Energy Vault and Skidmore, Owings & Merrill (SOM) Announce Exclusive Global Gravity Energy Storage Partnership to Integrate Energy Storage into Building Design
Energy Vault has partnered with Skidmore, Owings & Merrill (SOM) to integrate gravity energy storage into building designs. The collaboration aims to enhance sustainable architecture and expedite carbon paybacks within 3-4 years. Energy Vault's G-VAULT™ solutions, including EVu™, EVc™, EVy™, and EV0™, will combine modern engineering, AI-enabled software, and eco-friendly materials to deliver long-duration storage. SOM will be the exclusive architect and engineer for these systems, focusing on urban and natural environments. The partnership aims to create structures up to 1,000 meters high, capable of multi-GWh energy storage. This initiative will reduce energy costs and contribute to global carbon-neutral goals. The companies have been optimizing the technology for a year and plan to deploy it globally, starting with projects in China, South Africa, and other regions.
- Energy Vault's partnership with SOM opens a new multi-billion dollar market segment focused on sustainability.
- The G-VAULT™ solutions offer a carbon payback within 3-4 years, enhancing their appeal.
- Integration of gravity energy storage into tall buildings can reduce levelized costs of energy consumption.
- The partnership aims to create structures up to 1,000 meters high with multi-GWh energy storage capacity.
- Energy Vault’s technology facilitates the shift to a circular economy, using eco-friendly and waste materials.
- Recent expansions into African and Asian markets demonstrate Energy Vault’s growing global footprint.
- Energy Vault’s EVx™ platform has already been tested and deployed in multiple international markets.
- The success of the partnership will depend on the seamless integration of new technologies into existing infrastructures.
- High initial capital expenditures for building these advanced structures might deter investment.
- There are potential environmental risks associated with altering natural landscapes for energy storage systems.
- The economic viability of these projects is reliant on favorable market conditions and regulatory frameworks.
Insights
The partnership between Energy Vault and Skidmore, Owings & Merrill (SOM) represents a significant development in the energy storage market. For retail investors, the most immediate aspect to consider is the potential financial impact on Energy Vault.
Firstly, the collaboration opens up new market segments, notably in sustainable building design, which can drive revenue growth. The emphasis on integrating gravity energy storage into building structures could offer a competitive edge, positioning Energy Vault as a unique player in a market that blends construction and energy storage. This diversification can potentially stabilize revenue streams and reduce dependence on single markets.
However, investors should also keep an eye on the capital expenditure required to develop and deploy these new technologies. While the long-term return on investment looks promising, the initial costs could be substantial, impacting cash flows in the short term.
Additionally, the focus on multi-GWh scale projects indicates that Energy Vault is targeting substantial projects, which suggests significant contract values but also higher project risks. The scalability and modular nature of the G-VAULT solutions could address some of these risks by allowing incremental investments and deployments.
In summary, the partnership appears to be a positive move for Energy Vault, offering new revenue opportunities and market diversification but also bringing upfront costs and execution risks.
The introduction of Energy Vault’s next-generation G-VAULT™ solutions, including EVu™, EVc™, EVy™ and EV0™, highlights a significant technological advancement in the energy storage sector.
One of the most fascinating aspects is the innovative integration of gravity-based energy storage into building structures. This approach not only maximizes usable space but also enhances the energy efficiency of buildings. The use of tall, hollowed structures for gravity storage can potentially revolutionize urban energy management, offering a sustainable solution for skyscrapers and other tall buildings.
The technology’s ability to offer multi-GWh storage capacity addresses one of the critical challenges in renewable energy—long-duration energy storage. This makes the solutions particularly attractive for grid-scale applications, as they can store and dispatch large amounts of energy, thereby stabilizing the grid.
Another noteworthy point is the modular design of these solutions. This adds a layer of flexibility and scalability, allowing for custom configurations based on specific energy requirements. Furthermore, the use of eco-friendly materials and the potential for incorporating waste materials align with global sustainability goals.
