Energy Vault Expands Global Footprint for Gravity Energy Storage with 10 Year License and Royalty Agreement Covering Southern Africa
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that it has signed a new licensing and royalty agreement in the Southern African Development Community (SADC) region.
- Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that it has signed a new licensing and royalty agreement in the Southern African Development Community (SADC) region.
- In addition to the technology licensing revenue, Energy Vault will receive a project revenue royalty over the complete operating life of each project, including software and maintenance revenues.
- “Southern Africa is a rapidly developing region with increasing energy demand, which historically has been met with coal-fired plants.
- Energy Vault’s expansion into Southern Africa represents the company’s strong global momentum with its gravity energy storage portfolio into another large and growing energy storage market.