Gravity-based energy storage technology developer Energy Vault is developing a new gravity-based energy storage technology. While the company said shortly before its listing that it had not yet perfected its grid-scale energy storage product EVx, it recently said it had begun deploying a 25MW/100MWh gravity energy storage project in China.
Atlas Renewable's licensing deal drove revenue to $42.9 million in the first quarter of 2022, according to quarterly financial results released a few days ago. And the company is an American company established specifically to create links between the U.S. and China's renewable energy industries.
Energy Vault's GAAP operating income for the first quarter of this year was $20.8 million compared to a $20.1 million GAAP net loss related to the merger cost of the special purpose acquisition company (SPAC) Novus Capital Corporation II.
Energy Vault also noted that it is in discussions with India's state-owned power producer NTPC to deploy an energy storage system. In addition, it has cooperated with Italian energy developer Enel Green Power to deploy an energy storage system in the United States. Enel's planned 18MW/36MWh project in Texas is expected to break ground in September this year.
The company expects to further announce the deployment of the EVx energy storage system and its software platform Energy Vault solution in the US, China and Australia in 2022.
