“The LCOS takes into account not only the initial capital expenditure but also the operating, maintenance and replacement cost. Based upon these models, pumped hydro has a LCOS of $0.17/kWh; our Energy Vault solution is below $0.05/kWh.”
Equally, Energy Vault’s system is around 50% cheaper than battery storage technology, in particular lithium-ion batteries, which can have an LCOS of around $0.25/kWh-$0.35/kWh. One of the reasons for this is the cost of battery materials, which is much higher than the cost of concrete provided to Energy Vault by Mexican company Cemex
Another important innovation is the incredibly short ramp rates. A ramp rate is the time taken for a plant’s power output to ramp up or down. The ramp rate for Energy Vault’s gravity storage solution is as little as one millisecond, and the storage system can go from zero to 100% power in no more than 2.9 seconds. Furthermore, the system has round-trip power efficiency, i.e. zero to full power to zero, of 90% efficiency, meaning only 10% energy loss
Energy Vault has created a storage system in which a crane sits atop a 33-storey tower, raising and lowering concrete blocks and storing energy in a similar method to hydropower stations. Talal Husseini takes a look at how the process compares to other forms of energy storage go to top All...
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