ENERGY VAULT HOLDINGS, INC. Sustainability Report
2023
START
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET
SOLUTIONS
SUSTAINABILITY RESPONSIBLE BUSINESS
STRATEGY
INNOVATION GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY
ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
2
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Contents
INTRODUCTION | SUSTAINABILITY | ACCOUNTABILITY |
COMPANY | RESPONSIBLE BUSINESS | TRANSPARENCY |
CEO MESSAGE | STRATEGY | ENVIRONMENTAL |
IN THE VAULT | Principles & Philosophy | Resource Consumption |
CLIMATE ACTION | Sustainability Team | Greenhouse Gas Emissions |
ENERGY MARKET | Materiality Assessment | Waste Management |
Market Demand | Roadmap & Targets | SOCIAL |
Market Accelerators | INNOVATION | Workforce |
Technology Mix | Life Cycle Assessments | Health & Safety |
SOLUTIONS | Research & Development | Supply Chain |
G-VAULTTM | GLOBAL ALIGNMENT | GOVERNANCE |
B-VAULTTM | Associations & Initiatives | Leadership Team |
H-VAULTTM | UN Global Compact | Business Ethics |
Software & Service | TCFD & SBTi | Risk Management |
Projects | Policies & Commitments |
Looking Forward
Appendix | GRI Disclosures | Bibliography
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT CLIMATE ACTION ENERGY MARKET SOLUTIONS SUSTAINABILITY RESPONSIBLE BUSINESS STRATEGY
INNOVATION GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
3
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Company Introduction
Enabling A Renewable World™
Energy Vault develops and deploys utility-scale energy storage solutions designed to aid in the global transition to a clean energy future. Our Company's comprehensive offerings include proprietary gravity, battery, and green hydrogen energy storage solutions, supported by Energy Vault hardware technology- agnostic energy management software and integration platform. We incorporate a customer-centric,solutions-based approach towards helping utilities, independent power producers, and large industrial energy users reduce energy costs while maintaining power reliability. As we transition to an economy powered by intermittent renewable energy, the ability to provide clean and affordable electricity to a growing global population will depend heavily on the ability to store and distribute energy at the right time. At Energy Vault, we envision a planet where science and deep respect for our natural resources inspire technological advancements in energy storage and the solutions needed to deliver clean, sustainable, and affordable energy for all.
Corporate Sustainability Statement
Energy Vault is committed to providing transparency and progress on material non-financial sustainability
- Environmental, Social, and Governance metrics. In our second annual Corporate Sustainability Report, we share early-stage data and 2023 activations of newly established sustainability infrastructure, systems, protocols, standards, and metrics from which our organization measures current and future success.
Switzerland
United
Kingdom
United | China |
States | |
Australia
Legal Entity | R&D + Supply Chain | |
Purpose, Vision, Mission
At Energy Vault, we exist to enable a sustainably energized world. We strive to create a world powered by renewable resources. At the core of our existence lies the sense of urgency to meet the energy demands of the present, while enabling prosperity for future generations. We are driven by our respect and commitment for the balanced well-beingof the three sustainability pillars: environment, society, and the economy. Our commitment is to continuously develop cutting-edgeenergy storage solutions, powered by renewable resources.
We envision a future where nature and humankind coexist in harmony. The fates of humanity and nature are intertwined. The future we are working towards is one in which human aspirations, earth's natural resources and technological advancements are innately intertwined and mutually beneficial to one another. This inspiring vision serves as our guiding light in disrupting the status quo, pushing the limits of our thinking, and developing innovative energy storage solutions.
We provide energy solutions to accelerate the transition to renewable energy. Our investors, clients, and employees have a shared mission to innovate energy storage technologies for the global transition to renewable energy. We provide a diverse technology portfolio of turnkey energy storage platforms, including proprietary gravity, battery, and green hydrogen energy storage hardware technologies, orchestrated
by our trademark energy management system software and integration platform. Our team of energy industry experts are providing short and long duration grid scale energy storage solutions to help utilities, independent power producers and large industrial energy users reduce the cost of abundant clean energy while maintaining power reliability.
