ENERGY VAULT HOLDINGS INC Stock Price, News & Analysis

Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) will report its second-quarter earnings results for the period ended June 30, 2022, on August 8, 2022, at 8:00 AM ET. Following the earnings release, a conference call will be held, accessible via 1-877-704-4453 for U.S. callers and 1-201-389-0920 for international participants. A live webcast will be available, with a replay accessible until August 22, 2022. Energy Vault focuses on sustainable energy storage solutions to enhance utility-scale grid resiliency and facilitate the clean energy transition for industrial users.

Energy Vault Holdings, Inc. (NYSE: NRGV) announced a voluntary extension of lock-up agreements for senior officers, including Chairman and CEO Robert Piconi. This extension affects approximately 6.7 million shares, representing about 5% of outstanding shares, with 100% participation from eligible officers. The lock-up now extends until July 2025, with provisions for release based on stock performance. The board unanimously supports this move, highlighting management's confidence in the long-term growth strategy amid commitments to sustainability and decarbonization.

Energy Vault Holdings (NYSE: NRGV) has announced a warrant redemption, effective August 1, 2022, at a price of $0.10 per warrant. The stock price condition was met on June 30, 2022, allowing this action. Warrant holders can exercise their warrants until 5:00 PM New York time on the redemption date, either by paying $11.50 per warrant or through a cashless exercise yielding shares based on a formula. Unexercised warrants post-deadline will become void. Energy Vault aims to innovate in sustainable energy storage while seeking to enhance grid resiliency.

Energy Vault Holdings (NYSE: NRGV) has been added to the Russell 2000 Index as of June 27, 2022. This inclusion follows the annual reconstitution of the Russell indexes, which ranks the 4,000 largest US stocks by market capitalization. CEO Robert Piconi highlighted that this milestone enhances the company's exposure to investors and supports its mission of accelerating decarbonization. Russell indexes, with approximately $12 trillion in assets benchmarked against them, are integral for investment managers and institutional investors.

Energy Vault (NYSE: NRGV) has appointed Lucas Sadler as Vice President of Sales and Business Development for the Asia Pacific region. Sadler, with over 30 years of experience in renewable energy, previously served as VP of Sales at Fluence Energy in Australia. His role involves expanding Energy Vault's energy storage solutions throughout APAC, building on existing partnerships with major companies. This strategic appointment aims to enhance Energy Vault's competitive edge in the growing market for sustainable energy storage technologies.

Josh McMorrow has been appointed as Chief Legal Officer of Energy Vault Holdings, Inc. (NYSE: NRGV,WS). With over two decades of international legal experience, McMorrow will oversee legal, regulatory, and compliance functions, crucial for the company's global expansion. His previous achievements include leading Atotech Limited's IPO, which reached a market capitalization of $4 billion. Robert Piconi, CEO of Energy Vault, emphasized McMorrow's role in guiding the company through a pivotal growth phase while ensuring high corporate governance standards.

Energy Vault Holdings announced the expansion of its Louisiana project, increasing capacity from 500 MWh to 1,168 MWh for green hydrogen production. This upsizing adds $217 million to the previous revenue estimate of $520 million, totaling potential project revenue of $737 million. The project aims to support sustainable aviation fuel production. Engineering optimizations resulted in a 14% efficiency gain, boosting production capacity to 11,650 barrels per day.

On May 10, 2022, a securities fraud investigation update disclosed that Energy Vault will advance $25 million for a construction project in China. However, the project is merely a demonstration, and its capacity of 100MWh is inadequate compared to the 600MWh required for mainstream power generation in China. Additionally, the company's reported $50 million License and Royalty Agreement may have misrepresented its revenue-generating capabilities, potentially harming investors and violating securities laws.

Energy Vault Holdings (NYSE: NRGV, NRGV WS) has commenced construction on its first 100 MWh EVx system in Rudong, Jiangsu Province, China, aimed at enhancing grid resiliency and supporting renewable energy integration. The system, adjacent to a wind farm, will supply State Grid Corporation of China, the world’s largest utility serving over 1.1 billion people. The project follows a $50 million licensing deal with Atlas Renewable and is part of China's decarbonization efforts in line with its 30-60 policy for carbon neutrality.