Energy Vault increases revenue potential in North America

13 May 2022 10:01

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Lugano/Westlake Village/Washington - Energy Vault and DG Fuels are expanding their first joint energy storage project in Louisiana for the production of sustainable aviation fuel to more than double the size. The companies are planning two further facilities in Canada and the USA.

Energy Vault will more than double the capacity of the first of three planned gravity-based energy storage projects together with DG Fuels, a sustainable fuel specialist based in Washington DC. The first project will be built in the North American state of Louisiana. An Energy Vault gravity-based energy storage system on site will supply the power required to produce green hydrogen. This in turn is needed to manufacture sustainable aviation fuel. After this, the two companies plan to build two more plants in the Canadian province of British Columbia and in the US state of Ohio.

To realize this project, Energy Vault, which has locations in Lugano in the Swiss canton of Ticino and California, invested in DG Fuels as part of a financing round in October 2021. It was initially agreed that Energy Vault would provide 500 megawatt hours for the facility in Louisiana. Now it aims to deliver a storage capacity of 1,168 megawatt hours. In British Columbia and Ohio, the potential storage capacity is estimated at 2,234 megawatt hours. According to the press release, this means that the previously announced revenue opportunity for Energy Vault of 520 million US dollars has increased to 737 million US dollars. The partners have facilitated the increased electricity requirement with constructive optimization from behind-the-meter solar power.

Chairman, Co-Founder and CEO of Energy Vault Robert Piconi states: “This first-of-its kind project is a game changer for the production of sustainable aviation fuels and our EVx technology and energy management software platform”.

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