Energy Vault bags 2.8GWh of project awards in Q1 and reveals investment in Kore Power

LinkedIn
Twitter
Reddit
Facebook
Email

Energy Vault secured 2.8GWh of project awards in the first quarter of 2023 and has revealed it invested in Kore Power, the US lithium-ion battery and BESS firm.

In its results for the three months ending 31 March, 2023, the NYSE-listed firm booked US$11.4 million in revenues, mainly driven by construction on its battery energy storage system (BESS) projects. This was a 74% fall from Q1 2022, when it saw US$42.8 million. Its gross margin in Q1 2023 was 20%.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Energy Vault is mainly known for its gravity-based energy storage solution EVx but has recently expanded into BESS and also green hydrogen. The past few weeks has seen the company reveal progress on the first commercial gravity-based project, in China, and had approval for a large green hydrogen project in California.

The company said it has started the year by recording new project awards of 2.8GWh, worth US$1 billion, US$725 million of which were for EVx, although it didn’t reveal anything about the projects. Its ‘total near-term commercial funnel’ increased by over 40% quarter-on-quarter to 11GWh.

Energy Vault has also revealed that it was the unnamed ‘leading utility scale energy storage provider’ that participated in a US$75 million fundraising round by Kore Power in December 2022. Kore Power is a US lithium-ion gigafactory firm which has also moved into being a BESS integrator.

Energy Vault then made a second and final strategic investment in Kore during the recent quarter. It made the investment to “…build supply continuity on a prioritised basis for domestic US content supply chains for Energy Vault’s US customers, supporting our short duration battery energy storage solutions on a preferred economic basis.”

That will help it deploy projects with US domestic content to take advantage of a 10% adder to the new standalone investment tax credit (ITC) for energy storage, to which end it announced a partnership with developer Jupiter Power.

As Energy-Storage.news has reported, the exact requirements for the domestic content adder are yet to be revealed although Kore Power’s domestic production of lithium-ion battery cells and containerised solutions would suggest is is likely to qualify.

The company reiterated its full-year guidance of US$325-425 million, a 10-15% gross margin and an adjusted EBITDA loss of US$0-75 million.

Read Next

April 29, 2025
A panel discussed the impact of CAISO’s interconnection reforms at last month’s Energy Storage Summit USA 2025 in Dallas.
April 28, 2025
Flow battery startup Quino Energy and developer Long Hill Energy Partners have been awarded US$10 million in grant funding by the California Energy Commission (CEC) to support a 8MWh flow battery energy storage system (BESS) project in Lancaster, California, US.
April 24, 2025
Tesla’s energy storage business continued to grow in Q1 2025 even as profits and vehicle sales fell, but faces greater exposure to trade tariff risks than its automotive segment.
April 23, 2025
Viridi Parente has acquired the former Moxion Power production facility in Richmond, California, US, and secured a US$9.3 million grant from the California Energy Commission (CEC).
April 22, 2025
Progress on BESS projects in Saudi Arabia and Chile totalling a combined 16GWh of energy storage capacity using Sungrow and BYD batteries has been revealed by the projects’ owners.

Most Popular

Email Newsletter