ACEN Australia and Energy Vault to collaborate
on battery energy storage system (BESS) deployments, with 200
MW/400 MWh system, at ACEN Australia’s 720 MW New England Solar
The 50 MW/100 MWh and 150 MW/300 MWh New
England Solar BESS deployments will begin construction in the
second half of 2024 with the start of commercial operations
expected in 2025
Agreement with one of Australia’s largest
renewable energy producers represents execution of Energy Vault’s
long term strategy and investment commitments to energy storage for
the Australian market
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a
leader in sustainable, grid-scale energy storage solutions, and
ACEN Australia, today announced the main contractual agreements for
two battery energy storage system (BESS) deployments totaling 400
MWh in Australia. Construction on both deployments is expected to
begin in the second half of 2024, with commercial operations
expected in 2025 and 2026. The agreements are under final contract
procedural preparation, and expected to be executed and closed
formally within the first half of May 2024.
Under the agreement, Energy Vault will deploy both a 50 MW/100
MWh BESS and a 150 MW/300 MWh BESS at ACEN Australia’s 720 MW New
England Solar, one of the largest solar projects to participate in
Australia’s National Electricity Market (NEM). The BESS will be
charged and discharged on a daily basis and designed to dispatch
stored renewable energy at peak consumption hours to help meet the
high demand during New South Wales’ peak load hours while reducing
the region’s reliance on coal-fired power generation. Currently
supported by the NSW Government’s Emerging Energy Program, the New
England BESS project is a part of ACEN’s broader strategy in
Australia, where they are actively developing over 1 GW of
projects.
ACEN Australia’s New England Solar, located near Uralla,
completed Stage 1 of construction in 2023, when 400MW of solar
generation was officially brought online. Upon completion of Stage
2, the site will generate a total of 1,800 GWh of renewable
electricity annually. In 2023, ACEN Australia secured a 20 year
Long Term Energy Service Agreement (LTESA) for New England Solar in
the NSW Government’s first renewable energy and storage auction.
The LTESA is a risk management mechanism that will support the
project in the future if the National Electricity Market moves into
a sustained period of low prices.
“ACEN Australia’s New England Solar is a critical source of
renewable energy for the NSW region, and we are proud to play a
role in ensuring its ability to reliably provide the region with
clean power in the most efficient and cost-effective manner
possible,” said Robert Piconi, Chairman and Chief Executive
Officer, Energy Vault. “These deployments, and the tight timelines
under which they will be delivered, stand as a testament to Energy
Vault’s commitment to a customer-centric approach to energy storage
as well as evidence of the growing global demand for reliable and
effective energy storage solutions. We see today’s agreement as
just the first step in a long and fruitful relationship with ACEN
and their renewable power generation projects moving forward.”
“Energy Vault was selected for these projects due to their
impressive track record and we are thrilled to leverage their depth
of expertise in design, engineering, construction and procurement,”
said ACEN Australia Managing Director David Pollington. “Energy
Vault’s ability to work with our Siemens S120 converters will be
particularly valuable as we optimize our battery storage systems
for maximum efficiency and impact.”
The BESS deployments, developed under Energy Vault’s B-VAULT™
suite of fully integrated battery energy storage solutions, will be
coupled with a Siemens S120 inverter, which enables advanced grid
support functionalities such as voltage and frequency ride-through,
grid support during disturbances, and reactive power control. The
use of the Siemens S120 inverter, combined with Energy Vault’s
proprietary X-Vault integration platform and Vault-OS Energy
Management System to control, manage and optimize the BESS
operations, will allow for superior energy management
capabilities.
About Energy Vault Energy Vault® develops and deploys
utility-scale energy storage solutions designed to transform the
world's approach to sustainable energy storage. The Company's
comprehensive offerings include proprietary gravity-based storage,
battery storage, and green hydrogen energy storage technologies.
Each storage solution is supported by the Company’s hardware
technology-agnostic energy management system software and
integration platform. Unique to the industry, Energy Vault’s
innovative technology portfolio delivers customized
short-and-long-duration energy storage solutions to help utilities,
independent power producers, and large industrial energy users
significantly reduce levelized energy costs while maintaining power
reliability. Utilizing eco-friendly materials with the ability to
integrate waste materials for beneficial reuse, Energy Vault’s EVx™
gravity-based energy storage technology is facilitating the shift
to a circular economy while accelerating the global clean energy
transition for its customers. Please visit www.energyvault.com for
more information.
About ACEN Australia ACEN Australia is the platform
representing ACEN’s renewable energy assets in Australia. With more
than 1 gigawatt (GW) capacity of large scale renewable energy
generation in construction and operations, and more than 13GW
capacity in the development pipeline, its portfolio includes
several solar, wind, battery and pumped hydro projects across
Australia. New England Solar (Stage 1) in NSW is ACEN Australia’s
first operational project. It is one of Australia’s largest solar
projects participating in the National Electricity Market (NEM) and
is the largest solar project in Australia to be financed on a fully
merchant basis. Stubbo Solar in the NSW Central West Orana
Renewable Energy Zone is ACEN Australia’s second project, which
commenced construction in late 2022. With 90+ employees and
growing, our people are based in Tasmania, Victoria, New South
Wales and Queensland. www.acenrenewables.com.au
Forward-Looking Statements This press release includes
forward-looking statements that reflect the Company’s current views
with respect to, among other things, the Company’s operations and
financial performance. Forward-looking statements include
information concerning possible or assumed future results of
operations, including descriptions of our business plan and
strategies. These statements often include words such as
“anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,”
“project,” “forecast,” “estimates,” “targets,” “projections,”
“should,” “could,” “would,” “may,” “might,” “will” and other
similar expressions. We base these forward-looking statements or
projections on our current expectations, plans, and assumptions,
which we have made in light of our experience in our industry, as
well as our perceptions of historical trends, current conditions,
expected future developments and other factors we believe are
appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our awards, bookings and
backlogs equating to future revenue; the lack of assurance that
non-binding letters of intent and other indication of interest can
result in binding orders or sales; the possibility of our products
to be or alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics, on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 13, 2024, as such factors may be updated from time
to time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov. New risks emerge from time to time, and it
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
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Energy Vault Contacts Investors
energyvaultIR@icrinc.com
Media media@energyvault.com
ACEN Australia Contact Joey Chalk Manager, Social
Participation and Communications 0408 271 101
Joey.chalk@acennrenewables.com.au
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