Welcome to our dedicated page for ENERGY VAULT HOLDINGS news (Ticker: NRGV), a resource for investors and traders seeking the latest updates and insights on ENERGY VAULT HOLDINGS stock.
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 Holdings announced on May 16, 2024, that it has granted equity awards under its Inducement Award Plan. The Compensation Committee awarded 4,315 restricted stock units to a new non-executive employee. Michael Beer, the new CFO, received options to purchase 800,000 shares, 600,000 restricted stock units, and 600,000 performance-based restricted stock units. The performance units will vest if specific stock price targets ($3.50, $4.50, $5.50) are met within four years. These inducements align with NYSE Listing Rule 303A.08.
Energy Vault and ACEN Australia have announced an agreement for the deployment of 400 MWh of battery energy storage systems in Australia. The collaboration includes two BESS deployments at ACEN Australia's New England Solar project, with construction starting in 2024 and commercial operations expected in 2025 and 2026. This partnership highlights Energy Vault's commitment to energy storage solutions in the Australian market.
Energy Vault Holdings, Inc. (NYSE: NRGV) reported revenue of $7.8 million in the first quarter of 2024 from Utility and IPP storage projects, in line with expectations. The GAAP Gross Margin was 26.7%, with a Cash OpEx of $16.7 million, improved 22% year-over-year. The Quarter-end Cash and Cash Equivalents were at $136.8 million, within the Q1 guidance range of $125 – 150 million.
Energy Vault announced the successful testing and commissioning of the Rudong EVx 100 MWh Gravity Energy Storage System by China Tianying, along with the extension of the licensing agreement with Atlas Renewable to 15 years. The system is the world's first commercial, grid-scale gravity energy storage system and marks a significant milestone in China's energy transition and decarbonization goals. The successful testing was followed by the mechanical completion in September 2023 and state grid interconnection in December 2023. More than 3.7GWh of projects are underway in China, with the licensing agreement extension reflecting the pivotal role of gravity storage technology in China's energy landscape.
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