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 Holdings, Inc. (NYSE: NRGV) announced on January 9, 2023, that its Compensation Committee granted restricted stock unit awards for a total of 614,600 shares to 29 new non-executive employees as an employment inducement. This grant follows NYSE Listing Rule 303A.08. The stock units will vest in stages, starting with 25% after one year and 6.25% every three months thereafter, contingent on continued employment. Additionally, Jan Kees Van Gaalen received 250,000 units and Edmund Brown Jensen received 450,000 units, each with similar vesting conditions, plus a performance-based award for Van Gaalen.
Energy Vault Holdings (NYSE: NRGV) and Pacific Gas and Electric Company (NYSE: PCG) announced a partnership to deploy a utility-scale hybrid energy storage system in Calistoga, California. The system, designed to provide 293 MWh of carbon-free energy, will support up to 2,000 electric customers during planned outages. The construction is set to begin in Q4 2023, with operations expected by Q2 2024. This innovative technology aims to replace traditional diesel generators, enhancing grid reliability and contributing to decarbonization goals.
Energy Vault (NYSE:NRGV) has been awarded a project by NV Energy, Nevada's largest electric utility, to deploy a 220MW/440MWh Battery Energy Storage System (BESS). Construction is set to begin in Q2 2023, with operations anticipated to commence by year-end 2023. This BESS, located near Las Vegas, will store and dispatch renewable energy during peak demand hours, supporting NV Energy's goal of achieving net-zero emissions by 2050. Energy Vault currently has approximately 4.8 GWh of contracted projects, underlining strong market acceptance.
Energy Vault Holdings, Inc. (NYSE: NRGV) issued a response to a short seller report by Bleecker Street Research, dated December 2, 2022, which contained factual inaccuracies regarding the company's projects. The company clarified that a 440 MWh deal with a public utility is not canceled and emphasized its commitment to announce further details soon. Energy Vault also addressed mischaracterizations regarding its projects in Poland and its partnership with DG Fuels. The firm reaffirmed its revenue guidance of approximately $680 million for 2022 and 2023, asserting confidence in its backlog and growth strategy.
Energy Vault announced its Q3 2022 results, reporting a revenue of $1.7 million and a net loss of $(28.8) million. Year-to-date revenue totaled $45.6 million, largely driven by gravity energy storage licensing with Atlas Renewable. The company maintains 2022 revenue guidance of $75-100 million and an adjusted EBITDA range of $(10) to $3 million. Total cash on hand was $274.7 million. Noteworthy contract signings include 495 MWh in projects, leading to a total project award potential of $2 billion.
Energy Vault Holdings (NYSE: NRGV, NRGV WS) has appointed
The transition aims to strengthen the finance function as the company embarks on multi-GW hour deployments of its energy storage solutions.
Energy Vault Holdings (NYSE: NRGV) has appointed E.B. Jensen as Senior Vice President of Project Execution and Delivery, effective immediately. Jensen, with over 30 years of experience, will oversee the execution and delivery of gravity and battery energy storage projects worldwide. His role includes collaboration with Engineering, Procurement and Construction (EPC) partners and optimizing supply chains. Jensen's previous roles at Mott MacDonald and Worley positioned him to drive significant revenue growth. This leadership change aligns with the company's global expansion in sustainable energy storage solutions.
Energy Vault Holdings, Inc. (NYSE: NRGV) has received a Notice of Award from Meadow Creek Solar Pty Ltd for the deployment of a 250MW/500MWh battery energy storage system at the Meadow Creek Solar Farm in Victoria, Australia. This marks the company's first battery energy storage system award in the Australian market, complementing its earlier developments in long-duration energy storage. The project aims to enhance the resilience of renewable energy supply in the region, catering to approximately 110,000 homes and aligning with Australia’s clean energy transition goals.
Energy Vault Holdings (NYSE: NRGV, NRGV WS) will announce its third-quarter earnings results for the period ending September 30, 2022, on November 14, 2022, followed by a conference call at 4:30 PM ET. Participants can join the call via phone or through a live webcast. The earnings call replay will be available until November 28, 2022. Energy Vault specializes in sustainable energy storage solutions, aiming to lower energy costs and boost reliability while supporting the transition to a circular economy.
Prime Movers Lab announced that Bill Gross, a notable serial entrepreneur, will be the keynote speaker at its 3rd Annual Breakthrough Science Summit on October 27, 2022. The summit aims to unite leading investors, public policy experts, and researchers to discuss critical advancements in science and technology. Gross, founder of Idealab, has significantly impacted the industry with over 175 companies created, including portfolio companies like Heliogen (NYSE: HLGN) and Energy Vault (NYSE: NRGV). The event will explore the Breakthrough Science Roadmap, focusing on future innovations.
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