NTPC on Wednesday said it has signed a memorandum of understanding (MoU) with Energy Vault to formalise a long-term strategic partnership for deploying the NYSE-listed firm’s gravity-based energy storage technology and software solutions to support the state-run power genco’s clean energy transition.
The objective is to collaborate and formalise a long-term strategic partnership for deploying Energy Vault’s EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study, NTPC said in a statement.
The technology also offers beneficial utilisation of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system, it added.
“As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonise India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on solar, wind, RTC and hybrid projects to achieve the targets,” NTPC CMD Gurdeep Singh said.
The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilising coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy, he noted.
Energy Vault’s mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy, the Energy Vault’s Chairman Robert Piconi said.
“Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year,” he added.
Electrolyser technology
NTPC has been ramping up its clean energy transition initiatives. On Tuesday, the country’s largest power producer invited global bids for selecting companies who will assist India’s largest power generator’s renewable energy (RE) arm with electrolyser technology for a period of two years.
NTPC Renewable Energy (NTPC REL) has invited online bids from eligible bidders for selection of electrolyser technology providers with which the company intends to participate in upcoming tenders on green hydrogen.