Energy Vault (NYSE: NRGV) hires BlackRock dealmaker Nitin Dahiya as CFO
Rhea-AI Filing Summary
Energy Vault Holdings, Inc. appointed Nitin Dahiya as Chief Financial Officer, effective July 27, 2026, while Michael Beer resigned as CFO to pursue other opportunities and will assist with the transition; his departure is stated not to involve disagreements over operations or financial reporting.
Dahiya, a veteran capital-markets investor most recently at BlackRock, will receive a $435,000 annual base salary, 400,000 restricted stock units, 400,000 performance restricted stock units vesting in tranches on share-price targets, an annual performance bonus opportunity equal to 75% of actual regular earnings, and a $100,000 signing bonus. If terminated without Cause or for Good Reason, he is eligible for cash severance and COBRA reimbursement, with enhanced cash, full equity vesting, and extended healthcare if this occurs within 18 months after a Change of Control. A press release notes previously disclosed material increases in Q2 2026 contract backlog and a positive impact on the 2026 financial outlook, to be discussed on the Q2 earnings call scheduled for August 11.
Positive
- None.
Negative
- None.
Insights
Analyzing...
8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
CFO base salary: $435,000 per year
Restricted stock units: 400,000 RSUs
Performance RSUs: 400,000 performance RSUs
+5 more
8 metrics
CFO base salary
$435,000 per year
Annual base salary for Nitin Dahiya under his offer letter
Restricted stock units
400,000 RSUs
Time-based restricted stock units granted to Nitin Dahiya
Performance RSUs
400,000 performance RSUs
Performance-based RSUs vesting in three tranches on share-price targets
Target bonus
75% of actual regular earnings
Annual performance bonus opportunity for the CFO role
Signing bonus
$100,000
One-time signing bonus to Nitin Dahiya, subject to continued employment
Standard severance
6 months of base salary
Cash severance if terminated without Cause or for Good Reason
Change of Control severance
1.5× base salary and target bonus
Lump-sum payment if qualifying termination occurs within 18 months after a Change of Control
Preferred Equity fund
$300M
Previously announced Preferred Equity fund supporting capital deployment
Key Terms
restricted stock units, performance restricted stock units, Change of Control, COBRA premiums, +2 more
6 terms
restricted stock units financial
"receive an award of 400,000 restricted stock units"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
performance restricted stock units financial
"receive an award of 400,000 performance restricted stock units"
Performance restricted stock units (PRSUs) are promises to deliver company shares to employees or executives only if the business meets specific performance targets and any time-based holding rules. Think of them as a bonus that converts into stock only after set goals are reached, so investors watch PRSUs for two reasons: they can dilute existing shares if paid out, and they signal how closely management’s pay is tied to company performance.
Change of Control financial
"If such termination occurs within 18 months following a “Change of Control”"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
contract backlog financial
"material increases in the company’s Q2 2026 contract backlog"
A contract backlog is the total value of work or orders that a company has committed to complete but has not yet finished. It acts like a pending to-do list of projects or jobs, indicating future revenue potential. For investors, a large or growing backlog suggests steady future income, while a shrinking backlog might signal slowing business activity.
tolling revenue streams financial
"strategy developed to generate predictable, recurring and high margin tolling revenue streams"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What executive leadership change did Energy Vault (NRGV) disclose?
Energy Vault appointed Nitin Dahiya as Chief Financial Officer effective July 27, 2026, while current CFO Michael Beer resigned to pursue other opportunities. Beer agreed to stay on for a transition period, and his resignation is stated not to involve disagreements over operations or financial reporting.
What is Nitin Dahiya’s compensation package at Energy Vault (NRGV)?
Nitin Dahiya will earn a $435,000 annual base salary, 400,000 RSUs, 400,000 performance RSUs, and a target annual bonus of 75% of actual regular earnings. He also receives a one-time $100,000 signing bonus, subject to continued employment under his offer letter.
