Energy Vault and Jupiter Power Announce Agreement for Battery Energy Storage Projects in Texas and California Totaling 220 MWh
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, and Jupiter Power (“Jupiter”), a leading battery energy storage developer and owner/operator of utility-scale battery energy storage projects in the United States, today announced the signing of two contracts whereby Energy Vault will supply equipment, engineering, procurement, construction, balance of plant services and the energy management software for two of Jupiter’s battery energy storage projects.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220815005206/en/
The projects include a 100 MW (200 MWh) battery energy storage system near Fort Stockton, Texas, which will provide energy and ancillary services to ERCOT, and a 10 MW (20 MWh) system in Carpinteria, California, to provide grid services through participation in the CAISO Resource Adequacy program as well as energy resiliency in Southern California. The projects will provide critically needed dispatchable capacity to these electricity markets and are expected to be completed in 2023.
The systems will utilize Energy Vault Solutions’ (EVS) proprietary integration platform and powered by EVS’ innovative energy management software platform, which started development nine months ago in November 2021, as previously announced. EVS leverages advanced software architecture and optimization algorithms and enables the integration and orchestration of multiple energy assets under a multitude of use cases.
"With today’s inaugural EVS-enabled battery energy storage projects announcement supporting a market leader in storage infrastructure and analytics like Jupiter, we are delivering on our comprehensive energy storage solutions strategy introduced just nine months ago,” said Marco Terruzzin, Chief Commercial Officer, Energy Vault. “We are seeing strong demand for our EVS-enabled energy storage solutions on a global basis due to the unique ability of our platform to integrate and deliver both short and long duration (EVx) energy storage technologies.”
“Jupiter is pleased to be working with Energy Vault to expand our existing battery energy storage portfolio with these two new projects,” said Michael Geier, Chief Technology Officer of Jupiter Power. “As the largest developer and operator of battery energy storage projects on the ERCOT grid, we see a strong need to continue to execute innovative storage solutions to help relieve grid strain. We are also excited to be building our first project in California, where grid conditions continue to demonstrate a strong need for additional battery energy storage capacity.”
Jupiter currently has 654 MWh of battery energy storage projects in operations or commissioning in Texas and more than 11 GW of additional projects in development in several target markets from California to Maine. Jupiter’s projects are critical to decarbonizing the U.S. electricity grid by providing non-emitting generation to support and firm the penetration of renewable electricity resources, namely solar and wind, while increasing grid resiliency and reliability.
About Energy Vault
Energy Vault develops and deploys 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 gravity-based energy storage technology, battery storage technology, and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing 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 Jupiter Power
Jupiter is a leading battery energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. Jupiter is backed by EnCap Investments L.P., Yorktown Partners and Mercuria Energy, and has offices in Austin and Houston, Texas, and Chicago, Illinois. Jupiter has a portfolio of utility-scale battery energy storage projects operating or in construction in the U.S., with a pipeline of over 11,000MW in active development. For more information on Jupiter Power, please visit our Twitter, LinkedIn, or Facebook pages or visit www.jupiterpower.io.
