Energy Vault Expands Global Footprint for Gravity Energy Storage with 10 Year License and Royalty Agreement Covering Southern Africa

Energy Vault Holdings, 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. The agreement was executed in Q4 2023 with Gravity Energy Storage Solutions (Pty) Ltd (GESSOL), a consortium company focused on energy storage deployments in Southern Africa, and includes one of the largest listed engineering, procurement and construction (“EPC”) companies in the region WBHO who will support all engineering, procurement and construction activities, as well as pan-African project engineering group iX Engineers and commercial developer Sizana Solutions, which has been partnered with Energy Vault since 2019 in development of the South African market for energy storage solutions.

While the scope of the license and royalty agreement includes Energy Vault’s gravity energy storage systems (GESS) and its associated VaultOS™ energy management system (EMS), the consortium companies are also bidding Energy Vault’s leading portfolio of short duration battery and ultra-long duration Green Hydrogen hybrid systems within the SADC territory to address energy shifting and micro-grid development to serve the utility, mining and industrial sectors.

The multi-year agreement is expected to facilitate multi-gigawatt hours (GWh’s) of long duration Energy Vault GESS deployments to contribute to the SADC region’s energy storage needs, estimated to reach over 125 GWh by 2035. 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.