The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Energy Vault claims US$680 million revenue over 2022/23


Gravity-based energy storage company Energy Vault expects US$680 million in combined revenue over 2022 and 2023, it claimed in its recent quarterly results.

The company, which has developed a novel energy storage solution based on moving large block weights up and down to charge and discharge energy, clocked revenue of US$1 million in quarter two 2022. Its net loss was US$6.2 million while adjusted EBITDA was U$(14.2) million.

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

This was significantly less than Q1’s US$43 million, which was driven mainly by a licensing agreement with Atlas Renewable, related to its first project there on which construction began in May. It finished Q2 with US$299 million in cash and cash equivalents.

More noteworthy were claims that the company expects full year 2022 revenue of US$75-100 million and adjusted EBITDA of US$(10)-3 million, reflecting ramp-up of the China project – with mechanical completion expected in Q4 – and recently awarded projects for its Energy Vault Solutions (EVS) software platform.

Its EVS projects are comprised of battery energy storage system (BESS) deployments which will utilise its proprietary integration platform and energy management software.

Within the EVS projects segment, it will deploy a 68.8MW/275MWh BESS in California for Wellhead Electric for a Q4 2022 delivery date, and another 660MW of projects in Texas, California and another US state with unnamed independent power producer (IPP) and utilities for 2023 commissioning dates.

Then for 2022 and 2023 combined, Energy Vault said it expects aggregate revenue of approximately US$680 million as its core gravity-based solution segment ramps up.

Major projects here include the one in China already mentioned, as well as initial planning of multi-GWh deployments of the company’s solution for Ark Energy, part of zinc, lead and silver producer Korea Zinc (a partnership first announced in January). Another is a system that Energy Vault expects to start building for Enel Green Power in Texas in Q4 2022, a partnership first announced in mid-2021.

Energy Vault said that these three projects will be worth a combined annual revenue of US$350 million once fully operational when taking all installation, software deployment and operation & maintenance (O&M) revenues together.

The company is also working with DG Fuels on deploying its gravity-based solution to support the production of green hydrogen for aviation fuel, with the first site in Louisiana upsized to a potential 1.2GWh. And, as reported recently, it recently signed a non-binding memorandum of understanding (MOU) with Indian state-owned utility NTPC to commercialise its technology there.

The company added that capital expenditure needs will be relatively light going forward compared to historic operations as with most new projects, customers want to take ownership of the project.

Read Next

May 22, 2024
We hear from developers, IPPs and upstream battery sources about the US’ decision to massively hike tariffs on batteries and battery components from China.
May 20, 2024
Startup Photon Vault Inc proposal in response to a request for information (RFI) from Microsoft, Google and Nucor, while unsuccessful, offered what it claimed could be a first for California.
May 16, 2024
Battery storage project development costs will continue to fall in 2024 as lithium costs decline “significantly,” according to BMI Research.
May 14, 2024
The Biden Administration will more than triple the tariffs paid on batteries and battery parts imported from China, from 7.5% today to 25%, in a huge move for the industry announced today.
May 14, 2024
Puerto Rico Electricity Board (PREB) has approved a plan to accelerate the adoption of battery energy storage system (BESS) technology in the US island territory.

Most Popular

Email Newsletter