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

LinkedIn
Twitter
Reddit
Facebook
Email

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.

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

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 Energy-Storage.news 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.

Energy-Storage.news’ 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.

24 February 2026
InterContinental London - The O2, London, UK
This isn’t just another summit – it’s our biggest and most exhilarating Summit yet! Picture this: immersive workshop spaces where ideas come to life, dedicated industry working groups igniting innovation, live podcasts sparking lively discussions, hard-hitting keynotes that will leave you inspired, and an abundance of networking opportunities that will take your connections to new heights!

Read Next

Premium
July 8, 2025
Listing via the Hong Kong Stock Exchange is emerging as a key financing pathway for China’s energy storage players, writes Carrie Xiao.
July 8, 2025
Major Australian energy generator-retailer EnergyAustralia has sold a 50% share in its 1,400MWh Wooreen battery energy storage system (BESS) to Thailand-based energy firm Banpu Public Company.
July 8, 2025
Renewable energy developer Ampyr Australia has reached financial close on its 300MW/600MWh Wellington Stage 1 BESS in New South Wales.
July 7, 2025
Avantus has raised more than US$500 million for 200MW/500MWh Aratina 1 BESS project in Kern County, California.
July 7, 2025
EU will not meet its 2030 clean energy targets unless cumulative battery storage deployments rapidly accelerate, SolarPower Europe has said.

Most Popular

Email Newsletter