Energy Vault, Wellhead Electric and W Power Announce Agreement for 275 MWh Energy Storage Project in Southern California
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced the signing of the Stanton Energy Storage System (SESS) EPC contract with Wellhead Electric Company, Inc. (“Wellhead Electric”) and W Power, LLC, (“W Power”), a woman-owned business enterprise that has developed and owned power generation facilities in California. The project will be operated by Wellhead Services, Inc., one of the most experienced developers and operators of innovative energy generation and energy storage facilities in California, which is based in Sacramento, California.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220908005421/en/
Energy Vault will begin deployment immediately in 2022of a 275.2 MWh battery storage project at W Power’s Energy Reliability Center in Stanton, California. The project is on an accelerated timeline to meet critical power needs for southern California and is expected to be completed in mid-2023. Energy Vault will also support W Power and Wellhead with development and deployment of future energy storage projects in California representing approximately 600 MWh+ of additional capacity in the near term.
The system will be built on Energy Vault Solutions’ (EVS) proprietary integration platform and powered by EVS’ energy management software. The EVS platform, which was introduced in Q4 2021, leverages the most advanced software architecture and optimization algorithms, and enables the integration and orchestration of multiple energy assets under a multitude of use cases. Together with the Company’s existing sustainable long duration gravity energy storage technology offering, Energy Vault continues to advance the global transition to a carbon-free, resilient power grid.
"We look forward to developing this project with Wellhead and W Power that will be built on our proprietary system and reflects execution on our previously announced EVS strategy,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “This excitingproject reflects our broad energy storage experience and capabilities across multiple underlying storage technologies while optimizing energy density and performance requirements that was a key factor to meet Wellhead’s requirements. The demanding deployment timelines and need for surety of execution exhibit our ability to be customer focused, nimble and responsive to the rapidly-expanding needs of the global storage market.”
“Our EVS-enabled solutions are the natural complement to Energy Vault’s long-duration gravity storage capabilities which are being deployed globally in parallel, and a key component of our vision of being a leading energy storage technology partner to our customers that require innovation and creativity in dealing with the complexities of the grid,” continued Mr. Piconi. “With EVS we have been able to expand our serviceable market and we are proud to offer a broad portfolio of solutions, from short to long duration, with our EVxTM gravity-based technology, that help customers achieve their decarbonization targets while maximizing economic returns. This is fundamental to the mission of the Company.”
“The team at Energy Vault has greatly impressed us with both their extensive knowledge of energy storage solutions and their critical engineering, integration, and construction experience,” said Hal Dittmer, CEO, Wellhead Electric. “They have won our trust because of their dedication to find the optimal solution for our Stanton site. In addition, because of the EVS technological platform, with the highest energy density and safety features, we were able to fit the maximum energy storage capacity at our site, with full confidence of meeting our expected system performance and project economic return requirements.”
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.
