Latest news with #MarcoTerruzzin
Business Wire
05-08-2025
- Business
- Business Wire
Energy Vault Announces Contract with Consumers Energy for 75 MW/300 MWh Battery Energy Storage Projects in Michigan
WESTLAKE VILLAGE, Calif. & JACKSON, Mich.--(BUSINESS WIRE)--Energy Vault (NYSE: NRGV) ("Energy Vault" or the 'Company'), a global leader in sustainable energy storage solutions, today announced an agreement with Consumers Energy, Michigan's largest energy provider, for the supply of two battery energy storage systems (BESS), totaling 75 MW/300 MWh. The BESS deployments will be located in Iosco and Bay Counties, with battery deliveries expected to commence in Q4 2024, construction expected to begin in Q1 2026 and commercial operation expected by Q4 2026. The 45 MW/180 MWh Weadock BESS will be located at the site of the now-retired John C. Weadock Power Plant in Hampton Township, while the 30 MW/120 MWh Iosco County BESS will be located in Oscoda Township. Local permitting efforts are actively underway in coordination with township officials to support project development. Both BESS deployments will be charged and discharged on a daily basis and designed to dispatch stored renewable energy at peak consumption hours to help meet Michigan's energy demand. 'As 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's 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,' said Marco Terruzzin Chief Revenue Officer, Energy Vault. 'This contract marks Energy Vault's continued expansion across the US with a leading Midwest utility partner committed to delivering sustainable energy at scale—and it lays the foundation for a long-term strategic partnership focused on enabling a more resilient and sustainable energy future for Michigan and beyond.' 'Battery storage will continue to play a larger role as Consumers Energy meets Michigan's growing energy needs. We're excited to collaborate with Energy Vault to bring these two projects to life in the communities we serve,' said Sri Maddipati, Consumers Energy's president of electric supply. The BESS deployments will be developed under Energy Vault's B-VAULT™ suite of fully integrated battery energy storage solutions, and will leverage Energy Vault's 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's 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's announcement marks an advancement of Energy Vault's growing commercial footprint in the global battery energy storage market, with the Company's B-VAULT portfolio consisting of more than 2GWh in total projects either deployed or currently in development to date. About Energy Vault Energy Vault ® 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's hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's 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's 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 Michigan's largest energy provider, providing natural gas and/or electricity to 6.8 million of the state's 10 million residents in all 68 Lower Peninsula counties. Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's 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 'anticipate,' 'expect,' 'suggest,' 'plan,' 'believe,' 'intend,' 'project,' 'forecast,' 'estimates,' 'targets,' 'projections,' 'should,' 'could,' 'would,' 'may,' 'might,' 'will' 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 'Risk Factors' 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's 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.
Yahoo
16-07-2025
- Business
- Yahoo
Energy Vault Holdings (NRGV) Achieves Milestone with Battery Energy Storage System
Energy Vault Holdings, Inc. (NYSE:NRGV) is one of the 11 best green energy penny stocks to buy right now. On June 11, the company announced it had reached a key milestone with the commercial launch of its two-hour battery energy storage system. A storage facility for natural gas, showing the vast reserves of this abundant energy source. The company has completed and started commercial operation of the 57MW two-hour Cross Trails BESS in Scurry County, Texas. The battery solution has already begun providing energy and ancillary services to support renewable energy production and improve grid resiliency. The BESS leverages the company's integrated solution stack of hardware, software, and services offerings. It serves as the first deployment of a second-generation B-VAULT AC product designed to enable high levels of system availability in the Electric Reliability Council of Texas (ERCOT) region. According to Marco Terruzzin, Chief Revenue Officer at Energy Vault, the milestones underscore Energy Vault's ability to execute complex energy storage deployments with speed and quality. Energy Vault Holdings, Inc. (NYSE:NRGV) develops, deploys, and operates utility-scale energy storage solutions. Its solutions are designed to enhance the world's approach to sustainable energy storage. While we acknowledge the potential of NRGV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Most Popular AI Penny Stocks to Buy According to Billionaires and 10 Best Defensive Stocks to Buy in a Volatile Market. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
14-07-2025
- Business
- Yahoo
Energy Vault Holdings (NRGV) Achieves Milestone with Battery Energy Storage System
