Energy Vault, BHP announce joint venture, 'excited' to collaborate

Technology
Mining
Mining company BHP has signed a Memorandum of Understanding with Energy Vault. | Pixabay.com

Energy Vault is collaborating with mining company BHP to study Energy Vault’s technology to support power supply and energy storage at BHP operating locations, as well as explore new applications for BHP’s business, according to a Dec. 15 release.

Energy Vault develops sustainable, grid-scale energy storage solutions, and BHP is a natural resource company that produces iron ore, copper, nickel, metallurgical coal and petroleum. The collaboration will focus on deploying and implementing Energy Vault’s energy storage solutions in BHP’s operations. The companies will also oversee local supply chains and eco-brick composite manufacturing, as well as joint maintenance and monitoring of support centers.

According to the release, Energy Vault hopes to expand into Australia and other markets BHP operates in and the companies signed a Memorandum of Understanding regarding these efforts.

“We are excited to deepen our relationship with BHP to support one of the world’s largest companies and a global leader in natural resources production to explore applications for our technology in the electrification of their mining operations,” said Robert Piconi, cofounder and CEO of Energy Vault. “Our company’s mission is to accelerate the clean energy transition to make sustainable, decarbonized energy a reality. This MOU demonstrates the strong momentum and demand that we continue to experience for our advanced energy storage technology across multiple industry segments and the most critical energy storage applications.”

Energy Vault takes the fundamentals of pumped hydroelectric energy storage and uses them to create enhanced, environmentally friendly energy storage solutions, according to the release. 

The company uses composite blocks made from low cost, locally sourced materials that don’t lose storage capacity over time. Energy Vault's storage systems are also designed to help minimize environmental and supply chain risks; the release stated.

Mark Frayman, head of BHP Ventures, said the collaboration and development of new technologies is fundamental to achieving decarbonization. He said he is excited to partner with Energy Vault.

“Energy Vault’s technology has the potential to unlock cleaner energy solutions for our operations and create a competitive edge by helping to accelerate our decarbonization initiatives,” Frayman said. “This partnership may also present an opportunity to improve life-cycle sustainability by using eco-bricks made with mine tailings, and to create new opportunities for local suppliers.”

BHP’s global headquarters are in Melbourne, Australia.