New Delhi: NTPC Limited, the largest power generating utility in India, announced on Wednesday the signing of a Memorandum of Understanding (MoU) with Energy Vault Holdings, a Swiss global company providing sustainable, grid-scale energy storage solutions.
The objective of the MoU is to collaborate and formalise a long-term strategic partnership for the deployment of Energy Vault’s EVx™ gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilisation of coal ash for manufacturing of composite blocks for Energy Vault’s gravity-based energy storage system.
Critical for NTPC to have diverse, clean energy portfolio: CMD
Speaking on this development, NTPC Limited’s Chairman & Managing Director (CMD) Gurdeep Singh said, “As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonise India’s economy. We have enhanced our renewable capacity addition targets to spearhead India’s energy transition goals and we are focusing on solar, wind, RTC and hybrid projects to achieve the targets. The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilising coal ash for the manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”
"We are excited to partner with NTPC and support India’s largest power utility in its clean energy transition," said Robert Piconi, the Chairman, Co-Founder and CEO of Energy Vault. "Energy Vault’s mission is to make sustainable, carbon-free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)