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, the fact that the project is the first such deployment for Energy Vault and as a result, there could be unforeseen issues with the system, the ability to meet milestones in order to receive payments, 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, and the impact of competing technologies on demand for battery powered projects. 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
The Estée Lauder Companies Launches 2022 Breast Cancer Campaign to Honor 30 th Anniversary and Positively Impact the Global Breast Cancer Community30.9.2022 12:45:00 CEST | Press release
In the 30 years since Evelyn H. Lauder launched The Estée Lauder Companies’ Breast Cancer Campaign (The Campaign) and co-created the Pink Ribbon in 1992, The Campaign’s mission to help create a breast cancer-free world for all has remained steadfast. The Estée Lauder Companies (ELC) has a long-standing commitment to helping women and girls achieve their highest potential. As ELC’s largest corporate social impact program, The Campaign is a cornerstone of ELC’s social investments in women’s advancement and health, uniting people everywhere to positively impact the global breast cancer community. As breast cancer is the most commonly diagnosed cancer in the world,1 ELC's continued commitment to improving the lives of all those touched by the disease remains unwavering. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220930005040/en/ The Estée Lauder Companies Launches 2022 Breast Cancer Campaign (Graphic: Business Wire) Together
UN-convened Net-Zero Asset Owner Alliance to Convene High-level Forum on the Potential of Blended Finance30.9.2022 12:37:00 CEST | Press release
Don't miss this special online event by the UN-convened Net-Zero Asset Owner Alliance and United Nations Environment Programme Finance Initiative (UNEP FI), featuring Dr. Mahmoud Mohieldin, UN Climate Champion, Dr. Jörg Kukies, German Chancellery and Dr. Andrea Hauser, KfW. Register for Scaling Blended Finance for Climate Solution Investment in Emerging Markets (5 Oct 2022 at 16.00 CEST) here. Ahead of the International Monetary Fund/The World Bank AGM and COP27, this forum aims to elevate the topic of blended finance to decision-makers at the highest level, without whom progress is impossible. The agenda will include a keynote address by Selwin Hart, UN Special Adviser to the Secretary-General on Climate Action. Panel discussion to include Marc-Andre Blanchard, Executive Vice-President and Global Head of Sustainability, Caisse de dépôt et placement du Québec (CDPQ), Magnus Billing, CEO, Alecta, Chris Clubb, Managing Director, Convergence Blended Finance, Nick O'Donohoe, CEO, British I
Seoul Semiconductor Participates in the World’s Biggest Lighting Expo Held in Germany to Showcase its High-Efficiency & Performance LED Lighting Systems30.9.2022 10:00:00 CEST | Press release
Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), a globally recognized optical semiconductor manufacturer, takes part in ‘Light + Building 2022’ held in Frankfurt, Germany, from October 2 to 6, 2022 to unveil its high-efficiency and high-performance LED lighting solutions. This lighting festival is one of the world’s largest lighting expos attended by more than 200,000 visitors from 55 nations in the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220930005011/en/ [Photo] Seoul Semiconductor’s Booth for ‘Light + Building 2022’ (Photo: Business Wire) Seoul Semiconductor is expected to showcase differentiated lighting systems including ‘WICOP technology-based high-efficiency lighting solutions’ and ‘SunLike technology for reproducing natural light.’ WICOP high-efficiency lighting systems are mid- and high-power solutions that are mainly applied to landscape & horticulture lighting and street lamps. They outperform existin
Turkey is Calling Europe for Flight Trainings30.9.2022 09:30:00 CEST | Press release
Alfa Holding’s Aviation Services, Turkey’s rapidly growing private aviation services company, has met with leaders from European capitals to promote Turkey as a leading European flight training hub. Turkish civil aviation has received significant investment in recent years, developing into an important center for Europe in terms of civil aviation training. Turkey’s climate conditions and its first-rate, state-of-the-art equipped airports mean Turkey is vying with other countries to become a top aviation training hub in addition to offering other aviation-related businesses. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220930005023/en/ Turkey is calling Europe for flight trainings (Photo: Business Wire) Alfa Aviation Services Chairman of the Board Mehmet Fatih Pakır, at his recent visit to France engaged in bilateral meetings with industry peers, commenting, “We are planning to cooperate with the European civil aviation aut
Enlighted Ushers in New Era of Smart Building IoT Data and Space Intelligence30.9.2022 09:01:00 CEST | Press release
Today Enlighted, a leading proptech company, released a curated portfolio of smart IoT building solutions to create customer value and further enable sustainable enterprises across industries and geographies. According to analyst firm Verdantix1, 75% of firms will use IoT data for space utilization monitoring. The solutions announced today, part of Siemens' open business platform Xcelerator, elevate the use of IoT building data to a new level of functionality for leaders seeking to improve productivity of their operations and to reach carbon neutrality. “We anticipate our new solutions and alignment with Siemens Xcelerator business platform will enable our customers to leverage their building’s IoT and activity data to vastly improve processes and decisions around the interactions of people and their spaces,” said Stefan Schwab, CEO, Enlighted. “Additionally, we will help them further transform their real estate portfolios with a focus on long-term sustainability to meet ESG goals.” Sp