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) 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.
Energy Vault Holdings (NYSE: NRGV, NRGV WS) will announce its third-quarter earnings results for the period ending September 30, 2022, on November 14, 2022, followed by a conference call at 4:30 PM ET. Participants can join the call via phone or through a live webcast. The earnings call replay will be available until November 28, 2022. Energy Vault specializes in sustainable energy storage solutions, aiming to lower energy costs and boost reliability while supporting the transition to a circular economy.
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 (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 (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.