New Delhi: NTPC Ltd, India’s largest power utility, on Wednesday announced the signing of a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions.
The MoU aims to collaborate and formalize a long-term strategic partnership for the deployment of Energy Vault’s EVX™, a gravity-based energy storage technology and software solution based on the outcome of a joint feasibility study. The technology also offers beneficial use of coal ash for the manufacture of composite blocks.
Gurdeep Singh, Chairman and Managing Director, NTPC said, “As a large, integrated power producer, it is important for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have achieved India’s energy transition goals. We have increased our renewable capacity addition targets to take the lead and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. NTPC in collaboration with Energy Vault has been given coal for manufacturing of composite blocks. Using ash ashes will help us advance our energy transition goals through a sustainable approach. Accordingly, this collaboration will also promote a circular economy.”
Robert Piconi, President, Co-Founder and CEO, Energy Vault said, “We are excited to partner with NTPC and support India’s largest power utility in the clean energy transition. Energy Vault’s mission is to create sustainable, carbon-free energy to make it a reality.” And the announcement marks further progress toward that goal with expansion into one of the largest global markets for energy. Our association with NTPC builds on the earlier announced commercial expansion across multiple continents as we transitioned to a public company earlier this year.”