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


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%.

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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 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.

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