Energy Vault, Inc., has sealed a License and Royalty agreement for renewable energy storage with Atlas Renewable LLC and China Tianying Inc., to advance decarbonization efforts in China.
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, a recent press release stated.
“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. “We see broad applications for implementing Energy Vault’s unique gravity energy storage and power generation system.”
Energy Vault’s novel solution, Bush said, lifts large mobile masses into position using excess power from solar, wind, or other power generation facilities and “generates electricity by lowering blocks using natural gravitational forces when it is needed most.”
Atlas Renewable also plans to invest $50 million to increase the current private placement investment (“PIPE”) to $200 million and pay an additional $50 million in 2022 licensing fees for use and deployment of Energy Vault’s gravity energy storage technology, the release stated.
The purpose of the gravity-based storage agreement is to help China reach its carbon peak goals by 2030 and achieve carbon neutrality by 2060, according to the release.