Energy Vault Announces Contract with Consumers Energy for 75 MW/300 MWh Battery Energy Storage Projects in Michigan
Energy Vault awarded project by Michigan鈥檚 largest energy provider to supply two battery energy storage systems (BESS), totaling 75 MW/300 MWh, in
Battery deliveries expected to commence in Q4, 2024 enabling construction to begin in Q1 2026, with commercial operation expected by Q4 2026
Commercial agreement executed earlier this year marks Energy Vault鈥檚 expansion into the
The 45 MW/180 MWh Weadock BESS will be located at the site of the now-retired John C. Weadock Power Plant in
鈥淎s the energy transition accelerates, utilities like Consumers Energy are stepping up to ensure grid reliability while integrating more renewable energy. We are proud to partner with Michigan鈥檚 largest energy provider on these critical projects, which will not only help meet peak demand with energy but also exemplify how advanced storage technologies can support grid resilience at scale,鈥� said Marco Terruzzin Chief Revenue Officer, Energy Vault. 鈥淭his contract marks Energy Vault鈥檚 continued expansion across the US with a leading Midwest utility partner committed to delivering sustainable energy at scale鈥攁nd it lays the foundation for a long-term strategic partnership focused on enabling a more resilient and sustainable energy future for
鈥淏attery storage will continue to play a larger role as Consumers Energy meets Michigan鈥檚 growing energy needs. We鈥檙e excited to collaborate with Energy Vault to bring these two projects to life in the communities we serve,鈥� said Sri Maddipati, Consumers Energy鈥檚 president of electric supply.
The BESS deployments will be developed under Energy Vault鈥檚 叠-痴础鲍尝罢鈩� suite of fully integrated battery energy storage solutions, and will leverage Energy Vault鈥檚 proprietary X-Vault integration platform and Vault-OS Energy Management System to control, manage and optimize the BESS operations, allowing for superior energy management capabilities. Energy Vault鈥檚 innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project.
Today鈥檚 announcement marks an advancement of Energy Vault鈥檚 growing commercial footprint in the global battery energy storage market, with the Company鈥檚 B-VAULT portfolio consisting of more than 2GWh in total projects either deployed or currently in development to date.
About Energy Vault
Energy Vault庐 develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company鈥檚 hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault鈥檚 innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault鈥檚 gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit for more information.
About Consumers Energy
Consumers Energy is
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company鈥檚 current views with respect to, among other things, the Company鈥檚 operations and financial performance, including anticipated execution the Weadock and Iosco BESS projects. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渟uggest,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渋ntend,鈥� 鈥減roject,鈥� 鈥渇orecast,鈥� 鈥渆stimates,鈥� 鈥渢argets,鈥� 鈥減rojections,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ould,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渨ill鈥� and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings, backlog, timing of permits and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption 鈥淩isk Factors鈥� in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC鈥檚 website at . New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
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Energy Vault Contacts
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Investors
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Consumers Energy Contacts
Brian Wheeler, [email protected]
Source: Energy Vault Holdings, Inc.
