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Energy Vault, a leading storage solutions firm, has signed a 10-year, 30+ GWh Licensee and Royalty Agreement with SPML Infra Limited, a New Delhi-based infrastructure company. The agreement involves the manufacture and deployment of Energy Vault’s B-Vault Battery Energy Storage Technology Platform for the Indian market. This partnership marks a significant push for SPML Infra into the energy infrastructure space, with a focus on manufacturing and deployment of Energy Vault’s B-VAULT BESS technology in India.
The energy storage market in India is expected to grow at a CAGR of over 25% till 2035. The agreement aims to accelerate the manufacturing and deployment of Energy Vault’s B-VAULT BESS technology, alongside the company’s VaultOS EMS software, in the Indian market. The partners have set a minimum volume target of 500 MWh over the next 12 months and a minimum targeted BESS volume of 30-40+ GWh to be manufactured over the next 10 years.
The B-Vault technology is engineered to meet short to medium-duration energy storage needs, providing reliability, flexibility, and availability. It features innovative enclosure architecture and unique AC-coupled and DC-coupled configurations, offering drop-in flexibility for any project.
The partnership is significant, as India aims to increase its energy storage capacity to meet its ambitious energy transition goals. The National Electricity Plan (NEP) 2023 projects a national energy storage capacity requirement of 236.2 GWh by 2031-32, with an estimated market size of approximately $57 billion and $443 billion by 2047. The partnership between Energy Vault and SPML Infra Limited is expected to result in increased availability of reliable and low-cost clean energy for customers across India.