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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 (NYSE: NRGV) announced progress in executing its growth strategy unveiled during the May 2024 Investor and Analyst Day. The company is launching project financing for select U.S. projects, including the Calistoga Resiliency Center, a large-scale hybrid hydrogen and battery energy storage system. Energy Vault is accelerating its 'Own & Operate IPP' strategy based on strong interest from strategic partners and investors.
The company is leveraging expertise from delivering 1 GWh of projects across the U.S. in the prior 12 months and expanding into Australia. Energy Vault has engaged Jefferies to facilitate various capital investment alternatives, including project financing, monetization of tax credits, and optimization of capital deployment models.
This strategy aims to diversify revenue streams, support growth, and maximize capital efficiency. The company's global expansion and expertise in large-scale energy storage solutions position it well to meet the growing demand for sustainable grid stability and resilience.
Energy Vault Holdings, Inc. (NYSE: NRGV) has announced the granting of equity awards to new employees under its 2022 Employment Inducement Award Plan. The Compensation Committee of Energy Vault's Board of Directors approved the following grants effective September 24, 2024:
- 100,000 restricted stock units to new, non-executive employees
- An option to purchase 250,000 shares of common stock at fair market value
- 500,000 restricted stock units and 500,000 performance-based restricted stock units to Greg Daily, Group Executive
These awards are intended as inducements for new employees joining Energy Vault. The restricted stock units will vest 25% on the first anniversary of the vesting commencement date, followed by 6.25% every three months thereafter, subject to continued employment.
Energy Vault Holdings, Inc. (NYSE: NRGV) has achieved a Corporate Sustainability Assessment (CSA) score of 68 out of 100 in the 2024 S&P Global Environmental, Social, and Governance (ESG) Ratings. This represents a 36% increase from their 2023 rating, placing Energy Vault in the 98th percentile among 195 companies assessed in the Machinery and Electrical Equipment (IEQ) industry.
Energy Vault's score is the highest achieved by any energy storage company in the IEQ industry according to S&P Global's 2024 ESG Ratings to date. The company held the highest scores for Product Stewardship and Business Ethics as of September 2, 2024.
Energy Vault's sustainability roadmap aligns with the Science Based Targets Initiative (SBTi), Global Reporting Initiative (GRI), and Task Force on Climate-Related Financial Disclosures (TCFD). The company has committed to reducing absolute scope 1 and 2 GHG emissions by 50% by 2030 and achieving net-zero emissions by 2050.
Energy Vault Holdings (NYSE: NRGV) has received a notice of non-compliance from the New York Stock Exchange (NYSE) due to its stock price falling below $1.00 for 30 consecutive trading days. The company has six months to regain compliance and avoid potential delisting. Energy Vault plans to notify the NYSE of its intent to cure the deficiency by September 27, 2024.
The company is considering various options, including actions that may require stockholder approval at its next annual meeting. If such action is taken, the price condition will be deemed cured if the stock promptly exceeds $1.00 and remains above that level for at least 30 trading days. Energy Vault's stock will continue to trade on the NYSE during this period, subject to compliance with other listing standards.
Energy Vault Holdings (NYSE: NRGV), a global energy storage company, announced on August 2, 2024, that its Compensation Committee granted restricted stock unit (RSU) awards covering 507,000 shares to 5 new non-executive employees. These grants were made under the 2022 Employment Inducement Award Plan and are compliant with NYSE Listing Rule 303A.08. The RSUs are intended to attract new talent as an inducement to employment. The units vest as follows: 25% after one year, and 6.25% after each three-month period of continuous service thereafter. The RSUs are governed by the terms of the Inducement Award Plan and associated award agreements.
Energy Vault Holdings (NYSE: NRGV) reported Q2 2024 financial results, highlighting a GAAP gross margin of 27.8% and revenue of $3.8 million. The company announced a new 400MWh battery storage project in Australia with ACEN and entered a partnership with Skidmore Owings & Merrill for gravity energy storage integration. Despite a GAAP Net Loss of $(26.2) million, Adjusted EBITDA improved by 12% year-over-year to $(15.8) million. Energy Vault maintains a strong financial position with $113.0 million in cash and no debt. The company reaffirmed its full-year 2024 guidance and expects cost savings of $6–8 million annually from organizational realignment measures.
Energy Vault Holdings (NYSE: NRGV) and Carbosulcis have announced plans to develop a 100MW Hybrid Gravity Energy Storage System at Italy's largest former coal mining site in Sardinia. The project aims to accelerate the formation of a Renewable Energy Technology Hub. Key points include:
1. The system utilizes Energy Vault's new EV0™ modular pumped hydro gravity storage technology and lithium-ion batteries, powered by VaultOS™ energy management software.
2. Deployment is planned in 500-meter-deep shafts at the former coal mine owned by the Sardinia Regional Government.
3. A land lease agreement was executed in July 2024, with site testing to begin in the coming months.
4. The system will be owned and operated by Energy Vault, aiming to increase local renewable energy use and grid stability in Sardinia.
Energy Vault (NYSE: NRGV) announced strategic changes to accelerate growth and market adoption of its diversified energy storage portfolio. The company is realigning its organization to enhance its go-to-market strategy and expand regional operations, particularly in Australia. Energy Vault has implemented cost-saving measures expected to result in $6-8 million in annual savings, reiterating its target of $15 million quarterly cash operating expenses by H2 2024.
The company is broadening its business model to include asset ownership, complementing its system integration, EPC, and asset management services. Energy Vault appointed Wes Fuller as Head of Global Sales to advance its global footprint. The company continues to commission storage systems and start new projects in growth territories, positioning itself to meet the increasing demand for energy storage solutions across all durations and targeted geographies.
Energy Vault (NYSE: NRGV) has announced the successful deployment of its B-Vault AC block and VaultOS Energy Management System to support Jupiter Power's St. Gall Battery Energy Storage System (BESS) in Fort Stockton, Texas. The 100 MW/200 MWh BESS, now fully operational, provides energy and ancillary services to the Electric Reliability Council of Texas (ERCOT). Energy Vault served as the EPC contractor and system integrator, with plans for a second BESS deployment. The system uses Energy Vault's X-Vault platform and UL9540 certified B-Vault product, offering flexibility with both AC and DC configurations. This milestone extends the partnership between Energy Vault and Jupiter Power, who previously agreed to deploy 2.4 GWh of energy storage solutions. Energy Vault's portfolio now includes over 2 GWh of projects, demonstrating growing adoption of its B-Vault product.
Energy Vault Holdings (NYSE: NRGV), a leader in sustainable grid-scale energy storage solutions, has announced its schedule for the release of its second quarter 2024 financial results. The company will unveil its earnings on Tuesday, August 6, 2024, followed by a conference call at 4:30 PM ET.
Interested parties can access the call via phone or through a live webcast on the company's investor relations website. A telephonic replay will be available shortly after the call until August 20, 2024. An archived replay will also be accessible on the Energy Vault website for those unable to attend the live call.