Energy Vault will deliver a 100 MW (200 MWh) battery energy storage system for a Jupiter production site near Fort Stockton, Texas, which will supply energy and related services to the ERCOT grid.
Additionally, Energy Vault will build and commission a 10 MW (20 MWh) battery energy storage system for Jupiter Power in Carpinteria, California, which will participate in the CAISO Resource Adequacy program and build California’s resilience.
Jupiter Power’s battery energy storage systems will utilize Energy Vault Solutions’ (EVS) proprietary system design and EVS energy management software, developed for optimal grid resiliency and economical power dispatch, regardless of the underlying storage technology.
Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in grid-scale sustainable energy solutions, and Jupiter Power (“Jupiter”), a leader in the battery energy storage developer and an owner/operator of utility-grade battery energy storage projects in the United States, today announced the signing of two contracts under which Energy Vault will provide equipment, engineering, procurement, construction and balancing of plant components and energy management software for two of Jupiter’s battery energy storage sites.
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The sites include a 100 MW (200 MWh) battery energy storage system near Fort Stockton, Texas, which will supply energy and related services to ERCOT, and a 10 MW (20 MWh) system in Carpinteria, California, to provide grid services through participation in the CAISO Resource Adequacy program, while building energy resilience in Southern California. The sites will also generate crucial dispatchable capacity for these electricity markets and are expected to be completed in 2023.
The systems will use EVS’ proprietary integration platform and powered by EVS’ innovative energy management software platform, the development of which started nine months ago, in November 2021, as previously announced. EVS leverages advanced software architecture and optimization algorithms, and enables the integration and orchestration of multiple energy assets across multiple use cases.
“With today’s announcement of inaugural battery energy storage sites powered by EVS in support of a leader in storage infrastructure and analytics like Jupiter, we are executing our comprehensive energy storage solutions strategy launched just nine months ago,” says Marco Terruzzin, Sales Manager, Energy Vault. “We are seeing strong demand for our EVS-powered energy storage solutions globally, thanks to our platform’s unique ability to integrate and deliver both short-term and long-term (EVx) energy storage technologies. ”
“Jupiter is excited to work alongside Energy Vault to expand its battery energy storage portfolio with these two new sites,” said Michael Geier, Chief Technology Officer at Jupiter Power. “As one of the largest developers and operators of battery energy storage sites in the ERCOT network, we see a compelling need to continue to deploy innovative storage solutions to help alleviate the pressures on the networks. We are also excited to build our first project in California, where the grid still has a strong need for additional battery energy storage capacity.”
Jupiter currently has 654 MWh of battery energy storage sites in service or in the process of being commissioned in Texas and more than 11 GW of additional projects under development in several target markets, from California to Maine. Jupiter projects play a critical role in decarbonizing the U.S. electric grid through emission-free generation to support and realize the adoption of renewable electricity resources, namely solar and wind, while building resilience and network reliability.
About Energy Vault
Energy Vault designs and deploys sustainable energy storage solutions that transform the global approach to utility-scale energy storage by decarbonizing grids while maintaining their resilience. The Company’s Proprietary Gravity Energy Storage Technology, Battery Storage Technology, and Energy Storage Management and Integration Platform Help Utilities, Independent Power Producers and Large Industrial Consumers to significantly reduce their energy costs while maintaining grid reliability. By using environmentally friendly materials with the ability to integrate waste for beneficial reuse, Energy Vault promotes the circular economy while accelerating the transition to clean energy for the benefit of its customers. For more information, visit www.energyvault.com.
About Jupiter Power
Jupiter is a leading battery energy storage infrastructure platform, with deep negotiation, analysis, development, financing, operation and construction capabilities, as well as unrivaled intellectual property in optimizing the distribution. Backed by EnCap Investments LP, Yorktown Partners and Mercuria Energy, Jupiter has offices in Austin and Houston, Texas, as well as Chicago, Illinois. Jupiter has a portfolio of utility-scale battery energy storage sites in operation or under construction in the United States, as well as an actively developed project portfolio representing more than 11,000 MW. For more information about Jupiter Power, please visit our Twitter, LinkedIn or Facebook pages, and visit www.jupiterpower.io.
Forward-looking statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions, including statements regarding Energy Vault’s future expansion, deployments and capabilities. Many factors could cause actual results to differ from the statements made in this press release, including: risks associated with the deployment of Energy Vault’s energy management software for the sites announced in this release; risks relating to Energy Vault’s ability to provide equipment, engineering, procurement, construction and plant component balancing services for the sites disclosed in this release; unforeseen delays at the sites announced in this release; whether these sites will be built on time or will operate as planned; developments and developments in the global market; the prolonged impact of COVID-19; and political, economic and commercial conditions. Additional risks and contingencies that could impact our financial statements are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Quarterly Report on Form 10-Q for the quarter ended June 30 2022, filed with the SEC on August 8, 2022 and available on our website at investors.energyvault.com and on the SEC’s website at www.sec.gov. Additional information will also be disclosed in other documents we file with the SEC from time to time. All forward-looking statements contained in this press release are based on information available to us as of the date of the release, and we disclaim any obligation to update any forward-looking statements presented to reflect events or circumstances occurring after the date at which they were made, except to the extent required by applicable law.
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