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Energy Vault Holdings, Inc. (NYSE: NRGV) is a grid-scale and utility-scale energy storage company whose news flow centers on project milestones, financing developments and strategic partnerships in the energy storage sector. Company announcements describe Energy Vault as a global leader in grid-scale energy storage solutions, with a portfolio that includes proprietary battery, gravity and green hydrogen storage technologies supported by its VaultOS™ energy management platform.
News about Energy Vault often highlights progress on major projects and platforms. Examples include the start of construction of the SOSA Energy Center, a 150 MW / 300 MWh battery energy storage system in Madison County, Texas, under the company’s Asset Vault platform, and the successful completion and commercial operation of the Calistoga Resiliency Center, a hybrid battery and hydrogen microgrid developed with Pacific Gas and Electric Company to provide long-duration, zero-emission backup power during Public Safety Power Shutoff events.
Investors following NRGV news will also see updates on the company’s “Own & Operate” strategy and Asset Vault, a fully consolidated subsidiary launched with a $300 million preferred equity investment from Orion Infrastructure Capital. Press releases and related Form 8-K filings describe Asset Vault’s role in developing, building, owning and operating energy storage assets globally, and in contracting design, construction and long-term service agreements back to Energy Vault.
Additional news items cover commercial agreements and market entries, such as B-VAULT™ FlexGrid deployments for Schindler Group and Energie Wettingen AG in Switzerland, and a Framework Supply Agreement with EU Green Energy LLC for up to 1.8 GWh of battery energy storage systems in the Balkan region. Financial updates, including quarterly results, backlog figures, financing arrangements and NYSE compliance notices, are also disclosed through regular press releases and SEC filings. Readers can use this news feed to track Energy Vault’s project pipeline, asset ownership strategy and regulatory disclosures over time.
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.
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