Overall, these technological innovations position Energy Vault at the forefront of the energy storage industry, offering solutions that are not only efficient but also environmentally sustainable.
The partnership between Energy Vault and SOM is strategically aligned with current market trends focused on sustainability and decarbonization. For investors, it's important to understand the market dynamics that this partnership taps into.
The move towards integrating gravity energy storage systems (GESS) within building designs addresses a growing demand for green building technologies. This is driven by stringent regulations and increasing corporate commitments to reduce carbon footprints. The ability to achieve a carbon payback within 3-4 years makes these solutions particularly compelling for companies looking to enhance their sustainability profiles.
The partnership also provides a foothold in emerging markets like Africa and Asia, where the demand for energy storage solutions is escalating. Energy Vault’s ongoing projects in China and the recent agreement in South Africa are indicative of a broader strategic push into regions with significant energy storage needs.
From a competitive standpoint, the collaboration with SOM, a renowned firm in architecture and engineering, lends credibility and expertise, which could be a differentiating factor in a crowded market. This partnership could also set a precedent for other energy storage companies to explore similar integrations, potentially reshaping industry standards.
In conclusion, this partnership is well-timed, addressing both regulatory pressures and market demands and positioning Energy Vault as a significant player in the sustainable building and energy storage sectors.
Energy Vault is partnering with leading architecture and engineering firm SOM to design the future of sustainable building architectures that enable accelerated carbon paybacks for the first time
Energy Vault recently unveiled next generation of G-VAULT™ gravity energy storage solutions, including EVu™, EVc™, EVy™, and EV0™
EVu is a superstructure tower design, which improves unit economics and enables GESS integration into tall buildings through the use of a hollowed structure with heights over 300 meters, and up to 1,000 meters tall. These structures will have the capacity to reach multi-GWh of gravity-based energy storage to power not only the building itself but also adjacent buildings’ energy needs. This innovative design which integrates leading GESS technology within superstructure building design and engineering will, for the first time in building construction and operation history, enable a carbon payback within accelerated timeframes of 3-4 years. (Photo: Business Wire)
Responsible for designing many of the world’s most well-known buildings, including Burj Khalifa, Tianjin CTF Finance Centre, Willis Tower, and One World Trade Center, SOM’s widely-acclaimed architectural, technological, and structural innovations have paved the way for tall buildings around the world for nearly a century.
As part of this strategic partnership, SOM will be the exclusive architect and structural engineer for the next generation of fixed frames and deployable structures for all new Energy Vault gravity energy storage systems (GESS), including incorporating gravity energy storage technology into tall buildings in urban environments and deployable structures in natural environments, to maximize sustainability, accelerate carbon payback and lower the levelized cost of energy consumption. Energy Vault began working with SOM during the last 12 months to optimize the structure, architecture and economics of its GESS technology, which is playing a critical role globally in the deployment of renewable energy.
G-VAULT™, Energy Vault’s family of gravity-based solutions, combines time-tested energy storage principles, modern engineering, an AI-enabled software orchestration platform and cutting-edge materials science to deliver long-duration storage. G-VAULT products decouple power and energy to enable full customer flexibility to design the optimum storage system while maintaining a leading performance in round trip efficiency versus any other mechanical or thermo-dynamic energy storage systems. The result is a flexible, low-cost, 35-year (or more) infrastructure asset designed for shifting power delivery without any energy storage medium degradation. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers.
To date, Energy Vault’s G-VAULT product suite has focused primarily on the Company’s EVx™ platform, originally grid connected (5 MW) and tested in
- EVu is a superstructure tower design, which improves unit economics and enables GESS integration into tall buildings through the use of a hollowed structure with heights over 300 meters, and up to 1,000 meters tall. These structures will have the capacity to reach multi-GWh of gravity-based energy storage to power not only the building itself but also adjacent buildings’ energy needs. This innovative design which integrates leading GESS technology within superstructure building design and engineering will, for the first time in building construction and operation history, enable a carbon payback within accelerated timeframes of 3-4 years.
