Energy Vault Signs License and Royalty Pact for Renewable Energy Storage with Atlas Renewable, China Tianying

Energy Vault, Inc. announced a License and Royalty agreement for renewable energy storage with Atlas Renewable LLC and their majority investor China Tianying Inc.

The agreement supports the deployment of Energy Vault’s proprietary gravity energy storage technology and energy management software platform within mainland China and the Special Administrative Regions (SAR) of Hong Kong and Macau.

In addition, Atlas Renewable is making a $50 million investment to upsize the current private placement investment (PIPE) from $150 million to $200 million, and paying an additional $50 million in 2022 licensing fees for use and deployment of Energy Vault’s gravity energy storage technology.

China has one overarching State mandated environmental policy: Carbon Peak in 2030 and Carbon Neutrality in 2060 commonly referred to as “30-60.” This policy drives modern China and results from commitments made by the Chinese leadership: 30-60 is an industrial, environmental, energy, social and political policy rolled into one.

China will reduce waste, promote renewables and next generation fuels like hydrogen and reform its electricity grid while increasing wind and solar capacity to 1200 gigawatts by 2030 – all to cut off increased carbon emissions growth. The much harder part is Carbon Neutrality 2060: a state of net-zero carbon dioxide emissions.

This phase calls for the reduction of carbon emissions on a societal basis by 2060, essentially phasing out a carbon-based economic model for a non-carbon-based economy. Deployment of economical and sustainable grid-scale energy storage technology is a critical component to accelerating the growth of renewable energy in China and advancing China’s decarbonization goals.

“We are excited to partner with Energy Vault to establish the first commercial licensing agreement of the company’s innovative gravity storage technology platform, which we look forward to deploying in China, the world’s largest market for renewable energy development,” said Neil Bush Chairman of Atlas Renewable LLC.

Eric Fang, Chief Executive Officer of Atlas Renewable, noted further, “EV’s technology removes a key obstacle to full utilization of energy produced globally from green energy sources. Following China’s commitment to achieving Carbon Peak in 2030 and Carbon Neutrality in 2060 : Renewable Energy Storage is and will be the answer.”

Chairman of CNTY, Mr. Yan Shengjun, stated, “As China’s new green energy industry is booming, the introduction of world class innovative energy storage technology this year will be showcased in China by Energy Vault. This effort is of great importance to the nation and to supporting China’s stated goals of Carbon Peak by 2030 and Carbon Neutrality by 2060. We believe we can help accelerate China’s decarbonization timeline, and CNTY is privileged to undertake this strategic key to energy transformation as Energy Vault’s partner in China.”