Energy Vault EVx™ Gravity Energy Storage Technology Named a TIME Best Invention of 2024

Energy Vault’s Gravity Energy Storage System Earns Spot on TIME's Best Inventions of 2024

October 30, 2024 - Energy Vault Holdings Inc., a key player in sustainable, large-scale energy storage solutions, recently received a significant honor: its EVx Gravity Energy Storage System (GESS) technology was named to TIME’s Best Inventions of 2024 in the “Green Energy” category. This recognition underscores the critical role of innovative energy storage solutions in advancing the transition to clean, renewable energy sources.

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“Energy Vault was founded with a vision to enable a sustainably energized world,” said Robert Piconi, Chairman and CEO of Energy Vault. The company aims to help utilities, power producers, and large industrial energy users reduce costs associated with clean energy while maintaining power reliability. Piconi added, “The selection of EVx to be a part of TIME’s Best Inventions of 2024 list is a testament to the dedication and commitment of the Energy Vault team to pursue our mission.”

An Innovative Solution: EVx Gravity Energy Storage System

The EVx GESS technology by Energy Vault is rooted in the physics of pumped hydro energy storage, a method that currently accounts for about 90% of global energy storage. However, unlike traditional pumped hydro storage, which relies on water, EVx uses composite blocks made from low-cost, eco-friendly materials that can even incorporate waste products such as mine tailings, coal ash, and fiberglass from decommissioned wind turbines. This approach reduces environmental impact while creating a sustainable circular economy.

“EVx gravity energy storage system technology, developed for large-scale storage projects,” explained Piconi, “combines time-tested energy storage principles, modern hardware and software engineering, and cutting-edge materials science to deliver long-duration storage with no performance degradation.”

Engineering a Sustainable Future with Energy Vault’s Technology

The EVx platform allows for efficient and sustainable energy storage by decoupling power and energy. The system boasts a round-trip efficiency rate exceeding 80%, and it doesn’t require specific topography, making it highly adaptable. This modular design enables scaling to multi-gigawatt-hour storage capacity, meeting the needs of major utilities, independent power producers, and large industrial users. Energy Vault’s proprietary advanced software oversees the charging and discharging cycles, ensuring high reliability across various durations, from two hours up to twelve hours or more.

A notable aspect of the EVx system is its use of locally sourced and low-cost materials, including soil from construction sites. This makes EVx a cost-effective and scalable solution for locations worldwide, helping organizations to significantly lower energy costs.

Global Expansion and Future Deployments

Currently, the EVx GESS technology is being commissioned in Rudong, China. Once operational, it will be the world’s first grid-scale gravity energy storage system, a milestone for the renewable energy sector. Nine EVx deployments are underway in China under a licensing agreement with China Tianying (CNTY) and Atlas Renewable, totaling more than 3.7 GWh. This collaboration represents a step forward for grid-scale energy storage in one of the world’s largest markets.

Earlier this year, Energy Vault announced a major expansion into Southern Africa, securing a ten-year agreement that includes multi-year licensing and royalties linked to gravity energy storage projects across South Africa and the broader Southern African Development Community (SADC) region. This expansion marks Energy Vault’s commitment to making sustainable energy storage accessible globally.

Integrating Gravity Storage with Architectural Design

Energy Vault is also breaking new ground through a unique partnership with Skidmore, Owings & Merrill (SOM), a globally recognized architecture and engineering firm. This partnership focuses on integrating gravity energy storage solutions within urban structures and deployable environments, maximizing sustainability and reducing carbon footprints. This integration will help urban areas, where high energy demand and limited space present unique challenges, to adopt sustainable energy solutions.

“EVx gravity energy storage system technology, developed for large-scale storage projects,” said Piconi, “combines time-tested energy storage principles, modern hardware and software engineering, and cutting-edge materials science to deliver long-duration storage with no performance degradation.”

Recognition from TIME: A Notable Milestone

TIME’s Best Inventions of 2024 highlights innovations that push boundaries and address pressing issues, such as climate change. Each invention was evaluated based on originality, impact, ambition, and effectiveness. Piconi expressed gratitude for the inclusion of EVx, noting that the acknowledgment reflects the technology’s potential impact in global sustainability efforts.

For more information, visit Energy Vault’s website.