Energy Vault Holdings (NRGV) said Monday it has started construction of a 200 megawatt-2 hour battery energy storage system at the ACEN Australia New England solar project near Uralla in the Australian state of New South Wales.
Once operational, the new battery energy storage system will be the first large-scale facility of its kind in the region, the company said. It will be charged and discharged every day and will supply stored renewable energy at peak consumption hours and reduce coal-fired power generation in the region.
Energy Vault previously disclosed plans for another 1.9 gigawatt/hours of projects throughout Australia.
Shares of the company were slipping 1.4% in recent trading activity.
Price: 1.44, Change: -0.02, Percent Change: -1.37
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