Energy Vault, ACEN Australia Announce Agreement For 400 MWh Of Battery Energy Storage Deployments
Portfolio Pulse from Benzinga Newsdesk
Energy Vault Holdings, Inc. (NRGV) and ACEN Australia have announced agreements for two battery energy storage system (BESS) deployments totaling 400 MWh in Australia, aimed at supporting the 720 MW New England Solar project. These deployments, a 50 MW/100 MWh and a 150 MW/300 MWh system, are set to begin construction in the second half of 2024, with commercial operations expected in 2025 and 2026. This collaboration marks a significant step in Energy Vault's strategy to invest in energy storage for the Australian market, particularly in reducing reliance on coal-fired power by dispatching stored renewable energy during peak hours.
May 09, 2024 | 1:06 pm
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Energy Vault Holdings, Inc. (NRGV) has entered into a significant agreement with ACEN Australia for deploying 400 MWh of battery energy storage systems, supporting the New England Solar project. This move aligns with Energy Vault's strategic investments in the Australian renewable energy market and is expected to enhance its positioning as a leader in sustainable energy storage solutions.
The agreement between Energy Vault and ACEN Australia for the deployment of significant battery energy storage systems directly impacts NRGV's market positioning and growth prospects in the renewable energy sector. Given the scale of the project and its alignment with Energy Vault's long-term strategy, this partnership is likely to be viewed positively by investors and could lead to increased investor confidence in NRGV's capabilities and future growth potential. The project's focus on reducing reliance on coal-fired power and supporting renewable energy deployment in Australia further enhances NRGV's reputation in sustainable energy solutions.
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