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. (symbol: NRGV) is a pioneering Swiss-based global company specializing in grid-scale energy storage solutions. With a focus on long-duration energy storage, Energy Vault leverages gravity and kinetic energy to address the intermittence issues associated with renewable energy sources like solar and wind. This innovative approach supports a faster transition toward renewable power, ensuring a more reliable and consistent energy supply.
Energy Vault's core business revolves around its unique technology that stores and releases energy by lifting and lowering massive weights. This process is not only efficient but also environmentally friendly, as it eliminates the reliance on chemical batteries, reducing waste and ecological impact. The company's products are designed to provide sustainable and scalable energy storage solutions that can be deployed in various geographies.
Recent achievements for Energy Vault include securing significant partnerships and collaborations with leading renewable energy providers. These strategic alliances have enhanced the company's market presence across the United States, China, and other regions, where the majority of its revenue is generated. Their projects aim to support energy grids in maintaining stability and reliability, even during peak demand or low production periods from renewable sources.
Financially, Energy Vault remains strong, with a growing portfolio of completed and ongoing projects that demonstrate their technology’s efficacy and commercial viability. The company's commitment to innovation is evident in their continuous investment in research and development, ensuring they stay ahead in the rapidly evolving energy storage market.
Overall, Energy Vault Holdings, Inc. is at the forefront of revolutionizing energy storage, bringing tangible benefits to the grid infrastructure necessary for a sustainable energy future. Their cutting-edge solutions and strong market position make them a key player to watch in the renewable energy sector.
Energy Vault reported Q3 2024 financial results with revenue backlog growing 33% quarter-over-quarter to $350 million, driven by new contracts with Jupiter Power and Gridmatic. Q3 GAAP gross margin reached 40.3% with higher services and software content. Operating expenses improved to $27.6 million, with adjusted operating expenses down 13% year-over-year to $15.2 million. The company maintained $77.7 million in cash with no debt, while reporting a GAAP net loss of $26.6 million. The developed pipeline grew 11% to 10.8 GWh, valued at $2.7 billion. The company's EVx™ Gravity System in China achieved ~83% efficiency and was recognized as one of TIME's Top Inventions of 2024.
Energy Vault Holdings (NYSE: NRGV) announced plans to deploy a 57 MW/114 MWh Battery Energy Storage System (BESS) in Scurry County, Texas, along with signing a 10-year offtake agreement with Gridmatic. The Cross Trails BESS project, set to begin construction in Q1 2025 with commercial operation by summer 2025, will support renewable energy production and improve grid resiliency in the ERCOT region. The system will be built using Energy Vault's proprietary X-Vault integration platform and B-VAULT™ product, managed by their VaultOS Energy Management System. This marks another milestone in Energy Vault's strategy to build, own, and operate energy storage infrastructure globally.
Energy Vault Holdings (NYSE: NRGV) has successfully regained compliance with NYSE's minimum continued listing requirements. The company met the criteria specified in Section 802.01C of the NYSE Listed Company Manual by maintaining an average share price above $1.00 for 30 consecutive trading days as of October 31, 2024.
Energy Vault's EVx gravity energy storage system has been selected as one of TIME's Best Inventions of 2024 in the 'Green Energy' category. The EVx technology combines principles of pumped hydro storage with custom-made composite blocks, achieving over 80% round-trip efficiency without storage degradation. The system can utilize locally sourced and waste materials, including mine tailings and decommissioned wind turbine fiberglass, creating a sustainable circular economy. Nine EVx deployments are currently underway in China, totaling more than 3.7 GWh, with the first grid-scale system being commissioned in Rudong. The company has also expanded into Southern Africa and partnered with Skidmore, Owings & Merrill for urban implementations.
Energy Vault Holdings Inc. (NYSE: NRGV) has signed an agreement with Enervest Group for a 1,000 MWh battery energy storage system (BESS) at the Stoney Creek site in New South Wales, Australia. The project, valued at over $350 million, aims to enhance grid reliability and support renewable energy capacity. Energy Vault will serve as the turn-key partner, providing engineering, procurement, construction, and commissioning services, as well as long-term support.
The BESS will utilize Energy Vault's proprietary X-Vault integration platform, B-VAULT™ product, and Vault-OS Energy Management System. This agreement marks Energy Vault's continued expansion in the Australian market, following recently announced projects totaling 400MWh in New South Wales set for delivery in 2025. The company's B-VAULT portfolio now consists of more than 2GWh in total projects either deployed or in development.
Energy Vault Holdings (NYSE: NRGV), a leader in sustainable grid-scale energy storage solutions, has announced its schedule for the Third Quarter 2024 Financial Results conference call. The company will release its earnings results for the quarter ended September 30, 2024, on Tuesday, November 12, 2024, followed by a conference call at 4:30 PM ET.
Participants can join the call using the following numbers:
- Domestic: 1-877-704-4453
- International: 1-201-389-0920
A live webcast will be available on the company's investor relations website. A telephonic replay will be accessible until November 26, 2024, using:
- Domestic: 1-844-512-2921
- International: 1-412-317-6671
- Access code: 13749083
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.
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