New Delhi: NTPC has collaborated with Swiss firm Energy Vault for deployment of gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. NTPC has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc (Energy Vault) in this regard, a statement said.
The objective of the MoU is 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.
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, Gurdeep Singh, Chairman and Managing Director of NTPC said.
Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault said the collaboration builds upon previously announced commercial expansions across multiple continents as Energy Vault transitioned to a public company earlier this year.
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PTI
