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Energy Vault Achieves Successful Close of $28 million in Project Financing for the Calistoga Resiliency Center, the World’s First Ultra-Long Duration Hybrid Green Hydrogen Energy Storage Microgrid serving California’s PG&E

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Energy Vault Holdings (NYSE: NRGV) has secured $28 million in project financing for its Calistoga Resiliency Center (CRC), including the sale of Investment Tax Credit. The CRC is the world's first ultra-long duration hybrid green hydrogen energy storage microgrid serving PG&E in California.

The facility, designed to address power resiliency during wildfire risks, features a 293 MWh microgrid system delivering ~48 hours of continuous energy supply with 8.5 MW peak power output during Public Safety Power Shutoff (PSPS) events. The system combines hydrogen fuel cells with B-VAULT™ DC battery technology and is managed by VaultOS™ Energy Management System.

The CRC has achieved mechanical completion and is under commissioning, with full commercial operation expected in Q2 2025. Additionally, Energy Vault has executed binding commitments for Investment Tax Credits for two Texas projects, expected to yield over $25 million.

Energy Vault Holdings (NYSE: NRGV) ha ottenuto 28 milioni di dollari in finanziamenti per il progetto del suo Calistoga Resiliency Center (CRC), inclusa la vendita del Credito d'Imposta per Investimenti. Il CRC è il primo microgrid ibrido di stoccaggio di energia a idrogeno verde ultra-lungo della durata al mondo, che serve PG&E in California.

La struttura, progettata per affrontare la resilienza energetica durante i rischi di incendi boschivi, presenta un sistema microgrid da 293 MWh che fornisce circa 48 ore di fornitura continua di energia con un picco di potenza di 8,5 MW durante gli eventi di Interruzione di Energia per Sicurezza Pubblica (PSPS). Il sistema combina celle a combustibile a idrogeno con la tecnologia della batteria DC B-VAULT™ ed è gestito dal Sistema di Gestione Energetica VaultOS™.

Il CRC ha raggiunto il completamento meccanico ed è in fase di commissioning, con l'operatività commerciale completa prevista per il secondo trimestre del 2025. Inoltre, Energy Vault ha firmato impegni vincolanti per i Crediti d'Imposta per Investimenti per due progetti in Texas, che si prevede genereranno oltre 25 milioni di dollari.

Energy Vault Holdings (NYSE: NRGV) ha asegurado 28 millones de dólares en financiamiento para el proyecto de su Calistoga Resiliency Center (CRC), incluida la venta del Crédito Fiscal por Inversiones. El CRC es la primera microred híbrida de almacenamiento de energía de hidrógeno verde de ultra larga duración del mundo, que sirve a PG&E en California.

La instalación, diseñada para abordar la resiliencia energética durante los riesgos de incendios forestales, cuenta con un sistema de microred de 293 MWh que proporciona aproximadamente 48 horas de suministro continuo de energía con una salida de potencia máxima de 8.5 MW durante los eventos de Apagón por Seguridad Pública (PSPS). El sistema combina pilas de combustible de hidrógeno con la tecnología de batería DC B-VAULT™ y es gestionado por el Sistema de Gestión Energética VaultOS™.

El CRC ha alcanzado la finalización mecánica y está en fase de puesta en marcha, con la operación comercial completa prevista para el segundo trimestre de 2025. Además, Energy Vault ha ejecutado compromisos vinculantes para Créditos Fiscales por Inversiones para dos proyectos en Texas, que se espera generen más de 25 millones de dólares.

Energy Vault Holdings (NYSE: NRGV)는 캘리포니아의 PG&E에 서비스를 제공하는 세계 최초의 초장기 지속 하이브리드 그린 수소 에너지 저장 마이크로 그리드인 Calistoga Resiliency Center (CRC)에 대해 2800만 달러의 프로젝트 자금을 확보했습니다.

이 시설은 산불 위험 동안 전력 회복력을 다루기 위해 설계되었으며, 293 MWh 마이크로 그리드 시스템을 갖추고 있어 공공 안전 전력 차단(PSPS) 이벤트 동안 약 48시간의 지속적인 에너지 공급과 8.5 MW의 최대 전력 출력을 제공합니다. 이 시스템은 수소 연료 전지를 B-VAULT™ DC 배터리 기술과 결합하며 VaultOS™ 에너지 관리 시스템으로 관리됩니다.