Energy Vault Holdings, Inc. (NYSE:NRGV) is one of the 11 best green energy penny stocks to buy right now. On June 11, the company announced it had reached a key milestone with the commercial launch of its two-hour battery energy storage system. A storage facility for natural gas, showing the vast reserves of this abundant energy source. The company has completed and started commercial operation of the 57MW two-hour Cross Trails BESS in Scurry County, Texas. The battery solution has already begun providing energy and ancillary services to support renewable energy production and improve grid resiliency. The BESS leverages the company's integrated solution stack of hardware, software, and services offerings. It serves as the first deployment of a second-generation B-VAULT AC product designed to enable high levels of system availability in the Electric Reliability Council of Texas (ERCOT) region. According to Marco Terruzzin, Chief Revenue Officer at Energy Vault, the milestones underscore Energy Vault's ability to execute complex energy storage deployments with speed and quality. Energy Vault Holdings, Inc. (NYSE:NRGV) develops, deploys, and operates utility-scale energy storage solutions. Its solutions are designed to enhance the world's approach to sustainable energy storage. While we acknowledge the potential of NRGV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Most Popular AI Penny Stocks to Buy According to Billionaires and 10 Best Defensive Stocks to Buy in a Volatile Market. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
04-06-2025
- Business
- Business Wire
Energy Vault, Jupiter Power Announce Agreement for Additional 100 MW/200 MWh Battery Energy Storage System
WESTLAKE VILLAGE, Calif. & AUSTIN, Texas--(BUSINESS WIRE)--Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the 'Company'), a leader in sustainable, grid-scale energy storage solutions, and Jupiter Power ('Jupiter'), a leading developer and operator of utility-scale battery energy storage projects in the United States, today announced the signing of an agreement for the supply of an additional battery energy storage system (BESS) at a Jupiter site in the Electric Reliability Council of Texas (ERCOT) region. Today's announcement follows the July 2024 completion of an initial 100 MW/200 MWh BESS. This new BESS will add 100 MW/200 MWh of critical dispatchable capacity to the ERCOT grid, further advancing grid resiliency. Construction of the project is underway, with commercial operations expected to commence by the end of this summer. The BESS system will be built with the Energy Vault's proprietary X-Vault integration platform using Energy Vault's proprietary UL9540 certified B-VAULT product, and VaultOS Energy Management System to control, manage and optimize the BESS operations. Energy Vault's 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. "As one of the largest battery storage developers and operators in the U.S., we look for partners who can keep pace with our ambition and scale. With more than 2,500 MWh in operation or construction, we're excited to continue building with Energy Vault at this critical site and appreciate their ability to deliver solutions tailored to our needs,' said Michael Geier, Chief Technology Officer, Jupiter Power. 'Today's expansion of our partnership with Jupiter Power stands as a testament to the strength of our team's collaborative approach to delivering reliable, safe, and efficient energy storage solutions to customers,' said Marco Terruzzin, Chief Commercial and Product Officer, Energy Vault. 'Jupiter's BESS projects portfolio has reached a critical mass in ERCOT and we're proud to continue serving as a partner to Jupiter Power in the ultimate endeavor to decarbonize the grid in an economically effective fashion.' Today's announcement serves as yet another milestone in the ongoing partnership between Energy Vault and Jupiter Power, which began in 2022 with the announcement of an agreement 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. To date, Energy Vault's B-VAULT portfolio consists of more than 2 GWh in total projects either deployed or currently in development. About Energy Vault Energy Vault ® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company's technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short, long and multi-day/ultra-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. Please visit for more information. About Jupiter Power Jupiter Power is a leading energy storage infrastructure platform with extensive capabilities in trading, analytics, development, finance, operations and construction. The company is developing approximately 12,000 MW of utility-scale energy storage projects from California to Maine. Jupiter Power is headquartered in Austin, Texas, with offices in Houston and Chicago. For more information on Jupiter Power LLC, please visit our X, LinkedIn or Facebook pages or visit Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. 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 'anticipate,' 'expect,' 'suggest,' 'plan,' 'believe,' 'intend,' 'project,' 'forecast,' 'estimates,' 'targets,' 'projections,' 'should,' 'could,' 'would,' 'may,' 'might,' 'will' 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 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 and backlogs 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 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 12, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's 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.
