Moving towards sustainable energy practices involves more than just embracing wind, solar, and hydro power generation. Energy storage solutions play a crucial role in the transition away from fossil fuel-based power generation. While battery backup power is a common choice, there are innovative alternatives beyond traditional batteries. Harnessing the power of gravity presents a viable solution to energy storage challenges.
Partnership for a Greener Future
On Wednesday, mining giant BHP (ticker: BHP) took a significant step towards environmental responsibility by entering a memorandum of understanding with energy storage technology company Energy Vault. Energy Vault revolutionizes energy storage by utilizing large weights raised to heights, converting potential energy into electricity. As these weights are gradually lowered, they power turbines to generate clean electricity, offering a gravity-based approach to power storage.
Commitment to Carbon Reduction
BHP’s initiative stems from its mission to reduce its carbon footprint significantly. The company aims to cut carbon dioxide emissions by 30% by 2030 compared to 2020 levels and achieve carbon neutrality by 2050. This commitment entails ensuring that all company operations do not contribute any additional carbon dioxide emissions to the atmosphere on a net basis.
Sustainable Practices in Action
For a global mining entity like BHP, achieving sustainability involves various strategies. This includes transitioning to electricity sourced from renewable sources and replacing diesel usage in mining trucks and trains with zero-carbon alternatives like hydrogen gas. Moreover, utilizing electricity for water electrolysis to produce oxygen and hydrogen showcases the company’s dedication to reducing its environmental impact and embracing sustainable energy practices.
The Challenge of Renewable Energy for Mining Companies
The challenge of transitioning a mining company’s operations to renewable power sources lies in the fact that the sun doesn’t always shine when constant power and fuel are required 24/7. Enter energy storage – a crucial solution to this problem.
The Role of Energy Storage
CEO Robert Piconi of Energy Vault highlights the importance of energy storage when it comes to powering processes like green hydrogen that require sustained operation throughout the night. He emphasizes the need for longer duration technologies that do not degrade over time, unlike traditional batteries.
A Zero-Carbon Solution
Piconi firmly believes that his company’s technology offers the best option for achieving zero-carbon industrial operations. The recent partnership with mining giant BHP serves as a testament to the effectiveness of Energy Vault’s solutions.
Promising Developments with Novus Capital Corp II
Energy Vault, though not yet publicly traded, is set to merge with SPAC Novus Capital Corp II (NXU). This strategic partnership has already begun to reflect positively on Novus stock, which saw a 0.6% increase.
What’s Next?
The SPAC merger is expected to be finalized in the first quarter of 2022. Investors looking to get involved with Energy Vault can do so by purchasing Novus stock. Upon approval from Novus shareholders, Novus shares will transition into Energy Vault, under the new stock symbol “GWHR.”
Unlock the potential of sustainable energy solutions with Energy Vault and join the movement towards a greener future.
