Business News | NTPC Signs MoU with Energy Vault for Gravity-based Energy Storage Technology

New Delhi [India], April 27 (ANI): India's largest power generating firm NTPC Limited on Wednesday said it has signed a Memorandum of Understanding (MoU) with Swiss energy storage company Energy Vault Holdings for gravity-based energy storage technology.

The objective of the MoU is to collaborate and formalise a long-term strategic partnership for the deployment of Energy Vault's EVx™ gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study, according to a statement released by the Ministry of Power.

Also Read | Mumbai: Ulhasnagar Man Slaps Cop Who Tried Resolve Fight Between Him and His Wife, Arrested.

The technology also offers beneficial utilisation of coal ash for manufacturing of composite blocks for Energy Vault's gravity-based energy storage system.

Commenting on the deal Gurdeep Singh, Chairman and Managing Director of NTPC said, "As a large, integrated power producer, it is critical for NTPC to have a diverse clean energy portfolio to decarbonise India's economy. We have enhanced our renewable capacity addition targets to spearhead India's energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets."

Also Read | ONGC Recruitment 2022: Vacancies Notified for Various Posts; Check Details Here.

"The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy," he said.

"We are excited to partner with NTPC and support India's largest power utility in its clean energy transition," said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault.

"Energy Vault's mission is to make sustainable, carbon-free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year," Piconi added. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)