Energy Vault said on April 2 it had signed a 10-year, 30+ GWh licensee and royalty deal with India’s SPML Infra to manufacture and deploy its ‘B-Vault’ BESS platform for the Indian market.

An initial 500MWh capacity worth around $100 million is to be delivered under equipment contracts by Energy Vault over the next 12 months during the local Indian manufacturing build out.

This is expected to ramp over the next 10 years to 30-40+ GWh.

SPML Infra has clean energy assets as well as being among India’s largest developers of water treatment and solid waste management systems.

Under the licence portion of the contact, in addition to the 500MWh in battery deliveries from Energy Vault, the terms include multi-year licence revenues and volume-based royalty revenue streams tied to project deployments in India.

Manufacturing localization and the deep infrastructure market expertise of SPML should deliver industry-leading cost efficiencies and competitiveness in India’s growing energy storage market, Energy Vault said.

Energy Vault’s portfolio includes proprietary battery, gravity and green hydrogen energy storage technologies. B-Vault is marketed as a suite of fully-integrated lithium ion-based BESS systems designed for reliability, flexibility, and availability.

Robert Piconi, chairman and CEO, said: “India is becoming one of the larger energy storage growth markets globally given their ambitious energy transition goals. We are pleased to have the opportunity to partner with a leading player in the country’s critical infrastructure service sector.

“This agreement represents a clear recognition of Energy Vault’s global experience in energy storage system deployments, and specifically our innovative and flexible B-Vault hardware and software technology platform.”

In November 2023, Energy Vault said it would deploy five additional gravity energy storage systems in China.