Energy Vault Announces Successful Testing And Commissioning Of First EVx 100 MWh Gravity Energy Storage System By China Tianying, Extension Of Atlas Renewable Licensing Agreement To 15 Years
Portfolio Pulse from Benzinga Newsdesk
Energy Vault announced the successful testing and commissioning of the world's first commercial, grid-scale gravity energy storage system, the Rudong 25 MW/100 MWh EVx system, by China Tianying (CNTY) on May 4. The event was marked by the presence of Chen Huiyu, Secretary of the County Party Committee. This follows the mechanical completion in September 2023 and successful state grid interconnection in December 2023. Additionally, Energy Vault has extended its licensing agreement with Atlas Renewable for the EVx gravity energy storage system technology from 7.5 to 15 years, with over 3.7GWh of projects in China underway.
May 07, 2024 | 1:59 pm
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POSITIVE IMPACT
China Tianying successfully tested and commissioned the first commercial, grid-scale gravity energy storage system developed by Energy Vault.
The successful testing and commissioning of the EVx system by China Tianying (CNTY) is a significant technological and commercial milestone. This achievement not only demonstrates CNTY's capabilities in implementing advanced energy storage solutions but also positions the company as a leader in the renewable energy storage market. The positive reception and the extension of the licensing agreement with Atlas Renewable indicate strong future prospects for CNTY in this domain.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Energy Vault's successful commissioning of the EVx system and the extension of the licensing agreement with Atlas Renewable highlight the company's technological advancements and market expansion.
Energy Vault's (NRGV) announcement regarding the successful commissioning of the EVx system and the extension of its licensing agreement with Atlas Renewable signifies a major step forward in its business and technological development. This not only enhances NRGV's product offering but also strengthens its position in the global energy storage market, potentially leading to increased investor confidence and stock performance in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 95