Jupiter Power LLC ("Jupiter Power" or "Jupiter"), the leading United States developer and operator of utility-scale, battery energy storage systems ("BESS"), today announced the execution of an agreement with Energy Vault Holdings Inc. ( NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions. Under this agreement, Jupiter Power and Energy Vault will expeditiously collaborate to secure 2.4 GWh of supply chain equipment and services that will be integrated and delivered through Energy Vault's hardware and software management platform in Jupiter Power's battery energy storage projects.
Jupiter Power and Energy Vault are committed to supporting U.S. based manufacturing for use in Jupiter's BESS projects across the United States electric markets including ERCOT, MISO, CAISO, PJM, NYISO, and ISO-NE. The projects are expected to reach commercial operations in 2024 and 2025.
Under the agreement, Energy Vault will focus on maximizing U.S. localization and deployment of energy storage equipment that will qualify for the recently enacted Inflation Reduction Act's Domestic Content Bonus Credit. As part of the joint effort, Jupiter Power will collaborate in siting the new domestic manufacturing facilities, where possible, by utilizing assets secured for future Jupiter Power projects across the country, including the siting of such facilities in "Energy Communities" locations prioritized for investment by the Inflation Reduction Act, such as brownfield coal sites and economically disadvantaged areas.
"Due to our team's hard work developing new energy storage projects from California to Maine over the last several years, Jupiter is uniquely positioned to lead now in making the Inflation Reduction Act's vision of large-scale domestic battery systems manufacturing jobs a reality, We are very pleased to be expanding our relationship with Energy Vault to grow our supply of the equipment the grid critically needs today while also supporting sustainable battery equipment manufacturing here at home."
-Andy Bowman, CEO Jupiter Power.
"We are excited to continue our strategic relationship with Jupiter Power, which enables us to leverage our technology platform while maximizing U.S. content for near-term deployments in critical energy storage projects, said Marco Terruzzin, Chief Commercial Officer, Energy Vault. Energy Vault is laser focused on its customers' needs with a commitment to continuous innovation, allowing this agreement to serve as a gateway for realizing the intent of the Inflation Reduction Act in rapidly bringing energy storage localization to the U.S."
The letter of intent agreement follows previously announced agreements between Jupiter Power and Energy Vault for BESS projects in Texas and California totaling 220 MWh, under which Energy Vault will supply a 100 MW (200 MWh) battery energy storage system at a Jupiter Power Facility near Fort Stockton, Texas, and additionally construct and commission a 10 MW (20 MWh) battery energy storage system for Jupiter Power in Carpinteria, California.
About Jupiter Power:
Jupiter is a leading battery energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. Jupiter is backed by EnCap Investments L.P., Yorktown Partners and Mercuria Energy, and has offices in Austin and Houston, Texas, and Chicago, Illinois. Jupiter has a 650 MWh portfolio of operating utility-scale battery energy storage projects, 340 MWh of new projects currently in or near construction and a pipeline of over 11,000 MW of new projects in active development.
About Energy Vault:
Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world's approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company's proprietary gravity-based energy storage technology, battery storage technology, and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.