US-client to bring Energy Vault $500 million revenues

Using its proprietary Energy Management System software and Gravity-based Energy Storage Technology, Ticino--based Energy Vault helps utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault is accelerating the shift to a circular economy and a fully renewable world. 

In a new partnership with DG Fuels LLC, an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel (”SAF”) and diesel fuel, Energy Vault agreed to provide 1.6-gigawatt-hours (GWh) of energy storage to support DG Fuels across multiple projects. The first project is slated for 500-megawatt hours (MWh) in Louisiana. This initial project will be followed by additional projects in British Columbia and Ohio. DG Fuels has developed a carbon conversion fuel production process that is targeting a 93% carbon conversion efficiency, which reduces the amount of feedstock required to produce SAF and lowers cost of production.

The Washington, D.C-based company, DG Fuels will deploy Energy Vault’s gravity storage systems to provide green electricity in conjunction with photovoltaic solar to firm and shape the renewable energy to match the demand load of the green hydrogen production. The renewable power will be used to power HydrogenPro water electrolysis for both hydrogen and oxygen feedstock production.

Energy Vault systems are intended to minimize environmental- and supply chain risks, which was a critical factor in the final selection by DG Fuels. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.

More than 500 million revenues ahead
Energy Vault expects this agreement to provide up to $520 million in revenue across the three projects, the first of which is expected to commence in mid-2022. Commenting on this achievement, Robert Piconi, CEO and Co-Founder of Energy Vault, said, “We are proud to collaborate with DG Fuels and its partners to economically enable 24/7 renewable power, supporting DG Fuels to execute against their plans to efficiently deliver green fuel to the aviation industry. Our energy storage systems are designed to maximize the use of local materials and stimulate local job creation, thus amplifying the sustainability benefits of DG Fuels’ deployment plans. These projects will play a critical role in reducing our reliance on fossil-based fuels while further advancing our country’s decarbonization goals.”