Tata Power, has planned to purchase a 35 MWh gravity-based energy storage system from Energy Vault, a Swiss manufacturer of energy storage systems.
The energy storage system is expected to reach an efficiency of around 90 per cent and can be operated for 30 to 40 years without any quality degradation. Energy Vault claims that the technology can store energy at around half the cost of existing grid-scale storage solutions on a low levelised cost of energy (LCOE) basis.
The deployment of the energy storage system is crucial as it can be paired with solar plants and micro-grids to solve the issue of intermittent nature of renewable energy.