ENERGY VAULT HOLDINGS INC Stock Price, News & Analysis

Energy Vault Holdings (NYSE: NRGV) has announced the granting of restricted stock unit awards to 12 new, non-executive employees. The grants, effective March 5, 2025, cover 637,600 shares of common stock under the company's 2022 Employment Inducement Award Plan.

The restricted stock units were granted as employment inducements in accordance with NYSE Listing Rule 303A.08. The vesting schedule includes 25% of shares vesting on the first anniversary of the vesting commencement date, followed by 6.25% vesting every three months thereafter, subject to continued employment.

Energy Vault Holdings (NYSE: NRGV) has received a notice from the New York Stock Exchange (NYSE) on April 16, 2025, indicating non-compliance with continued listing standards due to its average closing stock price falling below $1.00 over a consecutive 30-day trading period.

The company has been granted a six-month cure period to regain compliance with the NYSE's minimum stock price requirement. Energy Vault plans to notify NYSE by May 1, 2025, of its intent to cure the deficiency and will consider available alternatives, subject to stockholder approval. During this period, NRGV's common stock will continue to trade on the NYSE.

Energy Vault (NYSE: NRGV) has released its 2024 Sustainability Report, achieving a significant milestone by securing the highest ESG ranking among energy storage companies from S&P Global Ratings. The company's ESG score increased by 37% from 2023, placing it in the 98th percentile of its reporting industry.

The report highlights Energy Vault's new Double Materiality Assessment, sustainability updates on projects and partnerships, and progress on sustainability infrastructure. The company received the 'Industry Mover' designation in S&P Global's Sustainability Yearbook for showing the strongest year-over-year improvement.

Energy Vault implements a Triple Bottom Line framework for product lifecycle strategies, focusing on financial, social, and environmental value. The company plans to update its science-based targets (SBTs) with the Science Based Targets Initiative (SBTi), addressing growing power demands from AI, data centers, and industrial electrification through its diverse technology portfolio.

Energy Vault Holdings (NYSE: NRGV) has appointed Dylan Hixon to its Board of Directors, effective March 31, 2025, replacing co-founder Bill Gross who will transition to an advisory role. Hixon, an early NRGV investor and President of Arden Road Investments, brings extensive experience in transformative technologies with investments in companies like SpaceX and Niantic.

The company has shown recent momentum in both gravity energy storage and battery storage solutions. Key developments include:

• Partnership with Skidmore, Owings & Merrill for next-generation gravity energy storage systems
• 14-year Long-Term Energy Service Agreement for Stoney Creek BESS project in Australia
• BESS supply agreements with ACEN Australia and Victorian government's State Electricity Commission
• Development of the Calistoga Resiliency Center, set to be the largest green hydrogen long-duration energy storage system in the U.S.

Energy Vault (NYSE: NRGV) has signed a 10-year licensing and royalty agreement with SPML Infra for manufacturing and deploying B-VAULT battery energy storage technology in India. The deal includes:

- Initial 500MWh capacity worth ~$100 million to be delivered over the next 12 months
- Expected to scale to 30-40+ GWh over 10 years
- Agreement includes upfront licensing fees and long-term recurring royalty revenue streams
- Will impact revenue, gross margin and cash positively in Q1 and Q2 2025

The partnership aims to leverage SPML's local manufacturing capabilities and market expertise to achieve cost efficiencies in India's growing energy storage market. India's storage capacity requirement is projected to reach 236.2 GWh by 2031-32, with an estimated market size of $57 billion, growing to $443 billion by 2047.

Energy Vault Holdings (NYSE: NRGV) has secured $28 million in project financing for its Calistoga Resiliency Center (CRC), including the sale of Investment Tax Credit. The CRC is the world's first ultra-long duration hybrid green hydrogen energy storage microgrid serving PG&E in California.

The facility, designed to address power resiliency during wildfire risks, features a 293 MWh microgrid system delivering ~48 hours of continuous energy supply with 8.5 MW peak power output during Public Safety Power Shutoff (PSPS) events. The system combines hydrogen fuel cells with B-VAULT™ DC battery technology and is managed by VaultOS™ Energy Management System.

The CRC has achieved mechanical completion and is under commissioning, with full commercial operation expected in Q2 2025. Additionally, Energy Vault has executed binding commitments for Investment Tax Credits for two Texas projects, expected to yield over $25 million.

Energy Vault (NYSE: NRGV) reported its Q4 and full-year 2024 financial results, highlighting significant growth in contract revenue backlog, which increased 90% to $660 million from the previous quarter. The company's Q4 2024 revenue was $33.5 million, with full-year 2024 revenue at $46.2 million.

Key highlights include:

• Q4 2024 GAAP gross margin improved to 7.7% from 3.4% year-over-year
• Full-year 2024 GAAP gross margin increased to 13.4% from 5.1% previous year
• Cash position of $30.1 million with no debt as of December 31, 2024
• Six projects totaling 840MW under Energy Vault's asset portfolio

The company's 2025 outlook projects revenue of $200-300 million, representing a 4-6x increase versus 2024, despite impacts from converting build-and-transfer projects to own-and-operate assets and declining global lithium-ion battery prices.

Energy Vault Holdings (NYSE: NRGV) has announced the acquisition of the Stoney Creek Battery Energy Storage System (BESS) from Enervest Group for a construction value of USD $220 million. The 125 MW / 1,000 MWh project is supported by a 14-year Long Term Energy Services Agreement (LTESA) from the Australian Energy Market Operator.

The BESS project will deliver eight hours of dispatchable energy in New South Wales, utilizing Energy Vault's VaultOS™ energy management system and B-Vault™ architecture. Enervest will continue providing development services and stakeholder engagement until financial close.

This acquisition aligns with Energy Vault's 'Own & Operate' growth strategy and adds to their existing 2.6 GWh portfolio of energy storage projects in Eastern Australia. The company maintains commitment to working with the Narrabri Aboriginal Land Council and Gomeroi community throughout the project development.

Energy Vault Holdings (NYSE: NRGV) has rescheduled its earnings conference call from March 11, 2025, to Monday, March 17, 2025 at 4:30pm ET. The new date will align with the filing of the company's Annual Report on Form 10-K.

Investors can access the call through domestic (1-877-704-4453) or international (1-201-389-0920) lines. A live webcast will be available on the company's investor relations website. The telephonic replay will be accessible until March 31, 2025, using domestic (1-844-512-2921) or international (1-412-317-6671) numbers with access code 13750976.