Energy Vault in new 10 year licensing deal with SADC region

Energy Vault Holdings 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, 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 ..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. .. Under the terms of the agreement, GESSOL will have exclusive rights to deploy Energy Vault’s portfolio of gravity energy storage technology and VaultOS throughout the SADC region, a 16 member-state regional economic community with a mission to promote sustainable and equitable economic growth and socio-economic development. SADC’s member states are comprised of: Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, United Republic Tanzania, Zambia and Zimbabwe.