Energy Vault Announces Successful Testing and Commissioning of First EVx 100 MWh Gravity Energy Storage System by China Tianying, Extension of Atlas Renewable Licensing Agreement to 15 Years

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced the successful testing and commissioning of the Rudong EVx gravity energy storage system (GESS) by China Tianying Co., Ltd (CNTY). Testing included the successful charging and discharging of units of the 25 MW/100 MWh GESS invested in and built by CNTY in partnership with Energy Vault and Atlas Renewable.

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The first set of charging and discharging units of the Rudong 100MWh gravity energy storage project was successfully tested. (Photo: Business Wire)

In addition to the successful testing of the Rudong EVx, Energy Vault announced the extension of its EVx licensing agreement with Atlas Renewable from 7.5 to 15 years, reflecting the key role that gravity storage technology stands to play in China’s energy transition and achieving China’s decarbonization goals. In the last 12 months, CNTY has announced eight additional EVx GESS deployments across multiple provinces in China totaling more than 3.7 GWh, which will generate future project revenue royalty streams to Energy Vault as systems are built and commissioned.

“The successful testing and commissioning of the Rudong EVx, the world’s first grid-scale gravity energy storage system, is a significant milestone for Energy Vault, our local partners Atlas and CNTY, and importantly for China and their progress toward achieving their goals for net carbon neutrality,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “This testing demonstrates that gravity energy storage technology promises to play a key role in supporting the energy transition and decarbonization goals of China, the world’s largest energy storage market. We are also pleased to announce that our EVx licensing and royalty agreement with Atlas Renewable and CNTY has been extended another 7.5 years through 2036, and we look forward to the continuation of this strong partnership as new systems get deployed in volume in the years to come.”