NTPC Inks MoU with Energy Vault for Gravity-based Energy Storage Technology

Energy major NTPC Ltd has signed a Memorandum of Understanding (MOU) with Energy Vault Holdings Inc, a specialist in grid-scale energy storage solutions, for gravity-based energy storage technology.
 
The objective behind the Memorandum of Understanding (MoU) is to collaborate and formalize a long-term strategic partnership for the deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study to support NTPC’s clean energy transition.
 
The technology also offers beneficial utilization of coal ash for manufacturing composite blocks for Energy Vault’s gravity-based energy storage system.
 
Commenting on the development, Gurdeep Singh, Chairman and Managing Director of NTPC said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonize India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. 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 the manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”
 
On the partnership with NTPC, Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault, said “We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition.”
 
Piconi also added that “Energy Vault’s mission is to make sustainable, carbon-free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”
 
NTPC’s total installed capacity stood at 68.96 GW with plans for a total installed capacity of 130 GW by 2032 including 60 GW from renewable energy. By 2032, non-fossil fuel based generation capacity of the company is expected to be equivalent to or more than thermal capacity.
 
Additionally, it is also exploring opportunities in green energy solutions, including energy storage, E-mobility, Biomass cofiring, reduction in SOx & NOx from fossil fuel-based power plants, Green Hydrogen, Waste-to-Fuel, and Carbon Capture and Utilization (CCU) technologies.