What severance protections does Energy Vault (NRGV) provide CFO Nitin Dahiya?
If terminated without Cause or for Good Reason, Dahiya is eligible for a lump-sum cash payment equal to six months of base salary and up to six months of COBRA reimbursement. If such termination occurs within 18 months after a Change of Control, cash, equity vesting, and healthcare benefits increase.
What happens if Nitin Dahiya leaves Energy Vault (NRGV) for Cause or without Good Reason?
In a termination for Cause or a resignation without Good Reason, Dahiya receives only accrued but unpaid salary, reimbursable expenses, vested benefits, and any amounts under benefit plans. No severance is paid in this case, and all unvested equity awards are forfeited.
Why did Michael Beer resign as CFO of Energy Vault (NRGV)?
Michael Beer resigned as Chief Financial Officer to pursue other opportunities. The company states his resignation was not due to any disagreement regarding operations, policies, practices, accounting, or financial reporting, and he will remain for a period to support the CFO transition.
What growth and backlog information did Energy Vault (NRGV) highlight with the CFO appointment?
The company referenced recent announcements of multi-GWh IPP project growth in Australia, an 850MW IPP portfolio acquisition in Japan, and AI compute infrastructure wins, along with previously disclosed material increases in Q2 2026 contract backlog that positively affect its 2026 financial outlook.
When will Energy Vault (NRGV) discuss its updated outlook on an earnings call?
Energy Vault plans to discuss the material increases in Q2 2026 contract backlog and the associated positive impact on its 2026 financial outlook at its upcoming Q2 earnings call scheduled for August 11, as noted in the press release accompanying Nitin Dahiya’s CFO appointment.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 13, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (805 ) 852-0000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 14, 2026, the Board of Directors of Energy Vault Holdings, Inc. (the “Company”) appointed Nitin Dahiya to serve as Chief Financial Officer of the Company beginning July 27, 2026.
Nitin Dahiya, 49, has served as a Senior Portfolio Manager and Investment Committee member at BlackRock, Inc. since 2018, where he has led investments and financing transactions across specialty finance, energy and energy transition, and special situations. Prior to joining BlackRock, Mr. Dahiya served as an investor at Paulson & Co. Inc. from 2012 to 2018, focusing on event-driven, distressed and opportunistic credit investments. Earlier in his career, Mr. Dahiya held analyst positions at KLS Diversified Asset Management, Nomura and Barclays Capital (formerly Lehman Brothers). Mr. Dahiya received an M.B.A. from the Indian Institute of Management Ahmedabad and a Bachelor of Technology in Mechanical Engineering from the Indian Institute of Technology Delhi.
In connection with his appointment, Mr. Dahiya and the Company entered into an employment offer letter (the “Offer Letter”), which provides that he will (i) receive an annual base salary of $435,000, (ii) receive an award of 400,000 restricted stock units, (iii) receive an award of 400,000 performance restricted stock units, which will vest in three tranches commencing on the first anniversary of the vesting commencement date upon the Company’s achievement of certain share price targets, and (iv) be eligible to receive an annual performance bonus of 75% of actual regular earnings. In addition, Mr. Dahiya will receive a one-time signing bonus of $100,000, subject to Mr. Dahiya’s continued employment.
In addition, the Offer Letter provides:
•In the event of a termination by the Company without “Cause” or by Mr. Dahiya for “Good Reason” (each as defined in the Offer Letter), Mr. Dahiya is entitled to (i) accrued but unpaid base salary through the date of termination, reimbursement of unpaid business expenses and accrued vested benefits, and (ii) following Mr. Dahiya’s execution and non-revocation of a release of claims and continued compliance with applicable restrictive covenants, a lump-sum cash severance payment equal to six months of base salary and reimbursement of COBRA premiums for up to six months. If such termination occurs within 18 months following a “Change of Control” (as defined in the Offer Letter), then (i) the lump-sum cash payment will equal 1.5 times Mr. Dahiya’s base salary and target annual bonus, (ii) unvested shares will immediately vest and (iii) the Company will provide for or reimburse for continued healthcare coverage for up to 18 months following such Change of Control; and
•In the event of a termination by the Company for “Cause” or by Mr. Dahiya without “Good Reason,” Mr Dahiya is entitled to (i) accrued but unpaid base salary through the date of termination, (ii) reimbursement of unpaid business expenses and accrued vested benefits, and (iii) any amounts payable under applicable employee benefit plans. No severance benefits are payable, and any unvested equity awards are forfeited.
