Energy Vault expands into Europe, green hydrogen and starts building gravity storage system in US


Energy Vault has provided a dizzying variety of updates in its Q3 results, covering European battery storage, a green hydrogen system, a new CFO and its gravity-based energy storage deployments in the US and China.

Financial results and CFO change

Having listed on the New York Stock Exchange earlier this year, the firm now publishes quarterly results. In the three months to September 30, 2022, the company had US$1.7 million in revenue, a net loss of US$28.8 million and adjusted EBITDA loss of US$27.2 million.

For the first nine months of the year, revenue was US$45.6 million (mainly from a licensing agreement in China) and adjusted EBITDA was nearly breakeven at negative US$0.2 million. It has reiterated its full-year guidance of US$75-100 million and 2022/23 combined revenue of US$680 million.

The firm has also appointed a new CFO in Jan Kees van Gaalen who replaces interim incumbent David Hitchcock, effective 16 November, who had been overseeing the finances since the departure of Andrea Wuttke earlier this year. Van Gaalen joins from OneSpan, a Nasdaq-listed cybersecurity firm.

Energy Vault expands in Europe and adds green hydrogen solutions

Alongside a roundup of its project announcements during the third quarter, the company revealed three major developments. In total over the three-month period, it has signed and booked orders for 495MWh and received project awards of 2GWh.

The first is using the proprietary EVx gravity-based technology for which it is known. Energy Vault has started construction on an 18MW/36MWh system in Texas for Enel Green Power, a partnership first announced in mid-2021, for a mid-2023 delivery date.

The second is using conventional battery storage which the firm has increasingly started deploying under its Energy Vault Solutions (EVS) segment. It will deploy a 410MW/820MWh system for an unnamed ‘large renewable energy developer’ with expected completion in 2024.

The third is a new project for a western utility in the US in which it will deploy a 48-hour long duration hybrid system utilising green hydrogen technology, a new addition to its technology portfolio. The 300MWh project will be one of the largest in the world, the firm said.

“The introduction of green hydrogen into our technology portfolio further validates our technical differentiation with our energy management software platform and the market for hybrid short and long duration integrated systems,” said Robert Piconi, Chairman and CEO of Energy Vault.

The firm has also provided an update on and photos of the construction of the first commercial deployment of its EVx solution in China. The 25MW/100MWh project will achieve commercial deployment in the first half of 2023, it said.

Previously announced projects during the quarter covered by include a 500MWh BESS for a solar farm in Victoria, Australia, an agreement with US developer Jupiter Power for 2.4GWh of domestic-content BESS deployments and a 2GWh mandate for its gravity-based solution in China.’ publisher Solar Media will host the eighth annual Energy Storage Summit EU in London, 22-23 February 2023. This year it is moving to a larger venue, bringing together Europe’s leading investors, policymakers, developers, utilities, energy buyers and service providers all in one place. Visit the official site for more info.

Shortly after that comes the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

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