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Energy Vault Holdings, Inc. reports developments tied to grid-scale energy storage, energy management software, project ownership, and AI power infrastructure. The company’s updates cover proprietary gravity, battery and green hydrogen-based storage technologies, VaultOS energy management software, and the Asset Vault platform for developing, owning and operating energy storage assets.
Recurring NRGV news also includes operating and financial results, contract backlog, capital-structure actions, material agreements, project acquisitions, geographic expansion, employee equity awards and governance matters. Coverage reflects the company’s transition from technology integration toward a broader own-and-operate infrastructure model while maintaining disclosures around liquidity, financing and execution of storage projects.
Energy Vault Holdings, Inc. (NYSE: NRGV) has appointed Theresa Fariello to its Board of Directors, effective February 1, 2023, succeeding Henry Elkus. Fariello brings vast experience from her roles at United Airlines and ExxonMobil, particularly in government affairs and public policy. The CEO, Robert Piconi, emphasized her expertise will enhance the company's strategy, particularly in leveraging opportunities from recent U.S. legislation, including the Inflation Reduction Act. Fariello expressed her commitment to helping the company address climate change through innovative energy storage solutions.
Energy Vault Holdings (NYSE: NRGV) has revised its full year 2022 revenue expectation to between $142 million and $152 million, significantly higher than the previous estimate of $75 million to $100 million. This revision reflects an impressive fourth quarter performance driven by strong execution in U.S. energy storage projects and territorial expansions in Europe and the Middle East. The anticipated fourth quarter revenue ranges from $96 million to $106 million. An updated 2023 outlook will be provided during the upcoming earnings call in late-February 2023.
Energy Vault Holdings, Inc. (NYSE: NRGV) announced on January 9, 2023, that its Compensation Committee granted restricted stock unit awards for a total of 614,600 shares to 29 new non-executive employees as an employment inducement. This grant follows NYSE Listing Rule 303A.08. The stock units will vest in stages, starting with 25% after one year and 6.25% every three months thereafter, contingent on continued employment. Additionally, Jan Kees Van Gaalen received 250,000 units and Edmund Brown Jensen received 450,000 units, each with similar vesting conditions, plus a performance-based award for Van Gaalen.
Energy Vault Holdings (NYSE: NRGV) and Pacific Gas and Electric Company (NYSE: PCG) announced a partnership to deploy a utility-scale hybrid energy storage system in Calistoga, California. The system, designed to provide 293 MWh of carbon-free energy, will support up to 2,000 electric customers during planned outages. The construction is set to begin in Q4 2023, with operations expected by Q2 2024. This innovative technology aims to replace traditional diesel generators, enhancing grid reliability and contributing to decarbonization goals.
Energy Vault (NYSE:NRGV) has been awarded a project by NV Energy, Nevada's largest electric utility, to deploy a 220MW/440MWh Battery Energy Storage System (BESS). Construction is set to begin in Q2 2023, with operations anticipated to commence by year-end 2023. This BESS, located near Las Vegas, will store and dispatch renewable energy during peak demand hours, supporting NV Energy's goal of achieving net-zero emissions by 2050. Energy Vault currently has approximately 4.8 GWh of contracted projects, underlining strong market acceptance.
Energy Vault Holdings, Inc. (NYSE: NRGV) issued a response to a short seller report by Bleecker Street Research, dated December 2, 2022, which contained factual inaccuracies regarding the company's projects. The company clarified that a 440 MWh deal with a public utility is not canceled and emphasized its commitment to announce further details soon. Energy Vault also addressed mischaracterizations regarding its projects in Poland and its partnership with DG Fuels. The firm reaffirmed its revenue guidance of approximately $680 million for 2022 and 2023, asserting confidence in its backlog and growth strategy.
Energy Vault announced its Q3 2022 results, reporting a revenue of $1.7 million and a net loss of $(28.8) million. Year-to-date revenue totaled $45.6 million, largely driven by gravity energy storage licensing with Atlas Renewable. The company maintains 2022 revenue guidance of $75-100 million and an adjusted EBITDA range of $(10) to $3 million. Total cash on hand was $274.7 million. Noteworthy contract signings include 495 MWh in projects, leading to a total project award potential of $2 billion.
Energy Vault Holdings (NYSE: NRGV, NRGV WS) has appointed Jan Kees van Gaalen as the new Chief Financial Officer, effective November 16, 2022. He replaces David Hitchcock, who served as the interim CFO since April 2022 and will continue as an advisor until December 31, 2022. van Gaalen brings over 30 years of experience in the energy sector, previously holding CFO positions in several public companies.
The transition aims to strengthen the finance function as the company embarks on multi-GW hour deployments of its energy storage solutions.
Energy Vault Holdings (NYSE: NRGV) has appointed E.B. Jensen as Senior Vice President of Project Execution and Delivery, effective immediately. Jensen, with over 30 years of experience, will oversee the execution and delivery of gravity and battery energy storage projects worldwide. His role includes collaboration with Engineering, Procurement and Construction (EPC) partners and optimizing supply chains. Jensen's previous roles at Mott MacDonald and Worley positioned him to drive significant revenue growth. This leadership change aligns with the company's global expansion in sustainable energy storage solutions.
Energy Vault Holdings, Inc. (NYSE: NRGV) has received a Notice of Award from Meadow Creek Solar Pty Ltd for the deployment of a 250MW/500MWh battery energy storage system at the Meadow Creek Solar Farm in Victoria, Australia. This marks the company's first battery energy storage system award in the Australian market, complementing its earlier developments in long-duration energy storage. The project aims to enhance the resilience of renewable energy supply in the region, catering to approximately 110,000 homes and aligning with Australia’s clean energy transition goals.