Yahoo
09-02-2025
- Yahoo
Could balloon-like water tanks help fight L.A.'s fires? A new concept is touted as a solution
When wind-driven flames raged through Pacific Palisades, Marco Terruzzin and his family were not at home. They soon learned that the inferno had destroyed the two-story Spanish-style home they had moved into just one month earlier. As Terruzzin followed the news of the catastrophic losses, he felt powerless and was struck by the accounts that firefighters had trouble getting water because many hydrants lost pressure and ran dry. Then the Italian-born engineer had an idea: a technology he helped invent with colleagues at his energy company that he felt certain could have helped. This solution, he thought, would ensure there is plenty of water on hand in the right places to contain wildfires and keep hydrants flowing. "This problem must be solved," Terruzzin said. "It's solvable." The way to do that, Terruzzin believes, would be to repurpose a low-cost water-storage system that his company, Energy Vault, has in operation at a former coal mine in Sardinia, Italy. There, the system is used to store intermittent energy by pumping water uphill during the day, when solar power is plentiful, and letting water run downhill to generate power at night. The water is stored in balloon-like inflatable tanks the company calls Water Trees, which stand 39 feet tall and resemble giant onions, each contained in a durable plastic membrane held secure by steel cables. Supported by a steel pole and a concrete foundation, each can hold about 148,000 gallons of water, weighing more than 600 tons. Terruzzin, the company's chief commercial and product officer, believes California should install these pop-up reservoirs in strategic locations to provide an extra supply for containing and fighting fires like those that devastated Pacific Palisades and Altadena last month. The patented system has not yet been used for firefighting, but Terruzzin and his company soon plan to ship two prototypes from a facility in Texas so they can be demonstrated for California fire agencies. Terruzzin envisions some of the Water Trees being placed near fire hydrants, with others arranged in rows where neighborhoods meet wildlands, creating a sort of 'shield' that acts as a firebreak by spraying water to extinguish flames and drifting embers. Read more: Why hydrants ran dry as firefighters battled California's deadly fires Once the inflatable tanks are installed in high-fire-risk areas, they would be filled by pumping from the existing municipal system, and the stored water would then be isolated from the drinking water supply and kept for an emergency. In the event of a fire, water would flow down out of the tanks by gravity. That would generate a strong enough flow to nearby fire hydrants to maintain pressure for hours, Terruzzin said. The tanks that are lined up between homes and flammable vegetation would be equipped with networks of flexible pipes and sprinklers, which would douse a wide area to prevent flames from advancing. 'It's ideal,' Terruzzin said. 'It can be implemented today.' He estimates that if more than 4,000 Water Trees were installed throughout the Los Angeles area, the cost would be approximately $80,000 for each one — substantially less than the cost of traditional storage tanks or reservoirs. Read more: Backup power and full water tanks should be required in face of wildfire, lawmaker says A single Water Tree, Terruzzin said, can hold enough water to release about 800 gallons a minute for three hours. Installing 40 or 50 of them in Pacific Palisades as neighborhoods are rebuilt would help make the community safer, he said. Dean Florez, a member of the California Air Resources Board and former state senator, learned about the idea from Terruzzin, who is a friend, and said he likes the concept as a 'forward-thinking innovation that could change the game in how we approach wildfire preparedness.' Los Angeles and other fire-prone areas need a decentralized water storage strategy to address the repeated problems of hydrants losing pressure and power outages cutting off access to water sources during fires, Florez said. The limitations of the existing infrastructure, he said, call for rethinking how water is stored to better defend communities. 'It seems like one of those ideas that could have been a game-changer already — if only we had started thinking bigger sooner,' Florez said. 