Energy Vault Strikes Deal to Provide Gravity Storage in China
Developer of systems that store energy by elevating heavy objects will license its technology to Atlas Renewable for project outside Shanghai.
Robert Piconi, co-founder and chief executive officer of Energy Vault SA.
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Energy Vault Inc., a provider of systems that store energy by elevating heavy objects, agreed to license its technology to a company that plans to build storage facilities in China.
Atlas Renewable LLC will pay $50 million in 2022 for a multi-year licensing agreement and will begin construction in the second quarter on the first project outside Shanghai, according to a statement Tuesday from Energy Vault, marking the storage company’s first deal in China.