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding Energy Vault’s 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 Energy Vault’s energy management software the projects announced in this press release, risks related to Energy Vault’s ability to supply equipment, engineering, procurement, construction and balance of plant services for the projects announced in this press release, unforeseen delays in the projects announced in this press release, whether these projects will be constructed on time or whether they will operate as planned, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions. 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 the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
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
Board Appoints Nelson Petracek as Chief Technology Officer6.10.2022 12:00:00 CEST | Press release
Board, the leading global provider of Intelligent Planning Solutions which help organizations plan smarter – enabling actionable insights and better outcomes, today announced the appointment of Nelson Petracek as Chief Technology Officer. “Nelson Petracek is an outstanding technology leader with a record of continuous success working in the SaaS industry, building world-class technology teams and leading the development of powerful intelligent planning and analytics solutions for high growth organizations,” said Marco Limena, CEO of Board. “I am delighted to welcome Nelson as Chief Technology Officer, as we continue to deliver on the power of Intelligent Planning for our customers worldwide.” Nelson Petracek joins Board from TIBCO Software, a global leader in enterprise data, which empowers its customers to connect, unify, and confidently predict business outcomes, solving the world's most complex data-driven challenges. At TIBCO, Nelson served as Global Chief Technology Officer, shapi
Hyatt to Enter Exclusive Collaboration Agreement With Lindner Hotels AG, to Significantly Increase Brand Footprint in Germany and Key European Leisure Destinations6.10.2022 10:36:00 CEST | Press release
Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into an exclusive collaboration agreement with Lindner Hotels AG, a family-run German hospitality business, focused on hotel developments, management and investments. It is expected that more than 30 hotels across seven European countries will join the Hyatt brand portfolio and will be integrated into the World of Hyatt loyalty program in the near future. The majority of the properties are slated to transition to the JdV by Hyatt brand, a collection of independent hotels with unique personalities and a true reflection of their locations. Lindner Hotels AG, a German family-owned hospitality company founded in 1973 by architect Otto Lindner, operates a variety of properties under the Lindner Hotels & Resorts and the me and allhotels brands in key cities across Germany and in Central and Eastern Europe. The agreement will expand Hyatt’s brand footprint to 15 new markets and extend distribution in key des
REPLY: Spike Reply, Live Reply and Glue Reply Named “Partner of the Year” at Kong’s Partner Summit 20226.10.2022 10:08:00 CEST | Press release
Reply announced today that its companies Spike Reply, Live Reply and Glue Reply have been awarded in the EMEA category of the 2022 Partner of the Year Awards from Kong Inc., the cloud native API company. These awards recognize the partners that are driving innovation in the market using APIs, microservices, open source technology and more through Kong products. Winners were announced at Kong’s Partner Summit and Kong Summit 2022, the company’s fifth annual user conference. Filippo Rizzante, CTO of Reply comments: “We are very pleased to receive this award, which confirms our expertise and technical competence of our teams to develop secure and innovative API management infrastructures and connectivity. Our solutions rely on automation and DevSecOps best practices to enable API governance, security, and auditing by making use of API configuration as code. Thus, an API-first strategy can shorten time-to-market and increase security. We support our customers in powering reliable digital c
Neeva Launches in Europe to Rival Google Search With Tracking Free, Ad Free Search6.10.2022 10:00:00 CEST | Press release
Search engine Neeva has today launched in Europe to rival Google, by giving web users honest search results, no tracking, and with absolutely no advertisements or affiliate links. Neeva puts users first and gives consumers control to customise their web search experiences. By eschewing ads and advertisers, Neeva eliminates corporate bias that has plagued the traditional search experience. Instead, Neeva's sole goal is to create a search engine that delivers the best results as quickly as possible. Neeva delivers honest results and empowers users to select their information sources such as news outlets, shopping, software engineering sites, travel and others based on personal preference and relevance, rather than what advertisers suggest, all while respecting users’ privacy by blocking third party tracking and never profiting off of user data. Neeva’s European expansion follows a successful 2021 $40mm Series B funding round. Founded by Sridhar Ramaswamy (ex-SVP of Ads at Google) and Viv
deWiz AB Closes Out Series-B Funding to Fuel Golf Wearable Technology Business6.10.2022 10:00:00 CEST | Press release
deWiz AB has closed out its current Series-B funding round with more than 43 million SEK (nearly 4M USD) in new investment dedicated to its deWiz Golf business. The oversubscribed investment will showcase deWiz’s wearable swing modifying technology through additional marketing, further global expansion, continued product development, and added staffing to support further growth. And with financial backing secured for the golf vertical, deWiz AB can continue development on new verticals, including sports like basketball and tennis, as well as broader applications across gaming and healthcare. The Series-B funding round was backed by the original investors group, and includes new investors like Patrick Rees, founder of Bygghemma, and global deWiz ambassadors Vijay Singh and Annika Sörenstam. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221006005058/en/ deWiz Golf AB's swing modifier wearable tech, which tracks the exact posi