There are no arrangements or understandings between Mr. Dahiya and any other person pursuant to which Mr. Dahiya was named Chief Financial Officer. Mr. Dahiya does not have any family relationship with any director or executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer. There are no transactions in which Mr. Dahiya has an interest requiring disclosure under Item 404(a) of Regulation S-K.
The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, a copy of which will be filed as an exhibit to the Company’s next periodic report.
On July 13, 2026, Michael Beer submitted his resignation as Chief Financial Officer of the Company in order to pursue other opportunities. Mr. Beer’s resignation was not the result of any disagreement with the Company on matters relating to operations, policies, or practices, including any matters relating to accounting practices or financial reporting. Mr. Beer has agreed to stay on for some period of time to support the transition.
Item 7.01 Regulation FD Disclosure.
On July 16, 2026, the Company issued a press release announcing the appointment of Mr. Dahiya. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and incorporated in this Item 7.01 in its entirety.
The information contained in, or incorporated into, this Item 7.01 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated as of July 16, 2026 | |||||||
104 | Cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENERGY VAULT HOLDINGS, INC. | ||||||||
Date: July 17, 2026 | By: | /s/ Robert Piconi | ||||||
| Name: Robert Piconi | ||||||||
| Chief Executive Officer | ||||||||
Exhibit 99.1
Energy Vault Appoints Senior Capital Markets Veteran Nitin Dahiya from BlackRock as Chief Financial Officer as its Global Energy Infrastructure Growth Accelerates
Mr. Dahiya brings over two decades experience in institutional investment, corporate finance and capital markets as Energy Vault deepens its financial leadership and global capital formation capabilities
Joining from BlackRock’s Direct Private Opportunities (DPO) group, Mr. Dahiya led structured financing transactions across energy, infrastructure, private credit and specialty finance
Appointment follows recent announcements of multi-GWh IPP project growth in Australia, acquisition of 850MW IPP portfolio in Japan and AI compute infrastructure project wins in the US for modular data centers (Crusoe) and powered land (utilities/hyperscalars)
Energy Vault’s recent disclosures last month of material increases in the company’s Q2 2026 contract backlog and associated positive impact to its financial outlook for 2026 will be discussed more fully at its upcoming Q2 Earnings Call scheduled for August 11th
WESTLAKE VILLAGE, Calif. – July 16, 2026 – Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global leader in sustainable grid-scale energy storage and AI compute infrastructure solutions, today announced the appointment of Nitin Dahiya, CFA, as Chief Financial Officer, further strengthening the Company's executive leadership team as it accelerates its transformation into a diversified global power infrastructure platform.
The appointment comes as Energy Vault closes new contracts yielding sharp increases in its contract backlog and future revenue visibility as the Company continues expanding across utility-scale energy storage, Asset Vault IPP infrastructure ownership, AI digital and high-performance compute (HPC) infrastructure, and software-enabled energy management systems. As Energy Vault executes on multiple high-growth opportunities across global energy and AI infrastructure markets supported by its previously announced $300M Preferred Equity fund, Dahiya's experience in capital markets and corporate finance will further support optimal capital efficiency and deployment while expanding engagements with global institutional investors.