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET SOLUTIONS SUSTAINABILITY RESPONSIBLE BUSINESS STRATEGY
INNOVATION GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY ENVIRONMENTAL SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
4
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
CEO Message
At Energy Vault, we are on a mission to advance the global transition to clean energy through a transformation of the world's approach to energy storage. Since our founding, we have been focused on the development of a full suite of customer- centric energy storage solutions designed to meet a wide range of customer needs. Today, as we continue to expand our global footprint with new strategic partnerships while delivering turnkey energy storage systems and software to our customers, sustainability remains fundamental to our corporate strategy, and deeply ingrained in our day-to-day work. As evidence of this commitment, I'm proud that Energy Vault's overall ESG score from S&P Global increased from 17 in 2022 to 51 in 2023, placing our company in the 94th percentile of our industry.
As the world continues to grapple with the challenge of climate change, Energy Vault believes the transition to renewable energy remains our greatest tool for turning the tide. The clean energy transition, however, has brought both material resource and economic challenges of its own, as variable energy costs and intermittency continue to disrupt the stability of power supply grids worldwide. Our goal at Energy Vault is to provide a range of tailored energy storage solutions that can help customers overcome these challenges in order to accelerate the global clean energy transition.
As the market evolves, and customer demands evolve with it, we are keenly aware that our success is directly tied to our ability to prioritize responsible business practices, transparency in business disclosures, and circular economic strategies. Our customer-centric approach to energy storage allows us to listen closely and respond to those customer needs while advancing innovation and driving shareholder value.
As a global company, we are also especially aware of the rapidly increasing demand for renewables across the globe, especially in regions with the highest human-caused emissions, and we are working diligently to engage with customers worldwide regarding our short, long, and ultra-long duration energy storage solutions
- a suite of products that is unique in the industry. In 2023, we entered a long-term agreement focused on the delivery of Energy Vault's revolutionary gravity energy storage technology to the Southern Africa region, where coal currently supplies 62% of power generation and residents are plagued by frequent scheduled power shutoff events. Further, we have made tremendous progress in China, the world's largest energy storage market, with the deployment of the world's first commercial EVx™ gravity-based energy storage system just outside of Shanghai. That partnership has since expanded to include a total of eight EVx™ deployments, totaling 3.62GWh, in support of the country's 30/60 goal. In the United States, we continue to make strong progress by completing and turning over operations of 275 MWh and 440 MWh battery energy storage systems to Wellhead Electric Company and NV Energy, respectively. We're also excited to have broken ground on the world's largest green hydrogen ultra-long storage system in Calistoga, California, in partnership with PG&E, and are on track for the deployment of a 200 MWh battery energy storage system at the Jupiter Power Facility near Fort Stockton, Texas, which will provide energy and ancillary services to ERCOT. The global market for renewables and storage continues to grow at an increasingly rapid pace, and we remain steadfast in our commitment to meeting demand around the world as nations race to meet decarbonization goals.
In just our second year as a publicly traded company and after only six years since our founding, we have made significant strides towards aligning our strategies are aligned with internationally agreed upon sustainable development and reporting goals. To accomplish that, we have implemented a framework to improve and analyze product design, operations, and end-of-life strategies, enabling us to consider and estimate the potential financial, social, and environmental value for the company's energy storage and management solutions. This framework is focused on advancing our company's three most important levers of sustainable impact: Purpose, Product, & Partnership.
