The technology assists in utilization of coal ash for manufacturing of composite blocks for Energy Vault's gravity-based energy storage system.

Gurdeep Singh, chairman and MD of NTPC said, “We have enhanced our renewable capacity addition targets to spearhead India's energy transition goals and we are focusing on Solar, Wind, RTC and Hybrid projects to achieve the targets. The collaboration with Energy Vault will help NTPC in furthering its energy transition goals through a sustainable approach by way of utilizing coal ash for manufacturing of composite blocks. Accordingly, this collaboration will also promote a circular economy.”

Robert Piconi, chairman, co-founder and CEO of Energy Vault said, "Energy Vault's mission is to make sustainable, carbon free energy a reality and this announcement marks further advancement towards that goal with the expansion into one of the largest global markets for energy. Our collaboration with NTPC builds upon previously announced commercial expansions across multiple continents as we transitioned to a public company earlier this year.”

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world's approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency.

NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. The Government of India holds 51.10% in NTPC as of 31 December 2021.

The PSU power major reported 24.63% increase in standalone net profit to Rs 4,131.99 crore on 17.77% rise in net sales to Rs 28,864.79 crore in Q3 December 2022 over Q3 December 2021.

Shares of NTPC were trading 0.61% lower at Rs 156.05 on BSE.