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
Forrester’s 2027 Budget Planning Guides: After A Year Of Caution, Business And Tech Leaders Are Ready To Invest Again15.7.2026 11:00:00 CEST | Press release
While leaders are betting on growth, in the age of AI, spending more is no longer enough According to Forrester’s (Nasdaq: FORR) 2027 Budget Planning Guides, business and technology leaders are approaching 2027 with renewed confidence as they increasingly accept volatility as a permanent feature of the business environment. After a year of more cautious spending, more than 80% of leaders expect their budgets to increase over the next 12 months, with as many as one-quarter anticipating growth of 10% or more. But planning in the age of AI demands more than bigger budgets: Increasing investment without modernizing operating models, strengthening data foundations, and improving AI readiness will only accelerate fragmented data, duplicated work, and technical debt. To realize AI’s full potential, leaders must rethink their strategies and prioritize investments in operational foundations, governance, and experimentation that drive tangible outcomes. This year, optimism is widespread across f
Post-Quantum’s Algorithm - Classic McEliece - Achieves Global ISO Standardization to Protect the World From Quantum Cyber Attack15.7.2026 10:00:00 CEST | Press release
Ultra-secure encryption algorithm added to ISO standard for Asymmetric Ciphers Classic McEliece is first PQC algorithm to achieve global standardization Organisations in 177 ISO member states can now adopt Classic McEliece to remain secure from attack by both classical and quantum computers Governments including Germany and the Netherlands already recommend the highly secure Classic McEliece algorithm due to its unmatched security credentials It’s proven that today’s encryption is vulnerable to attack by a sufficiently mature quantum computer running Shor’s algorithm - a catastrophic event commonly known as Q-Day. Even before such a cryptographically relevant quantum computer emerges it is known that adversaries are stealing encrypted data now, which can be decrypted later - also known as Harvest Now, Decrypt Later (HNDL). Google’s recent use of Artificial Intelligence (AI) to optimise Shor’s algorithm reduces the number of physical qubits required to break today’s encryption, therefor
Thredd Joins The Visa Agentic Ready Programme, Bringing Agent Network Readiness To Issuers Across Europe, Starting With Zilch15.7.2026 09:00:00 CEST | Press release
Thredd, the AI-first issuer processing platform, today announced it has joined the Visa Agentic Ready programme, enabling issuers across Europe to participate in agent-initiated payments without rebuilding their payments infrastructure. Consumer payments platform Zilch will be among the first issuers on the platform to enable agent-initiated payments for its cardholders. As a processor and enabler, Thredd sits at the trust layer of the payments ecosystem. By joining the programme, Thredd is ready to support Visa and its clients as the market moves into agentic commerce. Agentic commerce introduces a new type of payment initiator: An AI agent acting on a cardholder's behalf. The core payments principles do not change. Cardholder permission, issuer approval, authentication and fraud monitoring all still apply. What changes is how trust is established and enforced at the point an agent transacts. Taking a Zilch customer as an example, a cardholder might ask an AI agent to find a product w
Surgerii Robotics Announces First European Installation of the SHURUI® Single-Port Surgical System at Vall d'Hebron University Hospital15.7.2026 09:00:00 CEST | Press release
Surgerii Robotics today announced the first European installation of its SHURUI Single-Port (SP) Surgical System at Vall d'Hebron University Hospital in Barcelona, Spain, one of Europe's leading academic medical centers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260713209503/en/ The first pediatric procedure performed with the SHURUI SP system was a nephroureterectomy on a twelve-year-old boy whose kidney and ureter had become infected and non-functional due to multiple stones. The SHURUI SP system is CE-marked for adult and pediatric use, making it the only CE-marked single-port robotic surgical system currently indicated for pediatric procedures in Europe. The installation marks an important milestone in the international expansion of Surgerii Robotics and the introduction of the technology into a major European reference center. As part of this collaboration, Vall d'Hebron University Hospital has become the first hos
SES, Airbus and Dutch Municipality of Noordwijk to Build Satellite Optical Ground Station for EAGLE-115.7.2026 08:50:00 CEST | Press release
The parties signed a ground lease agreement allowing installation of the optical ground station (OGS) at the NL Space Campus SES, a space solutions company, jointly with Airbus Netherlands B.V. signed a ground lease agreement with the Dutch municipality of Noordwijk for a plot at the NL Space Campus, next to the European Space Agency’s (ESA) technical center ESTeC. The facility will host a dedicated optical ground station (OGS) to communicate with the EAGLE-1 satellite and receive quantum safe keys via laser technology. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260714786947/en/ Breaking the ground of the EAGLE-1 Optical Ground Station, Municipality of Noordwijk, the Netherlands. Pictured left to right: Pim van Strien, Alderman for the Municipality of Noordwijk; Rob Postma, President and Managing Director, Airbus Netherlands; Alan Kuresevic, Managing Director, SES Techcom, SES. The station, to be built by Airbus for SES,
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