License executed with GESSOL (Pty), a South
Africa-based consortium including WBHO, one of the largest listed
EPC companies in Southern Africa (JSE: WBO), iX Engineers and
Sizana Solutions
Agreement includes multi-year license revenues
and additional royalty revenue streams tied to project deployments
in South Africa and the broader 16 member-state Southern African
Development Community (SADC) region
License includes exclusive use of 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 toward achieving the region’s energy storage
requirements coupled with its sustainability goals
Total addressable market regionally for energy
storage expected to be 125GWh+ through 2035, yielding a market
potential of multi-billion dollars in EPC projects and associated
royalty streams to construct gravity energy storage systems
throughout the 16 member-state SADC region
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced that it has signed a new licensing and
royalty agreement in the Southern African Development Community
(SADC) region. The agreement was executed in Q4 2023 with Gravity
Energy Storage Solutions (Pty) Ltd (GESSOL), a consortium company
focused on energy storage deployments in Southern Africa, and
includes one of the largest listed engineering, procurement and
construction (“EPC”) companies in the region WBHO (JSE: WBO) who
will support all engineering, procurement and construction
activities, as well as pan-African project engineering group iX
Engineers and commercial developer Sizana Solutions, which has been
partnered with Energy Vault since 2019 in development of the South
African market for energy storage solutions. While the scope of the
license and royalty agreement includes Energy Vault’s gravity
energy storage systems (GESS) and its associated VaultOS™ energy
management system (EMS), the consortium companies are also bidding
Energy Vault’s leading portfolio of short duration battery and
ultra-long duration Green Hydrogen hybrid systems within the SADC
territory to address energy shifting and micro-grid development to
serve the utility, mining and industrial sectors.
This press release features multimedia. View
the full release here:
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License executed with GESSOL (Pty), a
South Africa-based consortium including WBHO, one of the largest
listed EPC companies in Southern Africa (JSE: WBO), iX Engineers
and Sizana Solutions (Graphic: Business Wire)
The multi-year agreement is expected to facilitate
multi-gigawatt hours (GWh’s) of long duration Energy Vault GESS
deployments to contribute to the SADC region’s energy storage
needs, estimated to reach over 125 GWh by 2035. In addition to the
technology licensing revenue, Energy Vault will receive a project
revenue royalty over the complete operating life of each project,
including software and maintenance revenues.
Under the terms of the agreement, GESSOL will have exclusive
rights to deploy Energy Vault’s portfolio of gravity energy storage
technology and VaultOS throughout the SADC region, a 16
member-state regional economic community with a mission to promote
sustainable and equitable economic growth and socio-economic
development. SADC’s member states are comprised of: Angola,
Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho,
Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles,
South Africa, United Republic Tanzania, Zambia and Zimbabwe.
“We conducted extensive due diligence to bring the most
economical, efficient, flexible and sustainable long duration
energy storage solution to the SADC region and Energy Vault’s
gravity storage technology is the clear choice,” said Les Lange,
Director, GESSOL. “Southern Africa is a rapidly developing region
with increasing energy demand, which historically has been met with
coal-fired plants. Economic development in the SADC region is
critical for improving quality of life, but we need to rapidly wean
the region off of coal to simultaneously reduce carbon emissions
and grow our economy. Energy storage is critical for the scale up
of clean, baseload renewable energy in the SADC region and we are
confident that with Energy Vault’s GESS and energy management
software, as well as its broader energy storage portfolio that can
address both shorter and ultra-long duration, we can achieve this
objective.”
The Energy Vault-GESSOL agreement brings together a coalition of
world-class EPC and Project Engineering firms who will partner on
Energy Vault GESS project deployment, including WBHO, one of the
largest civil construction EPC contractors in the SADC region, and
iX Engineers, one of the largest pan-African engineering design and
consulting firms in the SADC region.
“Given the significant pan-African potential of Energy Vault’s
unique gravity storage systems, we’re excited to play a leading
role in bringing the deployments covered by the Energy Vault-GESSOL
agreement to life,” said Russell Adams, Director, Projects
Division, WBHO. “With our license partners and our significant
local skills base and supply chain, as an EPC contractor in
Southern Africa, we’re very much looking forward to bringing our
experience and expertise to bear so that deployment of Energy
Vault’s technology, which incorporates substantial local content,
can contribute to the energy transition in the region as it works
to quickly accelerate its decarbonization efforts.”
According to the SADC, an electricity shortage has strained the
region since 2007, where only 50% of residents have access to
electricity and only 32% of rural areas in the region have access,
while North Africa countries have reached 100% access to
electricity. In addition, coal currently supplies 62% of power
generation in Southern Africa. We believe that Energy Vaults’
gravity technology and portfolio of other electrochemical and green
hydrogen micro-grid solutions can contribute to the acceleration of
the region’s clean energy transition timelines.
According to a 2023 report by the International Institute for
Sustainable Development, South Africa’s power system has fallen
into crisis, and the national electricity utility, Eskom, can no
longer provide sufficient supply to balance with demand. In
response, frequent scheduled power cuts (commonly known as load
shedding) have become more prevalent and 2023 was the worst year on
record for load shedding. The report notes that to address the
electricity supply shortfall, grid storage can contribute to
optimizing the use of existing power generation and maximizing the
use of the existing grid.
