By Kailyn Rhone
Shares of Energy Vault rose after the company announced a new partnership to accelerate the delivery of 2GW of firm, primary power to data centers.
The company's stock was 12% higher at $1.85 in morning trading Wednesday. For the year, shares are down almost 20%.
The energy storage company said Wednesday that it will partner with RackScale Data Centers and plans to begin construction at RackScale's sites in 2026.
Energy Vault said the partnership will help both companies drive a rapid portfolio build-out and capture supplementary revenue through participation in demand response programs with local utilities.
Data center power demand will more than double to 160% by 2030 due to artificial intelligence, according to Goldman Sachs Research. Data centers worldwide currently consume one to two percent of overall power, and is expected to exceed 4% by the end of the decade.
The rise in power usage is driving unprecedented demand for reliable, affordable and clean power in the U.S. and Europe, Energy Vault said.
"With the rapid increase in power demand from the rise of the data center sector, it is absolutely essential that renewable energy generation and storage become key points of focus to power the AI data center boom," said Marco Terruzzin, chief commercial and product officer of Energy Vault.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 11, 2024 10:24 ET (15:24 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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