CRC는 기계적 완공을 달성했으며 시운전 중이며, 2025년 2분기에 상업 운영이 완전 개시될 것으로 예상됩니다. 또한, Energy Vault는 두 개의 텍사스 프로젝트에 대한 투자 세금 크레딧에 대한 구속력 있는 약정을 체결했으며, 이는 2500만 달러 이상을 생성할 것으로 예상됩니다.

Energy Vault Holdings (NYSE: NRGV) a sécurisé 28 millions de dollars de financement de projet pour son Calistoga Resiliency Center (CRC), y compris la vente de crédits d'impôt pour investissements. Le CRC est la première microgrid hybride de stockage d'énergie à hydrogène vert à ultra-longue durée au monde, servant PG&E en Californie.

La structure, conçue pour aborder la résilience énergétique pendant les risques d'incendie, dispose d'un système de microgrid de 293 MWh fournissant environ 48 heures d'approvisionnement continu en énergie avec une puissance de sortie maximale de 8,5 MW pendant les événements de coupure de courant pour la sécurité publique (PSPS). Le système combine des piles à hydrogène avec la technologie de batterie DC B-VAULT™ et est géré par le système de gestion de l'énergie VaultOS™.

Le CRC a atteint l'achèvement mécanique et est en phase de mise en service, avec un fonctionnement commercial complet prévu pour le deuxième trimestre 2025. De plus, Energy Vault a signé des engagements contraignants pour des crédits d'impôt pour investissements pour deux projets au Texas, qui devraient générer plus de 25 millions de dollars.

Energy Vault Holdings (NYSE: NRGV) hat 28 Millionen Dollar an Projektfinanzierung für sein Calistoga Resiliency Center (CRC) gesichert, einschließlich des Verkaufs von Investitionssteuergutschriften. Das CRC ist das weltweit erste hybride Langzeit-Speichersystem für grüne Wasserstoffenergie, das PG&E in Kalifornien dient.

Die Einrichtung, die entwickelt wurde, um die Energieversorgung während der Waldbrandrisiken zu gewährleisten, verfügt über ein 293 MWh Mikrogrid-System, das etwa 48 Stunden kontinuierliche Energieversorgung mit einer Spitzenleistung von 8,5 MW während der Ereignisse des Public Safety Power Shutoff (PSPS) liefert. Das System kombiniert Wasserstoff-Brennstoffzellen mit der B-VAULT™ DC-Batterietechnologie und wird von dem VaultOS™ Energiemanagementsystem gesteuert.

Das CRC hat die mechanische Fertigstellung erreicht und befindet sich in der Inbetriebnahme, wobei der vollständige kommerzielle Betrieb für das zweite Quartal 2025 erwartet wird. Darüber hinaus hat Energy Vault verbindliche Verpflichtungen für Investitionssteuergutschriften für zwei Projekte in Texas abgeschlossen, die voraussichtlich über 25 Millionen Dollar einbringen werden.

Positive
  • Secured $28 million project financing for Calistoga Resiliency Center
  • Additional $25+ million expected from Investment Tax Credits for Texas projects
  • Long-term tolling contract with PG&E secured
  • First execution of 'Own & Operate' strategy generating recurring revenue streams
  • Zero-emission system aligns with California's Renewable Portfolio Standard
Negative
  • Project still in commissioning phase with commercial operation delayed to Q2 2025
  • Significant capital expenditure required for project development

Insights

Energy Vault's $28 million project financing for the Calistoga Resiliency Center represents a significant milestone that strengthens the company's financial position. This financing, which includes Investment Tax Credit monetization, effectively returns cash to NRGV's balance sheet - critically important for a company with a market cap of just $122 million, as this single transaction represents approximately 23% of their current valuation.

What makes this development particularly noteworthy is that it demonstrates successful execution of the "Own & Operate" strategy outlined during their May 2024 Investor Day. Rather than simply selling technology, NRGV is transitioning toward generating predictable, recurring revenue streams through long-term tolling agreements with utilities like PG&E.