Our sustainability roadmap leverages the frameworks of the Science Based Targets Initiative (SBTi) and the Task Force on Climate- related Financial Disclosure (TCFD). The roadmap informs decision- making related to advancing low carbon economies and evaluating climate-related physical and transition risks. In 2024, Energy Vault plans to submit our Communication on Progress as part of our commitment to the UN Global Compact and plans to track progress toward net-zero goals, have our data audited by a third party, and set an internal carbon price. Energy Vault remains steadfastly committed to reducing absolute scope 1 and 2 GHG emissions in line with our validated near-term SBTi targets and to achieve net- zero emissions by 2050, in keeping with the Paris Agreement.
Energy Vault is deeply committed to continuing to incorporate sustainability into the very fabric of everything we do. We are proud of both the work we have accomplished so far and confident in our ability to achieve our goals moving
forward. As we continue to advance our mission of enabling a sustainably energized world by providing energy storage solutions that accelerate the transition to renewable energy, we deeply appreciate the support of customers, partners, and stakeholders across the globe.
Rob Piconi
Chairman, Co-Founder
and CEO, Energy Vault
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET SOLUTIONS SUSTAINABILITY RESPONSIBLE BUSINESS
STRATEGY
INNOVATION GLOBAL ALIGNMENT
ACCOUNTABILITY
TRANSPARENCY
ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
5
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
In The Vault
Long Term Value Creation
Energy Vault employs an agile business model to allow for continued capital redistribution to accelerate deployment of bespoke technology solutions for our customers. Economic sustainability is both a
key measure of financial success and a core focus of corporate responsibility as we work to enable a sustainably energized world.
Despite global financial and energy security concerns, prevailing macroeconomic, geopolitical, and supply change challenges, global investments in the energy transition continues to grow year over year. In 2022, investments reached $1.3 trillion which is a 19% increase from 2021 and a staggering 70% from 2019.1 Energy Vault continues to work diligently in this sector to enable renewable energies by deploying energy storage solutions globally. We also understand that this is not enough investment or effort to keep the world on track to achieving the 1.5ºC Scenario laid out by the Paris Agreement.
Annual global investment in renewable energy, energy efficiency, and other
transition-related technologies 2015-2022 | |||||||||
1400 | 1308 | ||||||||
1200 | 1096 | ||||||||
Billion | 1000 | ||||||||
800 | 764 | 772 | 839 | ||||||
749 | |||||||||
662 | 656 | ||||||||
USD | 600 | ||||||||
400 | |||||||||
200 | |||||||||
0 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||
2015 | |||||||||
Renewable energy | Energy efficiency | Electrified transport | Electrified heat | Energy storage | Hydrogen | Carbon capture and storage |
Source: IRENA & CPI, February 2023
Investments in renewable energy continued to see a steady positive increase since 2019. In 2021, renewable energy investments reached $430 billion, increasing another 16% to $499 billion in 2022. The recent investments into renewable energy have predominantly focused on 3 regions: East Asia & Pacific, North America, and Europe, totaling 90% of the total fund allocation.1 Unfortunately, this omits ~120 developing and emerging markets to receive comparatively less. Developing economies need a resilient energy supply to weather the impending forecasts of climate change. They also need the provisions of clean energy suppliers, together with investment, to enable rapid adaptation and technology development.
In addition to investments for the energy transition, energy security and supply chain protection remain major topics of global concern. The crisis in Ukraine put a spotlight on the fact that 80% of the world's population lives in countries that are net energy importers, affecting not only security but affordability. The resulting effect is that governments are willing to pay a premium of 6%-15% for locally-sourced energy.2 Energy Vault is uniquely positioned to help address and proliferate solutions to the opportunities and challenges of the global energy transition, energy security, and supply chain concerns as they relate
to energy storage solutions. The G-VAULT™ has unique material aspects that facilitate local production while addressing the energy storage needs of longer duration requirements. With the B-VAULT™, we have created regional partnerships to keep the energy storage manufacturing to a local or regional level as much as possible and our energy management software solutions tie it all together. There are large decarbonization policy packages in the major regions that align with our goals to supercharge the transition regionally and push it forward globally. These include the Inflation Reduction Act, the EU Green Deal, and the EU's emission trading system.
