ENERGY VAULT HOLDINGS INC Stock Price, News & Analysis

Energy Vault (NYSE: NRGV) has announced a strategic partnership with NuCube Energy to accelerate the delivery of NuCube's NuSun platform, targeting AI data centers' power needs. The collaboration integrates NuSun microreactors with Energy Vault's VaultOS Energy Management System and B-VAULT Battery Storage System.

The partnership aims to deploy the integrated solution by late 2028/early 2029, addressing the U.S. data center market's projected 500 TWh consumption. Energy Vault will contribute its material science expertise for shielding systems and develop customized software capabilities within VaultOS to enable joint control of NuSun and B-VAULT BESS.

NuSun is an advanced nuclear microreactor using TRISO fuel and heat pipes, designed for safe, zero-carbon power generation with minimal moving parts. The system will be contained within a transportable stainless-steel vessel, with an emergency zone planning to the building itself.

Energy Vault Holdings (NYSE: NRGV) and RackScale Data Centers (RSDC) announced a strategic partnership to deliver 2GW of power to data centers through Energy Vault's B-Nest™ hyperscale battery energy storage system. The B-Nest™ offers 8X the energy density of standard battery solutions, storing up to 1.6GWh per acre, ensuring 24/7 power availability for space-constrained sites. Construction is set to begin in 2026. The B-Nest™ will enable RSDC to bypass grid power shortages, accelerating data center development timelines. This partnership aims to deploy 2GW/20GWh of B-Nest infrastructure and participate in demand response programs to stabilize the grid and support renewable power expansion. Data center power demand is projected to grow by 160% by 2030, driven by AI. The B-Nest™ technology is based on Energy Vault's gravity-based storage systems and will be managed by VaultOS Energy Management System to optimize operations.

Gridmatic, an AI-enabled power marketer, announced significant growth in its energy storage and retail businesses. The company has secured 300 MW / 1 GWh of storage under management across ERCOT and CAISO markets, including projects with Energy Vault (NYSE: NRGV). Their AI technology has demonstrated superior performance, achieving $113/kW/year annualized revenue in ERCOT BESS during H1 2024, representing a 61% increase over the market average of $70/kW/year.

Since launching as a Retail Energy Provider in ERCOT in early 2023, Gridmatic Retail has expanded its services to commercial and data-center clients, offering stable clean energy contracts and innovative solutions including Time-Matched Renewables and customized options for flexible loads.

Energy Vault Holdings (NYSE: NRGV) announced that its Compensation Committee has granted restricted stock unit awards to three new non-executive employees, covering 96,000 shares of common stock. Additionally, Brad Eastman, the company's new Chief Legal Officer, received 700,000 restricted stock units and a performance-based stock unit award of 300,000 shares. The awards were granted under the 2022 Employment Inducement Award Plan as hiring incentives. The regular stock units vest 25% after one year and 6.25% quarterly thereafter. Eastman's performance units vest based on stock price targets of $3.00, $4.00, and $5.00 within four years.

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.