The additional binding commitments for Investment Tax Credits on two Texas projects expected to yield $25+ million further validates this financing approach. Combined, these transactions represent over 40% of NRGV's current market capitalization, substantially improving their cash position.

While the Calistoga project won't generate revenue until after Q2 2025 commercial operation, the successful financing execution addresses two critical investor concerns: immediate balance sheet strength and demonstration of a viable path to sustainable revenue. This transaction essentially provides NRGV a blueprint for financing similar projects, potentially allowing them to scale their asset portfolio without proportional capital requirements.

The Calistoga Resiliency Center represents groundbreaking energy storage innovation that addresses a critical market need. As the world's first ultra-long duration hybrid microgrid combining green hydrogen with battery storage, this system delivers an impressive 293 MWh capacity with 48 hours of continuous energy supply - substantially longer than conventional battery-only solutions.

What's technically significant is the integration of multiple complex technologies into a unified system: hydrogen fuel cells provide baseload power while the B-VAULT DC batteries handle instantaneous grid-forming functions and stability. This solves a fundamental challenge that pure hydrogen systems face with rapid response requirements. The VaultOS orchestration platform represents another competitive advantage, enabling seamless system management.

The strategic value extends beyond technology. By addressing California's Public Safety Power Shutoff events that leave communities vulnerable during high wildfire risk, Energy Vault has positioned itself uniquely in a growing market with competition. Their solution aligns perfectly with California's Renewable Portfolio Standards while meeting utility requirements.

Importantly, this isn't just a one-off project. The article explicitly states this system serves as a model for future deployments across California and other wildfire-prone regions. With the Calistoga system now reaching mechanical completion and entering commissioning, Energy Vault has effectively de-risked this technology approach for future implementations.

$28 million project financing, inclusive of the completed sale of the Investment Tax Credit associated with the project, returns cash back to Energy Vault’s balance sheet for the first resiliency center deployed in California (Calistoga) for PG&E to reduce wildfire risk and manage Public Safety Power Shutoff (PSPS) events

This strategic financing is the first of other project financings underway and demonstrates successful execution of Company’s ‘Own & Operate' strategy outlined during May 2024 Investor and Analyst Day

Binding commitments have also been executed for Investment Tax Credits associated with two additional projects owned by Energy Vault nearing COD in Texas which are expected to yield an incremental $25+ million

Calistoga Resiliency Center is the result of Energy Vault’s solution innovation supporting the long-term vision of the California Public Utility Commission and PG&E to ensure power resiliency during wildfires and other PSPS events; Energy Vault has been able to convert that vision into reality with this first-of-a-kind and fully sustainable microgrid platform readily available for dozens of other sites across California and the USA

Energy Vault management showcases technology, project execution and integration capabilities alongside technology partners, Plug Power (Nasdaq: PLUG) and Chart Industries (Nasdaq: GLTS), during recent analyst and investor facility site tour

The Calistoga Resiliency Center achieved mechanical completion, and the system is now under commissioning, with full commercial operation expected in Q2 2025

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced the successful close of $28 million in project financing for its Calistoga Resiliency Center (CRC). The financing includes the completed sale of an Investment Tax Credit (ITC) associated with the CRC. This marks a significant milestone in the Company's execution of its growth strategy in owning and operating energy storage assets as first outlined during the May 2024 Investor and Analyst Day.

Energy Vault Achieves Successful Close of <money>$28 million</money> in Project Financing for the Calistoga Resiliency Center, the World’s First Ultra-Long Duration Hybrid Green Hydrogen Energy Storage Microgrid serving California’s PG&E

Energy Vault Achieves Successful Close of $28 million in Project Financing for the Calistoga Resiliency Center, the World’s First Ultra-Long Duration Hybrid Green Hydrogen Energy Storage Microgrid serving California’s PG&E

Currently under site commissioning, the Calistoga Resiliency Center, which Energy Vault developed to serve a tolling contract with Pacific Gas & Electric Company (PG&E), is a state-of-the-art hybrid microgrid energy storage facility that integrates advanced hydrogen fuel cells with lithium-ion batteries, specifically designed to address power resiliency given the growing challenges of wildfire risk in California. As climate change continues to increase the frequency and severity of fire-prone conditions, utilities must occasionally implement Public Safety Power Shutoff (PSPS) events to prevent electrical equipment from potentially sparking fires during extreme weather events.

