Energy storage technology firms Eos and Energy Vault have both released their Q2 results, with contrasting figures but both still having a long way to go to scale up and reach profitability.
Energy Vault and a coal mining company owned by the local government in Sardinia, Italy, have signed a land lease agreement to deploy a project combining gravity energy storage and BESS technology.
Jupiter Power has completed and put into commercial operation a BESS project provided by technology firm and system integrator Energy Vault in the ERCOT, Texas market.
Energy Vault has entered into an exclusive partnership with architecture firm Skidmore, Owings & Merrill (SOM) to work on projects using its gravity energy storage technology.
Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.
Energy Vault has connected its first commercial EVx gravity-based energy storage system to the grid in China, while construction has been launched on three others, all-in-all totalling 468MWh of capacity.
A tax credit transaction worth US$60 million using new transferability mechanisms from the Inflation Reduction Act has closed, for a BESS project deployed by Energy Vault for W Power and Wellhead Electric.
The four most high-profile energy storage system (ESS) companies that listed via SPAC mergers – Eos, Energy Vault, ESS Inc and Stem – have seen their share prices fall by an average of 80% since going public.
