Energy Vault Announces Commercial Availability of Transformative Utility-Scale Energy Storage Technology Yielding Unprecedented Economic Benefits to Global Energy Providers
PASADENA, Calif. & LUGANO, Switzerland--(BUSINESS WIRE)
Energy Vault announced the commercial availability of its groundbreaking solution. Based on the principles that underpin traditional gravity-based pumped hydro plants, the new technology combines conventional physics fundamentals of potential and kinetic energy with a proprietary, cloud-based software platform to operate a newly developed six-arm crane. The crane operation is fully automated and orchestrates the positioning of the massive concrete bricks that provide the basis for the efficient storage and discharge of electricity. The innovative use of low cost and environmentally-friendly waste debris concrete materials enables the Energy Vault system to achieve significantly lower cost per kilowatt-hour and high round trip efficiency while delivering a 30-40 year life without any degradation in storage capacity. The company also announced an agreement with The Tata Power Company Limited, India’s largest integrated power company, to deploy an initial 35 MWh Energy Vault system with deployment expected in 2019. In addition, the company announced a technology and commercial partnership with CEMEX Research Group AG, a Swiss subsidiary of Mexico-based CEMEX, that will focus on material applications which include the optimization of various concrete based composite materials that will support Energy Vault’s system deployments globally.
Energy Vault’s breakthrough technology was inspired by pumped hydro plants that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same well-understood fundamentals used in those plants, but replaces the water with custom made concrete bricks through an extremely innovative use of low-cost materials. The large bricks are combined with Energy Vault’s patented system design and proprietary algorithm-based software, which calibrates the energy storage and subsequent electricity discharge while accounting for a variety of factors, including power supply, energy demand volatility, and weather. As a result, the company can deliver all the benefits of a pumped hydro system, but at a much lower price, higher roundtrip efficiency and without the requirement for specific land topography and negative environmental or wildlife impacts.
The system specifications and attributes include:
- 35 MWh nominal energy capacity and 4 MW peak power; can be modulated as required
- Millisecond response ramp time with 100 percent full power achieved in 2.9 seconds, supporting critical Ancillary Services (spinning reserve, frequency response, black start, etc.)
- Roundtrip efficiency of ~90 percent; zero storage degradation over time with no energy loss; >30-year lifetime with unlimited cycles
- Disruptive economics – ~50 percent below existing solutions on a capex $/kWh basis, ~80 percent lower when factoring in system life, operating, maintenance and replacement cost on a levelized cost of storage (LCOS) basis
- Environmental sustainability of all materials through the product lifetime with utilization of debris materials that would otherwise be required to be land-filled
Photo: Energy Vault storage tower co-located with wind farm (Photo: Business Wire)
Photo: Energy Vault 35 MWh storage tower (Photo: Business Wire)
Further bolstering its eco-friendly advantages over existing chemical storage solutions is the fact that Energy Vault’s storage conduit – the large concrete bricks – do not degrade over time and therefore eliminates the need for replacement equipment. Future systems will roughly double the amount of MWh energy storage capacity and peak power discharge while continuing to significantly reduce the cost.
Platform flexibility is one of the most critical investment criteria for energy providers, and the Energy Vault system was developed to be suitable for both “in front of the meter” and “behind the meter” applications. It can also be paired with renewable generation like solar PV for offgrid and microgrid solutions, allowing commercial and industrial customers to maximize their renewable power usage and delivering on the promise of reliable 24 hour a day power to remote towns and villages in emerging markets.
Source: Energy Vault