According to a recent Reuters survey, energy storage is among the top energy transition technologies to invest in and with a favorable return on investment (ROI), with 40% of respondents planning to invest in energy storage and 35% believing that energy storage will have a favorable ROI.3 Energy Vault is well positioned to lead global innovation with energy storage solutions designed to drive technology advancement in energy storage and project deployments to support the clean energy transition.
A combination of mandatory reporting requirements, standardized assessment criteria applied on a global scale, and the vast amount of capital committed to ESG funds are all positive steps that can only be
of benefit to the energy transition. There are great opportunities for renewable and low-carbon energy projects to secure funding, scale up, and start delivering the clean energy we all so desperately need. The need for the energy transition is clear. There is a role for energy companies to play in ensuring a just transition, but to do so will require a concerted effort from governments, policy makers, financiers, and energy companies to deliver that change - and they will need to be held to account for the progress made.
INTRODUCTION
COMPANY CEO MESSAGE IN THE VAULT CLIMATE ACTION ENERGY MARKET SOLUTIONS SUSTAINABILITY RESPONSIBLE BUSINESS STRATEGY
INNOVATION
GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
6
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Climate Action
Climate Change Mitigation
Energy Vault is working to address climate change, through sustainable energy storage and management solutions.
Climate change poses an existential threat to humanity. Decreasing human generated greenhouse gas (GHG) emissions is among the world's most pressing challenges today. Since the industrial revolution, human activities have been the main driver of climate change: the long-term shift in global temperatures and weather patterns. Global warming results from increased planetary greenhouse gas concentrations that cause additional heat to
be trapped within the earth's atmosphere, also known as the 'greenhouse effect'.
There is ample physical evidence that shows carbon dioxide (CO2) is the single most climate-relevant greenhouse gas in the Earth's atmosphere.4 The energy sector is estimated to account for more than three-quarters (3/4) of total GHG emissions globally.5 Burning fossil fuels contributes to global warming by releasing carbon dioxide (CO2) and nitrous oxide (N2O) greenhouse gases into the atmosphere.6 Demand for fossil fuels remains too high to stay within reach of the Paris Agreement goal to limit the rise in average global temperatures to 1.5 °C. The suggested actions to get the global energy sector on track by 2030 include tripling global renewable capacity, doubling the rate of energy efficiency improvements, and tripling clean energy investments in emerging and developing economies, as well as measures to ensure an orderly decline in the use of fossil fuels.7
Clean Energy Transition
Energy Vault supports the clean energy transition through the development of advanced energy storage solutions.
The United Nations outlines the critical factors to ensure universal access to affordable, reliable, and modern energy services to a larger proportion of the global population.8 Sustainable Development Goal #7, "Clean and Affordable Energy for All" is supported by these critical factors which include an increased share of renewable energy in the global energy mix, improvement in energy efficiency, enhanced international cooperation to support clean energy research, and expansion of infrastructure and upgrade technologies.
The global transition to clean and affordable energy is contributing to the energy market dynamic shift, driving demand for additional renewable power generation and subsequently increasing the capacity and duration requirements for energy storage solutions.
Renewable technologies offer environmental advantages over fossil fuels in terms of finite natural resource usage and GHG emission profile. Variable renewable energy [VRE] generation from wind and solar depends upon solar exposure and wind patterns, which fluctuate greatly at any given time or location around the world. Energy storage, management, and integration solutions are required to balance the production intermittency of VRE technologies and support our future clean-energy electrical grid infrastructure. Energy Vault aims to propel the clean energy transition by developing advanced energy storage infrastructure that supports increased VRE sources and by advancing energy efficiency through innovative, proprietary software technology solutions for the management and integration of energy system services.
