Energy Vault, a developer of gravity energy storage technology, has announced a partnership agreement to develop a 2.4GWh battery storage project with U.S.-based battery storage system developer Jupiter Power.
The two companies will work quickly to ensure that the 2.4GWh battery storage system has access to supply chain equipment and services through Energy Vault's hardware and software management platform, Integrated and delivered in Jupiter Power's battery energy storage project.
In addition, there will be a commitment to support local manufacturing of Jupiter Power's battery storage projects across the United States. The projects are expected to achieve commercial operations in 2024 and 2025.
Energy Vault said it will work to develop and manufacture energy storage devices in the U.S. that will receive investment tax credits under the U.S. Reducing Inflation Act.
The two companies will work to ensure that such facilities are located in "energy community" locations that are prioritized for funding under the Reducing Inflation Act. These include coal mines and other economically backward areas.
Andy Bowman, CEO of Jupiter Power, said: "As we have worked hard over the past few years to develop energy storage projects from California to Maine, we are now uniquely positioned to align with the Reducing Inflation Act's vision to enable large-scale domestic Battery manufacturing jobs become a reality.”
He added: "We are very excited to extend our partnership with Energy Vault to increase our current supply of much needed equipment while also supporting domestic sustainable battery manufacturing."
Energy Vault has recently been working on collaborating on battery storage deployments. Prior to this, agreements with Wellhead Electric and W Power have been announced.
But the company also recently won a development contract to deploy a 2GWh energy storage system to use its gravity energy storage solution in an industrial park in China.
The company went public on the New York Stock Exchange in February, raising nearly $200 million.