1. The 25MW/100MWh gravity energy storage system in Rudong, China has passed commissioning by customer China Tianying and will begin commercial operations once final approvals are granted.
2. Energy Vault’s licensing agreement with China Tianying has been extended to 15 years, and the company is launching multiple projects in China using its EVx gravity energy storage technology.
3. Energy Vault has also secured a 400MWh order for two BESS projects in Australia for developer and IPP ACEN Australia, as well as released financial results for Q1 2024 showing a decrease in revenues attributed to seasonality and timing of revenue associated with licenses.
The 25MW/100MWh energy storage system in Rudong, China, built by China Tianying and Atlas Renewable using Energy Vault’s EVx technology, has passed commissioning and is awaiting final approvals to start commercial operations. The licensing agreement with Energy Vault has been extended to 15 years, with Atlas Renewable launching multiple projects in China using the gravity-based storage system.
Energy Vault has also secured a 400MWh order for two BESS projects for ACEN Australia, connected to the New England Solar project in New South Wales. The order includes a 50MW/100MWh project and a 150MW/300MWh project, potentially related to the construction stages of the solar plant.
In Q1 of 2024, Energy Vault reported revenues of US$7.8 million, a 30% decrease from the previous year, attributed to seasonality and timing of revenue from gravity energy storage licenses. The company reduced its net loss and adjusted EBITDA figures, while forecasting revenues of US$50-100 million for the full year.
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