NTPC ties up with Energy Vault

The objective of the MoU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault’s EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

FILE PHOTO: A signboard of NTPC (National Thermal Power Corporation Limited) is seen outside its office in Mumbai, India, July 23, 2018. REUTERS/Francis MascarenhasNew Delhi:NTPChas collaborated with Swiss firmEnergy Vaultfor deployment of gravity-basedenergy storagetechnology and software solutions based on the outcome of a joint feasibility study. NTPC has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc (Energy Vault) in this regard, a statement said.

The objective of the MoU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault’s EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

The technology also offers beneficial utilization of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system.

“The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy,” Gurdeep Singh, Chairman and Managing Director of NTPC said.

Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault said the collaboration builds upon previously announced commercial expansions across multiple continents as Energy Vault transitioned to a public company earlier this year.

Follow and connect with us on , Facebook, Linkedin, Youtube