Energy Vault (NRGV) said Wednesday it has signed a new licensing and royalty agreement with Indian infrastructure development firm SPML Infra to deploy its battery energy storage technology in the country.

Energy Vault said it will deliver an initial 500 megawatt-hours of battery energy storage systems under equipment contracts valued at roughly $100 million over the next 12 months, expected to increase to a range of 30 to more than 40 gigawatt-hours over the next 10 years.

The terms of the agreement include multiyear license revenues and volume-based royalty revenue streams tied to project development in India, the company said.

The agreement is expected to have a positive impact on revenue, gross margin, and cash in the first two quarters of the year, the company added.

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