NV Energy Selects Energy Vault for 440 MWh Energy Storage System in Nevada

Rhea-AI Summary

Energy Vault (NYSE:NRGV) has been awarded a project by NV Energy, Nevada's largest electric utility, to deploy a 220MW/440MWh Battery Energy Storage System (BESS). Construction is set to begin in Q2 2023, with operations anticipated to commence by year-end 2023. This BESS, located near Las Vegas, will store and dispatch renewable energy during peak demand hours, supporting NV Energy's goal of achieving net-zero emissions by 2050. Energy Vault currently has approximately 4.8 GWh of contracted projects, underlining strong market acceptance.

Positive

• Awarded project for a 220MW/440MWh BESS by NV Energy, enhancing Energy Vault's portfolio.
• First public utility customer for short duration energy storage solutions.
• Construction expected to start in Q2 2023, with commercial operations by the end of 2023.

Negative

• None.

Energy Vault awarded project by Nevada’s largest electric utility to deploy a 220MW/440MWh battery energy storage system (BESS)

The BESS, one of the largest in Nevada, is expected to start construction in Q2 2023 with commercial operation expected by the end of 2023

Energy Vault has approximately 4.8 GWh of contracted and awarded projects across short and long storage durations, a clear evidence of the strong market acceptance of the breadth of its product portfolio and value proposition, managed by the same encompassing Energy Management Software platform

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, announced today that NV Energy, Nevada’s largest public utility, has awarded the Company with a project for the deployment of a short duration energy storage solution. The Battery Energy Storage System (BESS), one of the largest in Nevada, is expected to start construction in Q2 2023 with commercial operation expected by the end of 2023.

The 220MW/440MWh grid-tied BESS will be deployed at a site located near Las Vegas. The 2-hour energy storage system is designed to store and dispatch excess renewable energy, including wind and solar power. The BESS will be charged and discharged on a daily basis and designed to dispatch stored renewable energy at peak consumption hours to help meet the high demand during Nevada’s peak load hours.

“Energy Vault is pleased to be selected by NV Energy for a mission critical project supporting Nevada’s largest electric provider in achieving its goal of net zero emissions by 2050,” said Marco Terruzzin, Chief Commercial and Product Officer, Energy Vault. “This is Energy Vault’s first public utility customer for our short duration energy storage solutions, which furthers our strategy to be the energy storage company of choice for utilities, IPPs and large energy users. We look forward to beginning our relationship with NV Energy to help them meet their IRP needs for both short and long duration energy storage.”

With a portfolio of approximately 4.8 GWh of contracted and awarded projects, equally distributed between short and long duration, Energy Vault is rapidly expanding to become the leading solutions provider for large and complex projects supporting multiple underlying hardware storage technologies.

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.

Forward-Looking Statements

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221212005228/en/

Investors:

energyvaultIR@icrinc.com



Media:

media@energyvault.com

Source: Energy Vault Holdings, Inc.

FAQ

What project has Energy Vault been awarded by NV Energy?

Energy Vault has been awarded a project to deploy a 220MW/440MWh Battery Energy Storage System (BESS) by NV Energy.

When is the construction for the Energy Vault project expected to start?

Construction for the Energy Vault project is expected to start in Q2 2023.

What is the significance of the awarded BESS project for Energy Vault?

This project marks Energy Vault's first public utility customer for its short duration energy storage solutions, indicating strong market acceptance.

What are the expected operational dates for the BESS project?

Commercial operation of the BESS is anticipated by the end of 2023.

How much energy storage capacity does Energy Vault have in contracted projects?

Energy Vault currently has approximately 4.8 GWh of contracted and awarded projects.