Licensing and Royalty Agreement
Energy Vault Holdings, Inc. (NYSE: NRGV) has inked a 10-year license and royalty agreement for gravity energy storage in the Southern African Development Community (SADC) region. The agreement involves Gravity Energy Storage Solutions (GESSOL), a consortium firm, along with leading EPC company WBHO (JSE: WBO), iX Engineers, and commercial developer Sizana Solutions.
Scope and Objectives
The agreement covers Energy Vault’s gravity energy storage systems (GESS) and VaultOS™ energy management system (EMS). GESSOL will exclusively deploy these technologies across the SADC region to address energy shifting and micro-grid development for the utility, mining, and industrial sectors.
Multigigawatt Hours Deployment
Anticipated to contribute multigigawatt hours (GWh’s) of long-duration energy storage, the agreement aligns with the SADC’s goal to reach over 125 GWh of energy storage by 2035. The collaboration aims to provide a sustainable and efficient solution to Southern Africa’s increasing energy demand.
Regional Economic Impact
Les Lange, Director at GESSOL, emphasizes the importance of rapidly transitioning the region off coal for economic growth. Energy Vault’s gravity storage technology is considered vital for scaling up clean, renewable energy in the SADC region. The agreement is expected to contribute significantly to the clean energy transition in the region.
Energy Vault’s expansion into Southern Africa reflects the global momentum of its gravity energy storage portfolio. The company’s unique gravity storage systems are positioned to address renewable and decarbonization imperatives, playing a crucial role in reducing emissions and fostering sustainable economic development in the SADC region.
Source：businesswire.com
