NTPC, India’s Largest Power Utility, Signs MOU with Energy Vault for Gravitybased Energy Storage Technology – EQ Mag Pro
MOU governs the formalization of a long-term strategic partnership for the deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions to support NTPC’s clean energy transition
New Delhi : NTPC Limited (NSE India : NTPC, BSE : 532555), the largest power generating utility in India, today announced the signing of a Memorandum of Understanding (MOU) with Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions.
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.
Gurdeep Singh, Chairman and Managing Director of NTPC said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. 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.”
“We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition,” said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault. “Energy Vault’s mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”
About NTPC
NTPC, a publicly traded company in India, has a significant presence across the entire value chain of power generation, and is the largest power generating utility in India. NTPC’s total installed capacity is 68.96 GW with plans for total installed capacity of 130 GW by 2032 which would include a renewable energy capacity of 60 GW. By 2032, nonfossil fuel based generation capacity is expected to be equivalent to or more than thermal capacity of NTPC.
Additionally, NTPC is exploring opportunities in green energy solutions, including energy storage, E-mobility, Biomass cofiring and reduction in SOx & NOx from fossil fuel based power plants. NTPC is also exploring Green Hydrogen, Waste-to-Fuel, and Carbon Capture and Utilization (CCU) technologies and field demonstration projects in these areas are also in an advanced stage.
About Energy Vault
Energy Vault develops and deploys turnkey 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 energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity-based energy storage system utilizes 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.
