New Delhi, Apr 27 (PTI) NTPC has collaborated with Swiss firm Energy Vault for deployment of gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

NTPC has signed a Memorandum of Understanding (MoU) with Energy Vault Holdings, Inc (Energy Vault) in this regard, a statement said.

Also Read | Global Decline of 75% in Meat Consumption Can Help Beat Climate Change, Claims New Study.

The objective of the MoU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vault's EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study.

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

Also Read | Xiaomi 12 Pro 5G Launching Tomorrow in India; Expected Prices, Features & Specifications.

“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,” Gurdeep Singh, Chairman and Managing Director of NTPC said.

Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault said the collaboration builds upon previously announced commercial expansions across multiple continents as Energy Vault transitioned to a public company earlier this year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)