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET
Market Demand
Market Accelerators Technology Mix
SOLUTIONS
SUSTAINABILITY
RESPONSIBLE BUSINESS
STRATEGY
INNOVATION GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY ENVIRONMENTAL SOCIAL GOVERNANCE CONCLUSION APPENDIX
DISCLOSURES
7
Market Demand
Energy Storage Demand
There is a massive demand for grid-scale energy storage that is vital to decarbonizing our electrical grid. Clean energy demand is growing rapidly, with the global energy storage demand expected to rise at
27% compound annual growth rate until 2030, with annual additions reaching 110 GW or 372 GWh. The worldwide energy storage market size is expected to expand from US$ 17.7 billion in 2023 to US$ 77 billion by 2033.9
Managing Aging Infrastructure
Over the next decade, renewable developers face hurdles in establishing interconnection agreements that require costly upgrades to aging transmission systems. Energy storage can serve as a technology gap bridge by allowing developers to build out the required renewable generation with co-located energy storage to support demand that exceeds the current interconnection capabilities.
Supporting Wholesale Market Operators
Wholesale market operators have advanced market design to price the flexibility needed to reliably operate the grid. Revenue streams for ancillary services, such as frequency regulation and fast ramping capabilities, alongside energy shifting and capacity payments have helped to create the economic case for energy storage.
Energy Transition Index
The Energy Transition Index [ETI] benchmarks 120 countries on macroeconomic, institutional, social, and geopolitical factors to provide a global index of performance and readiness of each country for an effective energy transition. According to the World Economic Forum's [WEF] 2023 Fostering Effective Energy Transition report, the ETI has plateaued amid the energy crisis and geopolitical volatilities. The WEF report finds that, while we have seen broad progress on clean sustainable energy, equity of the transition is challenged by an emerging shift in focus that prioritizes energy security over the just, affordable access to energy and sustained economic development.10 Energy Vault is aware of the challenges in the duality of the energy transition and continues to recognize the evolving priorities of market demand.
Global gross energy storage capacity additions by market
125
100
Gigawatts | 75 |
50
25
0 | ||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
Source: BloombergNEF, October 2023
US | Australia | Other Europe | |||
Latin America | South Korea and Japan | Rest of the World | |||
China | Germany | Buffer | |||
India | UK | ||||
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET
Market Demand
Market Accelerators
Technology Mix
SOLUTIONS
SUSTAINABILITY
RESPONSIBLE BUSINESS STRATEGY INNOVATION
GLOBAL ALIGNMENT
ACCOUNTABILITY
TRANSPARENCY
ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
8
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Market Accelerators
Policy Drivers | National Incentives
Based on current policy settings of governments around the world, the energy system in 2030 is expected to include renewable generation of global electricity mix nearing 50% (up from 30% today).11 Government policy drivers can act as market accelerators to reduce cost and increase adoption of energy storage. The resulting improved economics are expected to reduce the cost to implement storage within the domestic market and may amplify and accelerate the adoption of energy storage, management, and integration technologies offered by Energy Vault. In addition to the major initiatives listed to the right, many countries, regions, and corporations have also established aggressive decarbonization targets that we believe will encourage market acceptance of energy storage technology development. It is also important to note that various incentives and policies address circular economy and local sourcing strategies which are specific to local regions.
Legislation | Regional Bills
In 2023, California passed two senate bills, SB-253 and SB-261, which address the state's Climate Accountability Package. These bills mandate GHG reporting in alignment with GHG protocol as well as alignment with the Task Force on Climate-related Financial Disclosures. California, which leads the United States in sustainability initiatives, also passed assembly bill AB-1305, requiring certain companies to verify data, disclose progress on sustainability goals, and inform the public on the details of carbon offset projects.