- EVc for the first time enables the deployment of large scale pumped hydro energy storage systems integrated within tall building structures using a modular water-based system. Primarily a standalone GESS, EVc can also be integrated into tall buildings that form the basis of the EVu design. EVc’s cylindrical shape is an optimized design to withstand environmental factors such as wind and seismic events.
- EVy applies Energy Vault’s core gravity technology to pre-existing slopes and topography to store energy with minimal environmental impact and reduce the need for manmade structures, which can achieve ultra-low cost capital expenditures through eliminating the construction of the fixed frame structure.
- EV0 allows for all of the technical and economic benefits of traditional pumped hydro storage, while eliminating negative consequences associated with concrete production and disruption to existing wild-life eco-systems. This innovative, “modular pumped hydro” system leverages a unique and low cost fabric vessel (the “Water Tree”) to store the water in pre-manufactured modules that can be deployed quickly while leveraging proven pump-turbines and penstock designs for existing pumped hydro systems.
“We are extremely pleased to begin this exclusive global partnership with Skidmore, Owings & Merrill, a firm with an unparalleled track record in developing some of the world’s most remarkable structures,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “Our strategic partnership with SOM opens a new multi-billion dollar market segment for Energy Vault focused on the future of sustainability in new building design and energy efficiency. The combination of our pioneering work in gravity energy storage technology with the global track record and expertise of the most widely renowned engineering, design, and architecture firm in the world will provide the first platform toward delivering accelerated carbon payback in building construction and operation for the first time.”
The partnership is led by SOM Partners Adam Semel and Scott Duncan with Structural Engineer Bill Baker. Widely regarded as one of the world’s leading structural engineers, Baker has spent his career crafting elegant solutions to complex structural challenges, from the 828-meter-tall Burj Khalifa to the netted installations of artist Janet Echelman. Architects Semel and Duncan have delivered many of SOM’s most impactful recent and upcoming projects, including supertall mixed-use towers across
“Since our founding, SOM has pushed the boundaries of architecture and engineering, redefining what buildings can do for cities and communities,” said Semel. “This partnership with Energy Vault is a commitment not only to accelerate the world’s transition away from fossil fuels, but also to explore, together, how the architecture of renewable energy can enhance our shared natural landscapes and urban environments. Given the transformative nature of Energy Vault’s technology, we’re especially excited to launch this unique, global partnership.”
Partnering with Energy Vault extends SOM’s legacy of innovation in sustainability, which has expanded beyond individual buildings to encompass research, material development, and industry leadership as a carbon-neutral company. Recent examples of this include the carbon-absorbing Urban Sequoia presented at the United Nations Climate Change Conference (COP), the development of a bio-based carbon-neutral alternative to concrete in partnership with Prometheus Materials, and a new standalone service assessing whole life carbon emissions for buildings and portfolios.
Energy Vault’s growing portfolio of GESS deployments is highlighted by recent expansions of its global footprint into the African and Asian markets. In 2023, Energy Vault announced the commissioning of the world’s first EVx™ gravity storage system in
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
About Skidmore, Owings & Merrill
Skidmore, Owings & Merrill (SOM) is a global collective of architects, designers, engineers, and planners, responsible for some of the world’s most technically and environmentally advanced buildings and significant public spaces. From several of the world's tallest structures to innovations in new materials, SOM's designs anticipate change in the way we live and work. The firm’s commitment to sustainability is evident not only in its industry-leading carbon neutral operations, but also in its portfolio of work—from the recently-announced New York Climate Exchange campus on Governors Island to the net-zero Bio-Block™ material installation unveiled at the Chicago Architecture Biennial and everything in between. This year, Fast Company named SOM one of the world's most innovative companies. Please visit www.som.com for more information.
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Energy Vault Contacts
Investors
energyvaultIR@icrinc.com
Media
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SOM Contacts
elizabeth.krasner@som.com
Source: Energy Vault Holdings, Inc.
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