Energy Vault Holdings Inc made a significant announcement on Tuesday, revealing plans for the construction of five new energy storage systems in China, all powered by its revolutionary EVx gravity energy storage technology. These projects, collectively boasting a storage capacity of 1.16 GWh, will be executed by China Tianying Inc, or CNTY, under an existing licensing and royalty agreement with Atlas Renewable. As part of this agreement, Energy Vault stands to gain a 5% revenue royalty from these projects.
The forthcoming systems will join the ranks of a 25-MW/100-MWh EVx system currently undergoing commissioning and a massive 2-GWh EVx project in Tong Liao, Inner Mongolia. With the addition of these five new initiatives, China Tianying's contribution to the Energy Vault's EVx platform will encompass seven sites across China, with a total energy storage capacity of 3.26 GWh. This remarkable achievement represents an estimated project value exceeding USD 1 billion (EUR 937 million).
The recent agreements have been forged with various provincial governments and are set to result in the development of gravity energy storage systems (GESS) in multiple locations. These include a 100-MWh GESS in Zhangjiakou, Hebei Province, a 100-MWh GESS in Suzhou, Shanxi Province, a 200-MWh GESS in Jinta County, Jiuquan, Gansu Province, a substantial 660-MWh GESS in Songyuan, Jilin Province, and another 100-MWh GESS in Yining, Xinjiang Province.
One of the key highlights in this expansion is the 25-MW/100-MWh EVx GESS in Rudong, China, which commenced commissioning in June. Once fully integrated into the state grid, it is set to become the world's first commercial, utility-scale non-pumped hydro gravity energy storage system, marking a significant milestone in the industry.
Yan Shengjun, Chairman of China Tianying, emphasized the robust demand for Energy Vault's innovative gravity energy storage technology in China. He noted that the long lifecycle of these assets and their substantial local economic impact make them an attractive choice for meeting the state-mandated energy storage requirements, especially in light of China's rapid growth in renewable energy deployments. This partnership is poised to further catalyze sustainable energy adoption in the region.