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 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 $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.