Recently, Energy Vault Holdings, Inc., a leader in grid-scale energy storage solutions and sustainable development, and NTPC Limited, India's largest power generation company, officially signed a memorandum of cooperation.
The signing of the memorandum aims to reach a long-term strategic partnership between the two parties and to deploy Energy Vault's EVx™ gravity energy storage technology and software solutions based on a joint feasibility study. Coal ash will also be recycled in the manufacture of composite bricks for the Energy Vault gravity energy storage system.
Chairman, Co-Founder and CEO of Energy Vault said: "Energy Vault aims to create a sustainable, zero-carbon energy future, and through this partnership, we have entered one of the world's largest energy markets, taking us away from this The mission is one step closer. This partnership with NTPC is another major step forward in our commercial expansion across multiple continents following our listing at the beginning of the year."
NTPC Chairman and Managing Director said: "As a large integrated power producer, NTPC must build a diversified Qingyuan energy business portfolio to help decarbonize the Indian economy. By further increasing the renewable energy installed capacity target, and We are leading the way to achieve India's energy transition goals with a focus on solar, wind, all-weather power and hybrid energy projects. This partnership with Energy Vault will accelerate NTPC's progress through sustainable solutions such as the use of coal ash to make composite bricks Clean energy transition while driving the development of a circular economy.”
Energy Vault develops and deploys all-in-one sustainable energy storage solutions designed to drive the global utility-scale transition to decarbonized energy storage while maintaining grid resilience. Its proprietary gravity energy storage technology and optimized software system are designed to pool multiple generation and storage resources to help utilities, IPPs and large industrial energy users slash the levelized cost of energy while ensuring their power quality and grid reliability. Energy Vault's EVx™ gravity energy storage system uses environmentally friendly raw materials and recycles waste to accelerate customers' clean energy transition while driving the world toward a circular economy.
NTPC is an Indian listed company. As India's largest power producer, its main business covers all aspects of the power generation value chain. NTPC currently has a total installed power capacity of 68.96 GW, which is planned to reach 130 GW in 2032, of which 60 GW of renewable energy is installed. By 2032, NTPC's non-fossil fuel capacity is expected to equal or exceed thermal power capacity. In addition, NTPC is actively exploring green energy solution opportunities, including energy storage, electric mobility, co-firing biomass for power generation, and reducing SOx and NOx emissions from fossil fuel power plants. At the same time, NTPC is also exploring technologies such as green hydrogen, waste-to-energy, carbon capture and utilization (CCU), and field demonstration projects in related fields are also in the final stages of implementation.
