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