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 (NRGV) delivers innovative grid-scale energy storage solutions using gravity and kinetic systems to address renewable energy intermittency. This page provides a comprehensive archive of official announcements, financial updates, and operational developments directly from the company and verified sources.
Investors and industry stakeholders will find timely updates on NRGV's technology deployments, partnership agreements, and market expansions. Key content includes earnings reports, project milestones, and advancements in long-duration energy storage systems designed to stabilize renewable power grids.
All materials are organized to help users track the company's progress in transforming energy infrastructure. Bookmark this page or check back regularly for authoritative updates on ENERGY VAULT's role in advancing sustainable energy storage worldwide.
Energy Vault Holdings announced on May 16, 2024, that it has granted equity awards under its Inducement Award Plan. The Compensation Committee awarded 4,315 restricted stock units to a new non-executive employee. Michael Beer, the new CFO, received options to purchase 800,000 shares, 600,000 restricted stock units, and 600,000 performance-based restricted stock units. The performance units will vest if specific stock price targets ($3.50, $4.50, $5.50) are met within four years. These inducements align with NYSE Listing Rule 303A.08.
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.
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