Mr. Dahiya joins Energy Vault from BlackRock, the world's largest asset manager ($15.3 Trillion AUM), where he helped oversee investments within the firm's global investment platform as Senior Portfolio Manager and Investment Committee member of BlackRock's Direct Private Opportunities group, leading complex investments and structured financing transactions across energy, infrastructure, private credit and specialty finance. He will formally begin his new tenure on July 27, 2026.
Over a distinguished career spanning more than two decades, Dahiya has held senior investment and capital markets leadership roles at BlackRock, Paulson & Co., KLS Diversified Asset Management, Nomura, and Lehman Brothers/Barclays. Throughout his career he has developed deep expertise across strategic investments, structured finance, capital allocation, mergers and acquisitions, corporate governance, portfolio management and institutional capital formation. He has deployed billions in investment capital across public and private markets and served on boards of leading companies in both sectors.
“We are delighted to welcome Nitin to Energy Vault at an exciting point in the Company's global growth trajectory,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "As we continue executing our strategy to build one of the industry's leading integrated power infrastructure platforms spanning energy storage, AI infrastructure, software and long-term infrastructure ownership, it is imperative that we continue to invest in our people to enhance and expand the depth of experience in what is already one of the most talented, innovative and resilient teams in the industry. Nitin brings an
1
exceptional combination of institutional investment expertise, strategic financial leadership and capital markets experience gained at some of the world's most respected financial firms. His appointment further strengthens our executive team as we continue expanding across multiple high-growth segments in the most attractive energy infrastructure markets, enhancing our capital formation capabilities and creating long-term value for shareholders.”
Piconi continued: “This appointment reflects Energy Vault's growing and strengthening position in the market. It follows Cory Magnuson's recent appointment as President of the Asset Vault platform and underscores the momentum we have built through profitable customer execution across multiple continents—a track record that attracts experienced industry leaders to the company."
“Joining Energy Vault represents an exciting new chapter in my career,” said Nitin Dahiya. “I have been incredibly impressed by Rob, the leadership team and the bold vision they have established for the Company. Energy Vault has built a highly differentiated platform operating at the intersection of energy infrastructure, energy storage and AI compute infrastructure, creating a compelling opportunity for long-term growth and value creation. I look forward to working alongside this talented team to execute the Company's strategy, support its continued expansion and help drive the next phase of growth for the benefit of our customers, partners, shareholders and employees.”
As part of Mr. Dahiya’s appointment, Michael Beer, current CFO of Energy Vault, will be transitioning from his role to pursue other opportunities.
About Energy Vault
Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world’s approach to sustainable energy storage. The Company’s comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Since 2024, Energy Vault has executed an “Own & Operate” asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “contemplate,” “continue,” “suggest,” “plan,” “potential,” “predict,” “believe,” “intend,” “project,” “forecast,” “estimate,” “target,” “project,” “projections,” “should,” “target,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual
2
results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, expected monetization of tax credits, expected financings, projected costs, prospects and plans; the uncertainty of our awards, bookings, backlog and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indications of interest can result in binding financings, orders or sales; the possibility of our products or services to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of macroeconomic uncertainty, including with respect to uncertainty about the future relationship between the United States and other countries with respect to trade policies and tariffs; changes in tax laws and government regulations and the impact of those changes on us, including as a result of the One Big Beautiful Bill Act and its changes to the Internal Revenue Code of 1986, as amended and the clean-energy tax credits established under the Inflation Reduction Act of 2022; investment in development projects that may not achieve commercial operations in our predicted timeframe or at all; our efforts to diversify our supply chain to lessen the impact of tariffs; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act of 2012; our future capital requirements and sources and uses of cash; developments in U.S. and global trade policy; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; and our business, expansion plans and opportunities, including our expansion into owned and operated projects; our ability to successfully consummate our proposed acquisition in Japan; and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 18, 2026, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
Energy Vault Contacts:
Investors energyvaultIR@icrinc.com
Media media@energyvault.com
# # #
3