Welcome welcome back to closing bell on cheddar news Now energy storage company
Energy vault officially going public today at respect merger with Nova's capital,
the company says its products and software are designed to advance the transition
to a carbon free resilient power grid.
Now,
energy vault started trading on the new
york stock exchange today under the ticker symbol
N R G V
shares, started trading at $11.50
and closed the day at $9.42.
Joining us now from the new york stock exchange is co founder and ceo of energy vault
robert Conconi.
Now, robert congratulations on your debut on the new york stock exchange.
So can you share more details about the technology that energy vault offers
and how it's trying to transform like I mentioned, the energy storage space.
Sure. Thanks Ken. Yes. We use gravity
as our core technology, gravity as you might know, is 90% of all energy storage today
through these large pumped hydro electric dams.
So 90% of all electrons are stored with this technology.
We've innovated a way to actually build systems and structures
to take that same concept of gravity
And be able to build it basically anywhere you can build a 20 story building.
So we don't have the problems with the environmental sector.
We're do it sustainably. We do it ultra low cost
and we're gonna be doing it all over the world.
And this is the technology that we're using to
deploy as well as our software solutions to integrate any
energy storage technology
for customers that need help and broader
energy management with their complexity of their infrastructure
Now, obviously with the spectacular some money coming in.
So what would you do with that money that you're now receiving?
Well, this is on top of the spec money of 235 million. It's going to be on top of
other fundraising in our series C. And most recent investments of 150 million
from two very large strategic customers, one that
is based in
texas and china and the other in Korea and Australia. So
with all of this funding now we are actually over funded for our business plan.
This means we can focus on execution for us.
That means focusing on delivering for customers.
And we're going to be doing that starting in the US
the Middle East Australia and from the most recent deal even in china.
Now you mentioned that energy vault uses ai based energy management software.
Could you give us a little more details on how it works and how it's used?
Sure. So our software platform
manages not only our gravity energy storage platform,
that's our proprietary technology,
but in addition we have a platform
that will integrate and optimize any energy storage and
that's not only the operation of the energy storage,
that means that we can also help optimize different generation sources,
different storage sources
and help optimize it for broader grid services. So they work hand in hand
but also they allow us to be a partner.
Too many energy companies that have complexity,
They have to manage with whatever technology they're deploying.
Alright,
so you also had some announcements about partnerships and collaborations.
Tell me a little more on that.
Yeah, I guess the two most recent ones, one was with a group called Korea zinc,
they're the largest non ferrous metals producer in the world,
most of their corporations or in Australia.
So they have a wholly owned subsidiary
called Sun medals there
and we're going to be helping them become
the first company to make green zinc or renewable
powered zinc.
They're also the leader in silver and indium and in lead
they make many other metals and they're going
to become the largest exporter of green hydrogen
actually from Australia back to their home country in Korea. That's one.
The second announcement which was just done 2.5 weeks ago,
is very significant with a group called atlas
renewables are based in texas but their majority owned
by a fortune 500 china company
that's a remediation and recycling company
and we're going to begin energy storage their 1st 100 megawatt hour
this year.
In addition they're investing over 100,000,050 million in the company of the I. P.
O. That's already invested
Another 50 million in licenses this year, 2022 so they can deploy the technology.
So very excited about that given China
emits more greenhouse gasses by a factor of two
than the next largest country, which is the United States.
Now, this kind of leads me to my next question.
The company says its mission is to help
the carbonized the economy with its technology.
So what will it take
for this to happen?
Well, decarbonization is core. And what does that mean? That means that we're
enabling renewables to be deployed
more effectively. So they can be deployed to solve the intermittent see problem.
So we can start shutting down fossil fuel
and that can be in the form of coal plants,
natural gas plants.
So we can actually turn the power to intermittent sources that now have storage
to solve the intermittent see. So it can be deployed on demand.
Now let me ask you when it comes to storage,
we hear a lot about infrastructure and how most of these these
companies are trying to create better ways to create these renewable energy.
Why is storage so important when it comes to not only creating
this energy but storing it and using it at a later time.
Well, look, storage is fundamental and actually required. And the reason is that
the sun shines during the day and actually
over produces when we don't have the demand,
a lot of the wind sources blow at night again when the demand is low.
So you have to be able to store that energy. Why
if we're going to turn off, for example coal plants and other fossil fuel plants,
you have to replace
that fuel so it becomes dispatch herbal power on demand.
Unfortunately, the sun and wind are intermittent, so you have to store them
so it can be dispatched on demand when the grid needs it. And that's why
storage is critical,
fundamental to how we're going to make this clean energy transition,
especially during the daytime, when the wind is not as strong,
but the demand is very high.
That's when storage plays a huge and major key.
Thank you so much, robert Marconi, co founder and Ceo of Energy vault, sir,
appreciate your time and good luck with their company as well.