Feb 2, 2022 - Energy & Climate

Startup Energy Vault reaches deal to develop gravity storage tech in China

Ben Geman

Picture of Energy Vault's EVx modular system and it's exposed — Artist rendering of Energy Vault's EVx modular system. Image courtesy of Energy Vault.

Energy Vault, one of a few startups looking to commercialize gravity-based storage tech using solid materials, has reached a deal to develop projects in China.

Driving the news: The company on Tuesday announced a $50 million licensing agreement with Atlas Renewable, which is majority-owned by the Chinese company China Tianying.

Atlas is also increasing its existing investment in Energy Vault's move to go public via a SPAC deal.

Why it matters: Energy storage is important for helping high levels of intermittent renewable power penetration. The companies said the technology can help China meet its decarbonization goals.

How it works: The idea is a system that raises 30-ton composite bricks and "potential energy is stored in the elevation gain of the brick," a primer on their site notes.

When power is needed, the system "releases kinetic energy back to the grid via controlled lowering of the bricks using gravitational force."

Yes, but: Gravity storage has its skeptics.

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Startup Energy Vault reaches deal to develop gravity storage tech in China

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