'Would that have prevented all the destruction? Maybe not. But would it have bought firefighters more time, slowed the spread and reduced losses? Absolutely.' The concept will likely be one of many that local and state officials consider as they analyze ways of remaking water systems in L.A. and other areas to be better equipped for large wildfires. The January firestorms revealed the significant limitations of Southern California's urban water systems, which experts say were not designed with the capacity for large wildfires that rage through entire neighborhoods. When the system lost pressure in parts of Pacific Palisades, some hydrants ran dry in high-elevation areas, hindering the firefighting effort. Gov. Gavin Newsom has ordered an investigation into the loss of pressure and the lack of water available from a reservoir in Pacific Palisades that was out of commission for repairs. The L.A. City Council has also ordered the city's Department of Water and Power to present its findings on why firefighters ran out of water. Terruzzin said he was puzzled about why officials had left the 117-million-gallon reservoir empty for nearly a year for repairs. That said, he thinks having the reservoir filled would not have fully solved the problems. The current system of pipes, he said, does not allow for shunting all the necessary water from the reservoir at once because the limited flow capacity presents a 'gigantic bottleneck' — even if all the water were released, it couldn't all get to where it needs to go. 'We need distributed water resources,' Terruzzin said. 'You have water strategically distributed to protect the residential areas. We have to just bring the water nearby.' Having Water Trees installed across L.A. could help solve this problem, he said. Valves operated with a remote control system could be quickly opened on the pop-up tanks to send water into pipes and 'make sure that there is higher pressure in the system' whenever a fire is causing heavy demand. And the gushing spray from tanks on hillsides, he said, would flood the landscape to keep flames at bay. Terruzzin has spent years working on energy storage projects that reduce carbon emissions to help address climate change. The energy storage project with Water Trees began operating in Italy last year. The company began studying the possibility of using the inflatable tanks for firefighting after deadly 2023 wildfires in Greece. But it was only after the Palisades blaze, Terruzzin said, that he and his colleagues 'connected the dots and realized that this solution must be implemented.' The Water Trees, which the company plans to produce in the U.S., will hold water in a 4.8-millimeter-thick plastic membrane designed to resist fire and last for more than 20 years. Terruzzin said the reservoirs, which are 35 feet wide, were designed in the shape of a water drop, an optimal form as gravity pulls down the massive contents. Water experts who were shown information about the concept said it seems promising, though they also raised some questions. 'Los Angeles needs more water storage capacity, particularly in elevated areas, for fire protection," said Sanjay Mohanty, an associate professor of engineering at UCLA. "Investing in these systems can be beneficial." Mohanty said he sees several challenges, such as complying with drinking water regulations and demonstrating the system would be safe in an earthquake. (Terruzzin said the system has been tested to withstand quakes.) 'They have also to demonstrate that the amount of water needed is actually going to make the difference that they plan to,' Mohanty said. 'There are a lot of calculations to go, but we need reservoirs and that definitely is a very promising technology to put in a location where you can't have a large reservoir.' Read more: How climate change worsened the most destructive wildfires in L.A. history Upmanu Lall, director of Arizona State University's Water Institute at the Julie Ann Wrigley Global Futures Laboratory, questioned how much the tanks would effectively reduce losses in fires. 'That would depend on the scale of deployment, because if you can't get a high density of deployment, you're not going to really reduce the losses very much,' Lall said. Also, he said, strategically choosing where to install the tanks would be particularly important. Another challenge, Lall said, would be persuading homeowners to allow large onion-shaped reservoirs in their neighborhoods and in the natural landscape. 'How socially acceptable is it, to these high-net-worth individuals, to have these balloon-looking things sitting behind them?' Lall said. 'Of course, you have to get the public buy-in.' Terruzzin agreed that 'some work has to be done' to make the big white drops 'aesthetically acceptable.' But as he sees it, the balloony blobs can be like freeways: functional and necessary. 'Without new infrastructure that helps California to have water available in the right place at the right time, you don't solve the problem of these wildfires, and they will be more and more frequent,' Terruzzin said. The costs of investing in this type of solution, he said, would be small when compared with the risks. This story originally appeared in Los Angeles Times.
