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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.