ENERGY VAULT HOLDINGS INC Stock Price, News & Analysis

Prime Movers Lab announced that Bill Gross, a notable serial entrepreneur, will be the keynote speaker at its 3rd Annual Breakthrough Science Summit on October 27, 2022. The summit aims to unite leading investors, public policy experts, and researchers to discuss critical advancements in science and technology. Gross, founder of Idealab, has significantly impacted the industry with over 175 companies created, including portfolio companies like Heliogen (NYSE: HLGN) and Energy Vault (NYSE: NRGV). The event will explore the Breakthrough Science Roadmap, focusing on future innovations.

Jupiter Power has signed a letter of intent with Energy Vault to secure 2.4 GWh of battery energy storage systems for deployment in U.S. projects. This agreement aims to maximize domestic manufacturing under the Inflation Reduction Act, focusing on supporting U.S.-based jobs and localization of storage equipment. The projects are expected to become operational in 2024 and 2025. Jupiter Power will utilize its assets to site new manufacturing facilities, including in economically disadvantaged areas. Energy Vault will leverage its technology platform to ensure these projects meet energy needs with sustainable solutions.

Energy Vault Holdings (NRGV) has initiated a significant step in deploying its gravity energy storage technology in China, with a newly mandated 2 GWh project to support five zero carbon industrial parks. In collaboration with Atlas Renewable and CNTY, the project aligns with China's carbon reduction goals for 2030 and 2060. This venture highlights the growing demand for Energy Vault's technology, which aims to enhance grid resiliency while facilitating renewable energy integration.

Energy Vault (NYSE: NRGV) has announced the accelerated deployment of its gravity energy storage technology in China. This includes a mandate for an initial 2 GWh gravity energy storage project at five national zero carbon industrial parks. The initiative, in partnership with Atlas Renewable and CNTY, supports China's 2030 Carbon Peak and 2060 Carbon Neutrality goals. Additionally, Energy Vault's Energy Resiliency Centers will enhance grid resilience in the region. This marks a significant step forward in meeting China's decarbonization objectives and improving local economic development.

Energy Vault Holdings (NYSE: NRGV) has appointed Dr. Craig Horne as Vice President of Advanced Energy Storage Development. Dr. Horne brings over 30 years of experience in energy storage technologies, tasked with expanding Energy Vault’s portfolio amid growing market demands for sophisticated storage solutions. His appointment aligns with the company's strategy to leverage diverse technologies for effective energy storage. Recently, Energy Vault signed three EPC contracts totaling 495 MWh, enhancing its position in the energy sector.

Energy Vault has announced a significant partnership with Wellhead Electric and W Power to deploy a 68.8 MW (275.2 MWh) battery energy storage system at the W Power Energy Reliability Center in Stanton, California. This project, set to be completed in mid-2023, will be one of the largest energy storage systems in Southern California and built on Energy Vault Solutions' proprietary design. Additionally, Energy Vault has been selected as the preferred integrator for two more projects, enhancing its market presence and capacity to deliver innovative energy storage solutions.

Energy Vault (NYSE: NRGV) has signed contracts to supply battery energy storage systems for Jupiter Power. The first project includes a 100 MW (200 MWh) system near Fort Stockton, Texas for ERCOT and a 10 MW (20 MWh) system in Carpinteria, California to serve the CAISO Resource Adequacy program. These projects will utilize Energy Vault Solutions technology, enhancing grid resiliency and capacity. Expected completion is set for 2023, reflecting strong demand for Energy Vault's energy management solutions in the evolving energy market.

Energy Vault reported a second quarter 2022 revenue of $1.0 million, primarily from its 100 MWh project in Rudong, China. Total revenue for the first half of 2022 reached $43.9 million, benefiting from a $50 million licensing agreement. The company recorded a GAAP loss from operations of $(22.0) million and an adjusted EBITDA of $(14.2) million. With cash reserves of $299.1 million, Energy Vault continues to expand its project portfolio across the U.S., Australia, and China, focusing on gravity-based energy storage solutions.

Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) has completed the redemption of all outstanding public warrants. This involved the redemption of 9,583,333 public warrants, where 682,948 were exercised for cash at $11.50 each, and 8,602,400 were exercised on a cashless basis for 2,172,854 shares of common stock. Approximately 96.7% of public warrants were exercised before the redemption. Following this, no public warrants remain, and trading was suspended on the NYSE. The company's private placement warrants remain outstanding.