Energy Vault’s expansion into Southern Africa represents the
company’s strong global momentum with its gravity energy storage
portfolio into another large and growing energy storage market. The
company recently announced five additional EVx GESS deployments of
3.3GWh in China, the largest energy storage market in the world,
where Energy Vault put in place similar license and royalty model
announced in early 2022. The process for state grid interconnection
commenced in September 2023 for the first EVx system which is under
final commissioning in Rudong with all power infrastructure in
place and with the state grid now powering the system directly. We
expect the Rudong EVx system (25 MW, 100 MWh, +35 years technical
life) to be the world’s first commercial, grid-scale gravity energy
storage system to offer a more sustainable and flexible alternative
to historical long technical life energy storage assets such as
pumped hydro plants, which still represent over 90%+ of all energy
storage globally. We also expect that the projects recently
announced with China Tianying, Energy Vault’s partner in China,
will bring the total number of EVx deployments in that market to
seven, totaling 3.3 GWh, or $1+ billion in project scope.
“Excited to be working with GESSOL and its consortium partners
to bring our unique gravity storage technology and broader energy
storage portfolio to market in order to best address the region’s
renewable and decarbonization imperatives,” said Robert Piconi,
Chairman and Chief Executive Officer, Energy Vault. “South Africa
is undergoing a significant energy transition and has one of the
world’s highest per capita emissions given its current reliance on
coal fired power plants. In the broader SADC region, only half of
all residents have access to electricity, 62% of which is powered
by coal. We believe that our licensing and royalty agreement with
GESSOL enables the rapid scale-up of our Energy Vault gravity
energy storage technology to increase renewable energy capacity,
smooth out ‘load shedding’, optimize grid performance through our
software applications and provide a necessary complement to
intermittent renewable generation to firm grid resiliency.
Additionally, we have made available to GESSOL our entire energy
storage portfolio that can uniquely service multiple storage
duration needs and customer use cases to accelerate deployments
throughout the SADC region with a clear goal to play a significant
role in reducing the region’s emissions to meet climate goals while
driving sustainable economic development.”
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 WBHO
WBHO is one of the largest construction companies in Southern
Africa and is listed on the Johannesburg Stock Exchange (JSE: WBO).
WBHO is committed to following a culture of safety, quality and
reliability. The driving force behind WBHO is a core of dedicated,
hands-on management professionals whose experience spans decades of
major construction projects across Africa, Australia and the United
Kingdom. WBHO’s activities cover the full construction spectrum and
are divided into three main operating divisions – Building
Construction, Civil Engineering and Roads and Earthworks and a
Projects division focused on infrastructure development and energy
projects. Rated The Most Empowered Company on the JSE in 2019, WBHO
prides itself on being a company that strives to empower as many
stakeholders as possible throughout the construction value chain.
For additional information, please visit:
https://www.wbho.co.za/
About iX engineers
iX engineers is a proudly South African engineering design and
consulting firm with operations across the African continent. iX’s
determination to carve out business-driven solutions that directly
and positively impact humanity is its motivating factor. The
foundation of iX operations relies on the principle of Ubuntu – an
African proverb meaning “I am because you are”. iX engineers is
committed to combing science and art to address complex
infrastructure challenges, with a dedicated team of highly skilled
professionals specializing in civil, structural, chemical, process,
electrical, and mechanical engineering, as well as instrumentation
and project management. iX team possess intricate knowledge of the
African continent’s geopolitical and socio-economic terrain, using
their diverse experiences to deliver ground-breaking and
significant projects on the continent. iX executes projects with
zero-harm tolerance to safety, health, and risk for human life,
assets, and the environment. iX is celebrated for its purpose of
developing sustainable infrastructure to creature a future of
opportunities for Africa.
About Sizana Solutions
Sizana Solutions facilitates renewable energy deployment in
Southern Africa with advanced energy storage and management
solutions. They have partnered with Energy Vault since 2019. They
optimise their customers’ energy requirements and assist them to
procure combinations of energy sources which are optimally stored
and dispatched by means of intelligent Energy Vault storage
solutions.
About GESSOL
GESSOL is a special purpose vehicle company created to execute
an exclusive license and royalty agreement for the SADC region with
Energy Vault. It comprises a consortium of companies that can
effectively execute a significant rollout of Energy Vault GESS
systems in the region. The consortium comprises WBHO, iX engineers
and Sizana Solutions. WBHO will perform the EPC function, iX
engineers the EPCM function and Sizana Solutions the business
development function. Sizana has been the appointed consultant for
Energy Vault in the region since 2019 and has built up a
considerable pipeline of potential GESS customers across the full
spectrum of energy stakeholders.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our bookings and backlogs
equating to future revenue; the lack of assurance that non-binding
letters of intent and other indication of interest can result in
binding orders or sales; the possibility of our products to be or
alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
our ability to obtain funding for our operations and future growth;
our business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, and
in our Annual Report on Form 10-K for the year ended December 31,
2022, as such factors may be updated from time to time in its other
filings with the SEC, accessible on the SEC’s website at
www.sec.gov. New risks emerge from time to time and it is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. Any forward-looking statement made by us in
this press release speaks only as of the date of this press release
and is expressly qualified in its entirety by the cautionary
statements included in this press release. We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable laws. You should not place undue reliance on our
forward-looking statements.
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Media media@energyvault.com
Energy Vault (NYSE:NRGV)
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