Social Drivers | Independence & Security
Energy Independence and Security remain a central focus to combat the effects of the recent global energy crises, continued combat in Ukraine, and the risk of sustained conflict and further destabilization in the Middle East. During what is considered the first true global energy crisis, oil prices hit their highest level since 2008, and the price of natural gas reached unprecedented highs, resulting in record high electricity costs in some markets.12 Rising energy prices impacted vulnerable households, causing significant economic, social, and political strains. Higher energy prices also contributed to extreme poverty, and in some areas, reversed progress towards achieving universal and affordable energy access for
all. These social drivers could accelerate the expansion of clean energy deployments and policies to support renewable development as an avenue for nations to secure energy independence by reducing dependencies on foreign oil. Building new clean energy infrastructure can support grid resilience in times of climate catastrophe and political unrest.
UNITED STATES: In 2023, these market accelerators have resulted in strong performance in key targeted industries including solar and wind energy, grid energy storage, and electric vehicles. The latest forecasts, following the passage of the Bipartisan Infrastructure Law and the Inflation Reduction Act, show a dramatic expansion in capacity for grid-scale battery storage, far outpacing previous estimates.13
EUROPE: Under the European Green Deal, the European Commission
implemented the REPowerEU Plan, which aims to reduce dependency on
Russian fossil fuels, save energy consumption, and double the deployment of
renewables in response to the hardships and global energy market disruption cause by the war in Ukraine.14
INDIA: India announced the 2030 target to reach 50% electricity requirements
from renewable energy sources and the 2070 target to reach net zero
emissions. This includes installing 500 gigawatts of renewable energy capacity,
decreasing the emissions intensity of the nation's economy by 45%, and reducing a billion tons of CO2.15
CHINA: In 2023, China announced the Renewable Energy Electricity and
New Energy Vehicle subsidy policies. The 14th Five-Year Plan for New Energy
Storage Development Implementation identifies energy storage as a key
element of the decarbonization of the energy sector and a critical asset to support energy security.16
AUSTRALIA: The Powering Australia Plan, passed by the Australian
Government in 2022, is focused on creating jobs, cutting power bills, and
reducing emissions by boosting renewable energy. The Plan includes a
commitment of $224.3 million in funding over four years in the 2022-23 budget to deploy four hundred community battery systems across the country.17
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET
Market Demand Market Accelerators
Technology Mix
SOLUTIONS SUSTAINABILITY RESPONSIBLE BUSINESS
STRATEGY
INNOVATION
GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY ENVIRONMENTAL SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
Technology Market Mix
Energy Storage Technologies
Energy storage technologies are needed to support the clean energy transition for both grid-scale long duration energy storage and localized shorter duration energy storage applications. The current mix of energy storage solutions on the market includes mechanical, electrochemical, chemical, and thermal technologies.
The most common form of energy storage, Pumped Hydroelectric Storage (PHS), accounts for over 90% of existing global stationary energy storage.18
Other Mechanical energy storage systems harness the physics principles of kinetic (motion) and potential energy or gravity to store and release energy.
Battery energy storage technologies store energy via an electrochemical process utilizing different battery chemistries and demand continues to grow, making it the leading technology for short duration applications.
Hydrogen is the most abundant element in the universe and can be stored as a liquid or gas to support energy storage applications. Green Hydrogen is produced using non-fossil-fuel feedstocks and emits zero or minimal amounts of greenhouse gases on a lifecycle basis.
Thermal energy storage systems can store heat or cold to be used later, under varying conditions in temperature, location, or power.
Energy Service Providers
Advanced Analytics |
Portfolio Management
Energy Management
Energy Software Technologies
As we work to enable the transition from fossil fuels to clean energy sources and improve system efficiencies, energy software technologies will play a significant role in the clean energy transition. Advancements in software technologies can optimize system operations, improve economics, boost safety & security, extend asset life, facilitate infrastructure automation, and improve efficiencies to achieve the energy demand delivery required for just and affordable access to clean energy on a global scale.
Energy Management software offers energy asset level capabilities to monitor, control, and optimize energy efficiency across a diverse portfolio of energy assets, providing fast-response services to changing grid conditions at the gigawatt level scale.
