Energy Vault, a leader in sustainable, grid-scale energy storage solutions, has announced a new licensing and royalty agreement that will expand its global footprint in the Southern African Development Community (SADC) region.
The agreement, signed in the fourth quarter of 2023, is with Gravity Energy Storage Solutions (GESSOL), a consortium company that includes one of the largest listed engineering, procurement, and construction (EPC) companies in the region, WBHO (JSE: WBO), as well as iX Engineers and Sizana Solutions.
The deal will enable GESSOL to use Energy Vault’s leading gravity energy storage technology portfolio and VaultOS™ software platform, which will serve energy storage use cases within the public utility, mining, IPP/micro-grid, and broader industrial sectors.
The SADC region, which comprises 16 member states, has a growing demand for energy storage solutions, as it aims to achieve its sustainability goals and increase its share of renewable energy sources. According to a report by the International Renewable Energy Agency (IRENA), the region’s energy storage needs are estimated to reach over 125 gigawatt-hours (GWh) by 2035.
Energy Vault’s gravity energy storage systems (GESS) use a proprietary design that combines conventional physics fundamentals of potential and kinetic energy with a patented system of computer vision software, a cloud-based platform, and low-cost, custom-made composite blocks. The system can store and discharge renewable energy on demand, providing a cost-effective and environmentally friendly alternative to traditional battery storage.
The agreement with GESSOL will generate multi-year license revenues and additional royalty revenue streams for Energy Vault, tied to project deployments in South Africa and the broader SADC region. The license also includes exclusive use of Energy Vault’s short-duration battery and ultra-long-duration Green Hydrogen hybrid systems, which can address energy shifting and micro-grid development.
Energy Vault’s CEO and co-founder, Robert Piconi, said that the company was excited to partner with GESSOL and leverage its local expertise and capabilities to deliver its innovative energy storage solutions to the SADC market.
“We are confident that our gravity energy storage technology will provide significant value to the region’s energy transition and support its decarbonization efforts,” he said.
GESSOL’s CEO, Dr. Kevin Kotzen, said that the consortium was impressed by Energy Vault’s technology and vision, and looked forward to working with them to create a more sustainable and resilient energy system for Southern Africa.
“Energy Vault’s solutions are ideally suited for our region, as they can provide long-duration, scalable, and cost-effective energy storage that can complement and optimize the use of renewable energy sources, such as solar and wind,” he said.
Energy Vault, which is based in Switzerland and the US, has been rapidly expanding its global presence, with projects underway or planned in several countries, including China, India, Italy, Saudi Arabia, and the US. The company recently went public through a merger with Novus Capital Corporation II (NYSE: NRGV), a special purpose acquisition company (SPAC), raising $384 million in gross proceeds.
The company’s mission is to accelerate the world’s transition to 100% renewable energy and enable a net-zero carbon future.
Source: MSN
