Energy Vault & SPML Infra Sign 10-Year B-Vault Storage Deal in India
Energy Vault (“Energy Vault” or the “Company”), a global leader in sustainable energy storage solutions, has entered into a landmark 10-year licensing and royalty agreement with SPML Infra Limited, a publicly listed infrastructure development company in India. This agreement aims to accelerate the deployment of Energy Vault’s innovative B-VAULT battery energy storage system (BESS) technology in the rapidly growing Indian energy market. Additionally, the agreement includes the integration of Energy Vault’s VaultOS EMS software, ensuring optimized energy storage management.
Key Aspects of the Agreement
This strategic agreement between Energy Vault and SPML Infra marks a significant milestone in India’s clean energy transition. Under the terms of the partnership, SPML Infra will manufacture and deploy Energy Vault’s B-VAULT technology, leveraging its local expertise and infrastructure capabilities. Over the next 12 months, the agreement commits to deploying a minimum of 500 megawatt-hours (MWh) of energy storage capacity, with a long-term target of 30-40 gigawatt-hours (GWh) over the next decade.
As part of the licensing framework, Energy Vault will receive upfront licensing fees, along with recurring royalty revenue streams tied to the deployment of its technology in India. This financial model ensures a sustainable and scalable growth pathway for Energy Vault while contributing to India’s renewable energy objectives.
B-VAULT: A Cutting-Edge Energy Storage Solution
Energy Vault’s B-VAULT platform is designed for short- to medium-duration energy storage applications, providing unparalleled flexibility, reliability, and safety. Some key features of the B-VAULT system include:
- Modular and Scalable Design: The system can be customized to meet the needs of a diverse range of energy storage projects, from grid-scale applications to industrial facilities.
- Advanced Enclosure Architecture: B-VAULT allows for compatibility with multiple battery and inverter suppliers, giving project developers the ability to select the best-fit components for their specific needs.
- AC-Coupled and DC-Coupled Configurations: These options provide increased flexibility for various deployment scenarios, enhancing compatibility with existing energy infrastructure.
- Native VaultOS EMS Integration: VaultOS, Energy Vault’s proprietary energy management software, ensures seamless system operation, optimizing energy dispatch, charge/discharge cycles, and overall efficiency.
- Robust Safety and Cybersecurity Features: B-VAULT is designed with state-of-the-art protections to safeguard against operational hazards and cyber threats.
These technological advantages make B-VAULT a highly competitive energy storage solution, addressing the increasing demand for reliable energy storage in India.
The Growing Energy Storage Market in India
India’s energy storage market is poised for significant expansion, driven by ambitious government policies and aggressive renewable energy targets. According to India’s National Electricity Plan (NEP) 2023, the country will require approximately 236.2 GWh of energy storage capacity by 2031-32. The estimated market size for energy storage in India is projected to reach $57 billion by 2032 and an astounding $443 billion by 2047.
Several factors are driving this unprecedented growth:
- Government Renewable Energy Mandates: The Indian government has mandated that at least 10% of new solar and wind energy projects must include battery energy storage solutions. This policy is aimed at ensuring grid stability and reducing dependence on fossil fuel-based backup power.
- Rapid Expansion of Renewable Energy: India has set a target of achieving 500 GW of non-fossil fuel electricity capacity by 2030, necessitating large-scale energy storage solutions.
- Increased Investment in Energy Storage Infrastructure: Public and private sector investment in energy storage projects has surged, with significant capital allocated for technology advancements and manufacturing expansion.
- Grid Modernization Efforts: The country is working to upgrade its power infrastructure to accommodate higher shares of renewable energy, reinforcing the need for robust storage solutions.
Leadership Perspectives on the Agreement
Robert Piconi, Chairman and CEO of Energy Vault, expressed enthusiasm about the partnership, stating:
“India is becoming one of the largest energy storage growth markets globally, given its ambitious energy transition goals. We are pleased to partner with SPML, a leading infrastructure company, to deploy our B-VAULT technology. This agreement underscores Energy Vault’s expertise in energy storage deployments worldwide and highlights the innovative capabilities of our B-VAULT hardware and software platform. We look forward to working closely with SPML to provide reliable, cost-effective, and sustainable energy storage solutions across India.”
Subhash Sethi, Chairman of SPML Infra Limited, emphasized the importance of energy storage in India’s clean energy journey:
“India is at the cusp of a major energy transformation, and the demand for efficient, large-scale energy storage solutions is growing rapidly. With government mandates requiring battery storage integration in renewable energy projects, SPML is proud to introduce Energy Vault’s cutting-edge technology to the Indian market. This collaboration aligns with India’s ‘Make in India’ initiative, promoting local manufacturing and technological innovation. Under the leadership of our COO, Mr. Abhinandan Sethi, SPML is committed to strengthening grid stability, accelerating renewable energy adoption, and fostering sustainable economic growth.”
Energy Vault’s Global Expansion Strategy
The India partnership is part of Energy Vault’s broader strategy to expand its presence in global energy storage markets. Recent milestones include:
- Australia Expansion: Energy Vault recently acquired a 125 MW / 1,000 MWh energy storage project from Enervest Group. Additionally, the company is developing a 100 MW / 200 MWh battery storage project in collaboration with the Victorian government-owned State Electricity Commission (SEC). Construction has also commenced on a 200 MW / 400 MWh BESS project at ACEN Australia’s New England Solar site.
- U.S. and European Market Growth: Energy Vault continues to secure contracts and partnerships in North America and Europe, reinforcing its position as a global leader in battery and gravity-based energy storage solutions.
- Technology Innovations: The company remains focused on advancing its portfolio, integrating AI-driven energy management software, and exploring new energy storage chemistries to improve system efficiency and cost-effectiveness.