Portfolio Management software enables site level optimization of diverse energy system asset operations through visibility and analysis of performance, maintenance, financial, and environmental data to support analytics for management, augmentation, and expansion decisions.
Advanced Analytics tools use artificial intelligence to leverage diverse, live data from directly monitored assets and external drivers to provide dispatch optimization across energy markets. These tools provide transparency through centralized insights of lifetime site performance, trend analysis, and historical event tracking.
9
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Pumped Hydroelectric | Mechanical / Gravity | Chemical Battery | Hydrogen | Thermal Storage | |||||||||||
Solar | Wind | Hydrogen | Other | |||
Energy Generation Technologies |
INTRODUCTION
COMPANY
CEO MESSAGE
IN THE VAULT
CLIMATE ACTION
ENERGY MARKET
SOLUTIONS
G-VAULTTM
B-VAULTTM
H-VAULTTM
Software & Service
Projects
SUSTAINABILITY RESPONSIBLE BUSINESS
STRATEGY
INNOVATION GLOBAL ALIGNMENT ACCOUNTABILITY TRANSPARENCY
ENVIRONMENTAL
SOCIAL
GOVERNANCE
CONCLUSION
APPENDIX
DISCLOSURES
10
© 2024 ENERGY VAULT® I ALL RIGHTS RESERVED.
DOC ID. NRGV30-CSR2023-240301
Energy Vault Solutions
-TERM LONG
SERVICE
OFFERING
VAULT-
MANAGER
VAULT | |||
- | - | OS | |
B | |||
VAULTTM | |||
VAULT- | |||
G | BIDDER | ||
- | |||
VAULTTM | OFFERING | ||
H | SERVICE | ||
- | |||
VAULTTM | TERM | ||
- | |||
LONG |
Portfolio
Energy Vault set out to solve one of the greatest challenges facing our planet today-how to store renewable energy in both an economical and sustainable way to end the world's reliance on fossil fuels. Our energy storage and software solutions enable utilities, independent power producers, and large energy users to manage their energy asset portfolios.
Our energy storage solutions are designed to accommodate a wide variety of renewable power sources and achieve an attractive levelized cost of energy relative to fossil fuels. Collectively, these abilities greatly broaden the use cases and time duration scenarios that can be addressed by certain sources of renewable power, thereby driving a faster transition to more pervasive renewable power.
Energy Storage
Energy Vault's turnkey energy storage solutions are designed to meet the demands of the market for shorter duration and longer duration storage needs. In addition, our hybrid systems, which incorporate other energy storage mediums (such as green hydrogen), address the growing demand for extended duration energy storage. Energy storage can balance supply and demand over short and long periods of time. Asset owners require design and operational flexibility to maintain reliability for a rapidly evolving energy landscape, along with innovative technologies to mitigate supply chain and fleet change risk. As energy supply and demand become increasingly variable, grid operators need agile support from fast-responding energy resources. To create reliable outcomes for communities now and into the future, asset owners and investors need adaptable and bankable energy storage solutions.
Energy Software
Energy Vault's technology-agnostic software solutions platform can orchestrate management of various storage mediums and underlying generation assets to harmonize power delivery for multiple use cases. Leveraging the latest advances in software and analytics
is a must have for managing the diversity and scale of energy storage projects. Energy Vault's focus on large and complex projects underlies our drive to develop the industry's most sophisticated Energy Management System. With modern architecture, we unlock the value of energy storage solutions by continuously optimizing grid integration as use cases evolve over time. VaultOSTM EMS provides real-time monitoring, operational control, and optimized dispatch across an array of generation and short to ultra-long duration energy storage assets. The user interface makes it easy for customers
to securely manage a single asset, hybrid power plant, or fleet of resources at a glance while minimizing operational costs.
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Energy Vault Holdings Inc. published this content on 05 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2024 12:51:10 UTC.
