and value-focused retailers are disrupting Western Europe’s fashion market, which accounts for nearly one-fifth of online spending Fashion remains one of the largest and most resilient categories in Western European e-commerce, accounting for approximately 20% of online consumer spending across key markets, according to the latest NIQ (NYSE: NIQ) report, Decoding the Fashion E-commerce European Market in 2026. The study analyzes the behaviour of more than 2 million online shoppers across 10 European countries, providing one of the most comprehensive views of the region’s online fashion landscape. While fashion continues to play a central role in e-commerce, the category is entering a new phase of maturity. Across Europe, total e-commerce sales grew by 5% over the past year, compared with 3% growth for online fashion sales, highlighting the need for brands and retailers to find new avenues for growth. Key findings of the report: Fashion remains a core e-commerce ca
Takeda Announces FY2026 First Quarter Results, Near-Term Launch Preparations and Pipeline Progress on Track30.7.2026 08:37:00 CEST | Press release
Solid first quarter performance broadly in line with guidance, underpinned by resilient demand across core in-line brandsCommercial execution and late-stage pipeline investments on schedule, including first approval for ORZEYFULTM (oveporexton) in China, setting the foundation for next wave of medicinesNo change to FY2026 full-year forecast and management guidance Takeda (TOKYO:4502/NYSE:TAK) announced financial results for the first quarter of fiscal year 2026 (April 1, 2026 to June 30, 2026), marking a period of disciplined execution and operational momentum. Takeda leveraged the resilient performance of its core in-line portfolio to support its long-term strategy, advancing commercial launch preparations and driving critical R&D pipeline milestones. With a clear operational trajectory established in the first quarter and under a new operating model, Takeda remains on track to deliver its strategic and financial commitments for the fiscal year. FY2026 First Quarter Highlights Revenue
Coulson Aviation Introduces CFR HALO, a Long-Term Fire Retardant Engineered for Modern Aerial Firefighting30.7.2026 08:03:00 CEST | Press release
First Coulson EmberWorks product is undergoing qualification in France and evaluation for inclusion on the USDA Forest Service Qualified Products List Coulson Aviation today introduced CFR HALO, a next-generation long-term fire retardant engineered specifically for modern aircraft, tank systems, and wildfire missions. It is the first product from Coulson EmberWorks, the company’s research and development division dedicated to advancing aerial firefighting technologies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260729960073/en/ Coulson Aviation has introduced CFR HALO, a next-generation long-term fire retardant engineered specifically for modern aircraft, tank systems and wildfire missions. It is designed with mission-optimized viscosity and flow characteristics to improve drop cohesion, reduce airborne drift, and support more accurate placement within the intended target area. CFR HALO is currently advancing through ind
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