The Tata Power Company to deploy an initial 35
MWh Energy Vault system planned for 2019; CEMEX partnership will
support rapid adoption and deployment of Energy Vault’s unique
storage solution
Energy Vault, an Idealab company that creates renewable energy
storage products, today 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 (NYSE: CX), 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20181106006096/en/
Energy Vault storage tower co-located
with wind farm (Photo: Business Wire)
Renewables have struggled to more fully replace fossil fuel
power due to production unpredictability and intermittency from
reliance on factors such as wind and sunlight. In the absence of
more efficient and cost-effective storage, the amount of
electricity that can be delivered to the grid from renewable energy
sources, even though now widely affordable, has been limited.
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
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.
“The world needs rapidly scalable and sustainable energy storage
solutions to meet one of the most urgent challenges – the need to
decarbonize our energy generation – and we’re thrilled to launch
Energy Vault’s unique technology to help solve this problem,” said
Robert Piconi, chief executive officer and co-founder, Energy
Vault. “In addition to the vital environmental benefits that it
provides, the system’s radical reduction in $kWh and overall
levelized cost of storage enables our customers to provide
dispatchable and baseload power cheaper than fossil fuels for the
very first time. We’re also excited to begin our important
collaboration with CEMEX whose innovation in material composite
technologies and global footprint will help accelerate achieving
our collective sustainability goals.”
Energy Vault’s new technology collaboration and development
agreement with CEMEX Research Group AG (Switzerland) will enable
joint technology teams to focus on material applications which
include the optimization of various concrete and soil composite
materials that form an integral part of Energy Vault’s storage
solution. The collaboration also includes a focus on carbon and CO2
reduction methodologies given the role that utility-scale energy
storage will now play in enabling various renewable energy
technologies.
“Energy Vault’s team has developed a disruptive platform, and we
are enthusiastic to work with their team to deploy an
environmentally efficient and cost-effective energy storage
solution that is highly viable,” said Dr. Davide Zampini, Head of
CEMEX Global R&D and IP. “We share a common commitment to
enable a future where resources are used responsibly, which is
paramount to CEMEX’s strategy for sustainable development.”
“Innovation in energy storage represents the largest and most
near term opportunity to accelerate renewable deployments and bring
us closer to replacing fossil fuels as the primary source to meet
the world’s continual growth in energy demand,” said Bill Gross,
co-founder, Energy Vault, and founder, Idealab. “We’re excited to
support Energy Vault in bringing this groundbreaking technology to
the market.”
As part of its efforts to rapidly bring projects to market,
Energy Vault has initial agreements with customers on multiple
continents.
The announcement is being made at the Energy Storage North
America (ESNA) conference at which Bill Gross will deliver a
keynote address later today.
About Energy Vault
Energy Vault, an Idealab portfolio company, is a creator of
renewable energy storage products that are revolutionizing the
approach to long duration, utility scale energy storage. Applying
conventional physics fundamentals of gravity and potential energy,
the system combines an innovative six-arm crane design that lifts
specially designed, massive concrete bricks with a proprietary,
cloud-based software platform that orchestrates the storage and
discharge of electricity. Utilizing 100 percent eco-friendly
materials at unmatched cost levels, Energy Vault is accelerating
the transformation to a fully renewable world.
For more information about Energy Vault, please visit
energyvault.ch
About CEMEX
CEMEX is a global building materials company that provides
high-quality products and reliable services to customers and
communities in more than 50 countries. CEMEX has a rich history of
improving the well-being of those it serves through innovative
building solutions, efficiency advancements, and efforts to promote
a sustainable future. For more information, please visit:
www.cemex.com
About Tata Power
Tata Power is India’s largest integrated power company and,
together with its subsidiaries & jointly controlled entities,
has an installed capacity of 10857 MW. A pioneer in the field, it
has a presence across the entire power value chain: Generation of
renewable as well as conventional power including hydro and thermal
energy; transmission & distribution, trading and coal &
freight logistics. With renewable energy assets in solar and wind
accounting for 22% of the company's portfolio, Tata Power is a
leader in clean energy generation. In line with the company's 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.
It has successful public-private partnerships in generation,
transmission & distribution in India namely: ‘Tata Power Delhi
Distribution Ltd.’ with Delhi Vidyut Board for distribution in
North Delhi; 'Tata Power Ajmer Distribution Ltd.' with Ajmer Vidyut
Vitran Nigam Ltd. for distribution in Ajmer; 'Powerlinks
Transmission Ltd.' with Power Grid Corporation of India Ltd. for
evacuation of Power from Tala hydro plant in Bhutan to Delhi;
'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW
Mega Power Project at Jharkhand. Tata Power is serving more than
2.6 million distribution consumers in India and has developed the
country’s first 4000 MW Ultra Mega Power Project at Mundra
(Gujarat) based on super-critical technology.
With growing international focus, Tata Power's global presence
includes strategic investments in Indonesia through a 30% stake in
the coal company PT Kaltim Prima Coal (KPC); 26% stake in mines at
PT Baramulti Suksessarana Tbk (BSSR); in Singapore through Trust
Energy Resources; in South Africa through a joint venture called
‘Cennergi’ to develop projects in sub-Sahara Africa; in Zambia
through a 50:50 joint venture with ZESCO for 120 MW Hydro project;
in Georgia through AGL which is a joint venture with Clean Energy,
Norway & IFC for development of 187 MW hydro project; in Bhutan
through a hydro project in partnership with The Royal Government of
Bhutan.
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. Visit us at: www.tatapower.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181106006096/en/
For Energy Vault:Isaac
Steinmetzisaac@antennagroup.comorFor CEMEX:Media
RelationsJorge Perez, +52(81) 8888-4334mr@cemex.com
Cemex SaB De Cv (NYSE:CX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cemex SaB De Cv (NYSE:CX)
Historical Stock Chart
From Apr 2023 to Apr 2024