Energy Vault, Inc.
Climate Impact & Sustainability Data (2021)
Reporting Period: 2021
Environmental Metrics
Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Environmental Sustainability
- Waste Remediation
- Local Manufacturing
- Job Creation
Environmental Achievements
- Utilizing waste material (coal ash, retired wind blades, mining tailings) for beneficial reuse as the base storage medium
- 30-40% lower LCOE (Levelized Cost of Energy) expected than current alternative storage technologies
- Eco-friendly supply chain
- No risk with EoL disposal
Social Achievements
- Local manufacturing and job creation
- Developed pipeline of customers with >361 engagements representing ~$32bn in potential Energy Vault projects over the next 5-10 years
Governance Achievements
- Not disclosed
Climate Goals & Targets
Long-term Goals:
- Net zero emissions by 2050
Medium-term Goals:
- Not disclosed
Short-term Goals:
- Not disclosed
Environmental Challenges
- Limited operating history and nascent industry
- Significant past losses and uncertainty of future profitability
- Engineering of systems still in prototype stage
- Long sales cycles
- Potential for construction delays and cost overruns
- Risks associated with supplier delivery of raw materials
- Competition from other energy storage technologies
- Potential for defects in systems
- International expansion risks
- Cyber-attacks and security breaches
- Fluctuations in currency exchange rates
- Unanticipated changes in income tax rates
- COVID-19 pandemic impact
Mitigation Strategies
- Outsourcing assembly and construction to support rapid growth and global execution
- Developing a robust sales funnel and securing executed agreements and LOIs with customers
- Establishing strategic partnerships
- Implementing a cost reduction strategy
- Focusing on attracting and retaining key employees
- Developing contingency plans for potential risks
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Components sourced from established global supply chains
- Local procurement of materials
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Competition from other energy storage technologies
- Changes in government regulations and policies
Opportunities
- Growth of renewable energy market
- Demand for energy storage solutions
Reporting Standards
Frameworks Used: Null
Certifications: Null
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Goal 7 (Affordable and Clean Energy)
- Goal 9 (Industry, Innovation, and Infrastructure)
- Goal 13 (Climate Action)
Energy Vault's technology contributes to these goals by providing a sustainable and cost-effective energy storage solution that enables the transition to renewable energy.
Sustainable Products & Innovation
- Gravity-based energy storage system
Awards & Recognition
- Not disclosed