Energy Vault’s CRC provides a unique fully sustainable solution to this challenge by enabling the isolated Calistoga community microgrid to maintain power during these necessary safety shutoffs. The 293 MWh microgrid system delivers ~48 hours of continuous energy supply with a peak power output of 8.5 MW during PSPS events. When operating in island mode, the CRC utilizes green hydrogen in fuel cells for electricity generation, providing essential power to the community. After supporting black-start and grid forming requirements of the microgrid, Energy Vault's B-VAULT™ DC battery technology works in concert with the fuel cells, ensuring instantaneous response and maintaining grid stability throughout operation. The CRC achieved mechanical completion, and the system is now under commissioning, with full commercial operation expected in Q2 2025.

This zero-emission system aligns with California's Renewable Portfolio Standard (RPS) while meeting PG&E's multi day long duration energy storage requirements. The entire microgrid is orchestrated by Energy Vault's technology-agnostic VaultOS™ Energy Management System, enabling black-start, grid forming and seamless performance orchestration across all subsystems while communicating with PG&E’s Distribution Control Center.

The CRC serves as a model for Energy Vault’s future utility-scale hybrid microgrid storage system deployments as the only existing zero-emission solution to address PSPS events that is scalable and ready to be deployed across California and other regions prone to wildfires.

"The successful financing of the Calistoga Resiliency Center represents our team’s focus and execution in beginning 2025 by replenishing cash to our balance sheet from the prior year capex spent building the system," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "This is the first of two energy storage assets expected online this quarter as we execute our 'Own & Operate' asset management strategy, and we are looking forward to beginning generating predictable, recurring and high margin tolling revenue streams for the years to come,” Piconi continued. “As California faces increasing wildfire risks, the CRC demonstrates how advanced energy storage technology can help communities maintain critical services and safety during necessary power shutoffs. This facility will play a crucial role in ensuring energy resilience for the Calistoga community during PSPS events while maintaining our focus on innovative and sustainable carbon-free energy solutions."

The project financing success follows through on initiatives first presented during Energy Vault's May 2024 Investor and Analyst Day, demonstrating the Company's ability to execute on its strategic vision while maximizing capital efficiency in its 'Own & Operate' strategy. This milestone reflects significant proactive interest from strategic partners and investors given attractive IRR economics, positioning Energy Vault for continued growth in the rapidly evolving energy storage asset infrastructure market. As previously announced, Energy Vault has executed binding agreements to monetize additional ITC tax credits and secure project financing for its Cross Trails and Customer R&D Center microgrid project, both co-located on adjacent land parcels in Snyder, TX.

About Energy Vault

Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Please visit www.energyvault.com for more information.

Forward-Looking Statements

This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings and backlogs and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the timing of permits; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31 2025, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.

Energy Vault Contacts

Media

media@energyvault.com

Investors

energyvaultIR@icrinc.com

Source: Energy Vault Holdings, Inc.

FAQ

What is the capacity and output of Energy Vault's Calistoga Resiliency Center (NRGV)?

The CRC features a 293 MWh microgrid system with 8.5 MW peak power output, providing ~48 hours of continuous energy supply during PSPS events.

When will Energy Vault's (NRGV) Calistoga Resiliency Center become fully operational?

The CRC is currently under commissioning and is expected to achieve full commercial operation in Q2 2025.

How much project financing did Energy Vault (NRGV) secure for the Calistoga project?

Energy Vault secured $28 million in project financing, including the sale of Investment Tax Credit for the Calistoga Resiliency Center.

What technology does Energy Vault's (NRGV) Calistoga Resiliency Center use?

The CRC uses a hybrid system combining green hydrogen fuel cells, B-VAULT™ DC battery technology, and VaultOS™ Energy Management System.

How will Energy Vault's (NRGV) Calistoga project benefit PG&E customers?

The CRC will maintain power for the Calistoga community during Public Safety Power Shutoff events, providing essential power during wildfire risks.
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