Daily News Wrap-Up: NTPC Signs MoU with Energy Vault for Gravity-Based Energy Storage

EKI Energy to Mobilize 1 Billion Carbon Credits by 2027


Here are some noteworthy cleantech announcements of the day from around the world:

NTPC announced the signing of a memorandum of understanding with Energy Vault Holdings, Inc. to collaborate and formalize a long-term strategic partnership to deploy Energy Vault’s EVx gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial coal ash utilization for manufacturing composite blocks for Energy Vault’s gravity-based energy storage system.

EKI Energy Services, a developer and supplier of carbon credits globally, announced a host of strategic plans in preparation for COP27. Charting a new roadmap for the financial year 2022-23 to gear up its continued focus on climate action, EKI unveiled a new brand identity and new brand positioning of ‘Steering the planet to net-zero.’ The company announced its commitment to become net-zero by 2030 and defined a target to mobilize up to 1 billion credits by 2027.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Narendra Modi, approved the investment of ₹45.26 billion (~$590.75 million) for the 540 MW Kwar Hydro Electric Project located on river Chenab, in the Kishtwar district of Union Territory of Jammy and Kashmir. Chenab Valley Power Projects will implement the project, a joint venture company between NHPC and Jammu and Kashmir State Power Development Corporation, with an equity contribution of 51% and 49%, respectively. The Kwar Hydro Electric Project is expected to be commissioned within 54 months. The power generated from the project will help balance the grid and improve the power supply position. The project will generate 1975.54 million units in a 90% dependable year.

Oil and Natural Gas Corporation Limited (ONGC) signed a memorandum of understanding with Equinor, the Norwegian state-owned multinational energy company. As per the two-year agreement, both ONGC and Equinor will collaborate in the field of upstream oil and gas, midstream, marketing, and trading, besides exploring further options in low carbon fuel, renewables, Carbon Capture Storage (CCS) as well as Carbon Capture Utilization and Sequestration (CCUS) opportunities in India.

MOL Group, an integrated oil, gas, petrochemicals, and consumer retail company, partnered with Plug Power Inc., a provider of turnkey hydrogen solutions, to build one of Europe’s largest-capacity green hydrogen production facilities at MOL’s Danube Refinery in Százhalombatta, Hungary. Green hydrogen is expected to reduce the carbon footprint of the Danube Refinery operation and enable emission-free mobility in the longer term. Utilizing a 10 MW electrolysis unit from Plug Power, MOL’s €22 million (~$23.20 million) facility will be able to produce approximately 1,600 tons of clean, carbon-neutral, green hydrogen annually. It will remove up to 25,000 tons of carbon dioxide by displacing the currently used natural gas-based production process.