NRGV
- Energy Vault Holdings, Inc.
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Overview
Company Summary
Energy Vault Holdings, Inc. is a company that specializes in providing grid-scale, long-duration energy storage solutions. They have developed a unique technology that stores and releases energy using a gravity-based system.
Energy Vault's technology is based on the concept of potential energy, much like how a grandfather clock stores and releases energy through the motion of its weights and pulleys. The company uses excess electricity generated from renewable sources, such as solar or wind, to power their system, which in turn stores the energy by lifting and stacking custom-designed concrete blocks.
When there is a need for additional electricity on the grid, Energy Vault's system releases the stored energy by allowing the concrete blocks to descend, driving a turbine and generating electricity. This process can be repeated multiple times, enabling the system to store and release energy for extended durations, typically ranging from 6 to 16 hours.
By providing long-duration energy storage, Energy Vault helps to address one of the key challenges faced by renewable energy sources, which is their intermittent nature. With their technology, excess energy generated during peak times can be stored and utilized during periods of high demand or when renewable energy generation is low. This helps to stabilize the grid and enhance the integration of renewables into the energy mix, ultimately reducing reliance on fossil fuels.
Overall, Energy Vault Holdings, Inc. offers a sustainable and cost-effective solution for large-scale energy storage, contributing to the transition towards a cleaner and more reliable energy future.