Energy Vault Announces Commercial Availability of Transformative Utility-Scale Energy Storage Technology Yielding Unprecedented Economic Benefits to Global Energy Providers
Summary
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.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.Future systems will roughly double the amount of MWh energy storage capacity and peak power discharge while continuing to significantly reduce the cost.In line with the companys view on sustainable and clean energy development, Tata Power is steering the transformation of utilities to integrated solutions by looking at new business growth in EV charging & storage, distributed generation & rooftops, microgrids and home automation & smart meters.With its 103 years track record of technology leadership, project execution excellence, world-class safety processes, customer care and driving green initiatives, Tata Power is poised for multi-fold growth and committed to lighting up lives for generations to come.