Piconi’s mission is to make sustainable, carbon-free energy a reality
NTPC Limited has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) 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.
NTPC Chairman and Managing Director Gurdeep Singh said of the MoU on 27 April, “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.”
“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,” said Energy Vault Chairman, Co-Founder and CEO Robert Piconi.
“Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year,” he elaborated. fiinews.com
