Saudi Aramco Energy Ventures invests in energy vault
Energy Vault, the creator of renewable energy storage products which are changing the planet's strategy to utility-scale energy storage for grid resiliency, today announced new investment in Saudi Aramco Energy Ventures (SAEV), the tactical technology entering program of international integrated energy and chemicals company Aramco. Energy Vault will utilize the capital to accelerate international deployment of its technology, which is intended to empower intermittent renewable energy production to be kept in GW-hour scale both efficiently and efficiently, to provide dispatchable electricity on demand.
Energy Vault's breakthrough technologies has been motivated by pumped hydro plants which depend on the ability of the motion of water to store and release power. The organization's solution relies on precisely the exact same well-understood essentials of physics and mechanical technologies employed in these plants, but replaces water using custom-made composite cubes through a sophisticated use of neighborhood, low-cost substances and advanced material science. The blocks are combined with Energy Vault's proprietary system layout and system vision, AI-enabled software to run a specifically designed crane that utilizes proprietary technologies to autonomously orchestrate the lifting and lowering of these cubes, thereby storing the possible energy in height and then releasing electricity as the cubes are reduced and producing power. Significantly, the blocks are made from locally sourced soil, sand or waste materials, such as sparks of fossil fuel generation, such as coal combustion residuals, and ending of life energy components, such as wind blades. Energy Vault's initial 5MW / 35MWh business scale program achieved mechanical completion in July 2020, concurrent with its link to the Swiss domestic utility grid. The machine has since been used by Energy Vault clients around the globe for immediate program testing and ancillary services protocols.
Over the previous two decades, Energy Vault has worked closely together with the most significant energy and utility companies in the world to further maximize its energy storage technologies platform to be more flexible and tackle the two greater electricity and variable length requirements. The outcome is that the EVx product platform which sets a new industry standard in energy storage economics.
The new stage is a natural growth of the organization's established technology, leveraging all of present performance characteristics of zero degradation in storage moderate, high round-trip efficacy, long technological life, a renewable supply chain, and composite bricks. EVx introduces an extremely scalable and modular structure which may be constructed in 10MWh increments which may climb to multi-GW-hour storage ability. Additionally, EVx provides full flexibility concerning length because energy and electricity are decoupled, allowing deployments for both large power/shorter length demands (2-6 hours) along with longer duration storage software (6-12 hours+per day ). Significantly, the new system is 40 percent lower in elevation and uses the exact same composite block weights which could be created from waste and remediation material for valuable re-use, like coal combustion residuals (coal ash), fiberglass out of de-commissioned wind turbine blades and waste tailings from mining procedures. The end result is unprecedented economics which are considerably lower than any other energy storage technologies on a Levelized Cost of Storage basis.
Energy Vault's energy storage method is excellent for businesses in several industrial verticals which have24/7 electricity needs and are making a transition to clean energy. Other regional cases contain desalination plants, which need round the clock industrial electricity to reliably and efficiently provide clean drinking water.
"Our mission at SAEV would be to invest in companies developing technology with strategic value to Aramco. Energy Vault's advanced energy storage technologies has exceptional environmental and financial advantages. We're eager to assist Energy Vault further quicken the international deployment of its technologies," said Mahdi Aladel,CEO of Aramco Ventures.
"Energy Vault has generated rapid and purposeful progress during the past 12-18 months since we finished the first commercial scale deployment of our technologies and we're happy to own SAEV's service as a strategic partner," explained Robert Piconi, CEO and Co-Founder, Energy Vault.