Energy Vault Begins Construction Of The Largest Green Hydrogen Long Duration Energy Storage System In The U.S.
Portfolio Pulse from Benzinga Newsdesk
Energy Vault Holdings, Inc. (NRGV) has started construction of the U.S.'s largest green hydrogen plus battery energy storage system in Calistoga, California, for PG&E. The system, expected to be operational by Q2 2024, will provide 293 MWh of carbon-free energy, capable of powering 2,000 customers for up to 48 hours. This project, supported by a 10.5-year tolling agreement with PG&E, marks a significant advancement in microgrid development and decarbonization efforts.
February 22, 2024 | 2:04 pm
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Energy Vault Holdings, Inc. (NRGV) begins construction on a landmark green hydrogen and battery energy storage system in partnership with PG&E, aiming for operational status by Q2 2024.
The initiation of this large-scale project by Energy Vault in collaboration with PG&E is a significant step towards sustainable energy storage solutions. Given the project's scale and its alignment with decarbonization goals, it is likely to attract positive attention from investors and stakeholders, potentially boosting NRGV's stock in the short term. The project's innovative approach to energy storage and its support by a long-term tolling agreement with PG&E further underscore its potential positive impact on NRGV's financial performance and market perception.
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