Energy Vault posts US$146 million revenues in 2022, expects 2-3x that in 2023

LinkedIn
Twitter
Reddit
Facebook
Email

Energy Vault has confirmed its increased guidance for 2022, posting US$146 million in revenue of which two-thirds came in Q4.

The company, which is known for its gravity-based energy storage solution but has recently broadened out into battery storage and green hydrogen, released its full-year results yesterday (7 March). In January it revealed revenues would be 40-100% higher than previous guidance of US$75-100 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

US$100 million of that came in the final quarter of the year thanks to the company’s gravity energy storage expansion and ahead-of-schedule execution of a 275MWh battery storage project in California.

It is the first year Energy Vault has booked revenues since being founded. Net loss for the year was US$78 million. For 2023, the firm expects revenues of US$325-425 million and an adjusted EBITDA loss of US$50-70 million.

The company expects its first commercial EVx system project in China, which uses its gravity-based solution, to start commissioning of all electronic and power generation components in the second quarter of 2023.

Battery storage engineering, procurement and construction (EPC) projects secured last year with Jupiter Power, Wellhead and NV Energy are all scheduled to be online in the second half of 2023.

Over the course of 2022 it contracted and signed booked orders totalling 1,635MWh of energy storage capacity across its technology areas, representing US$540 million of business.

The company is known primarily for its gravity-based, mechanical energy storage technology which is based on lifting massive concrete blocks to charge and lowering them to discharge. The design of its has undergone a major overhaul since a prototype system was delivered in Switzerland.

The company listed a little over a year ago on the New York Stock Exchange, and has a market capitalisation of US$428 million at the time of writing off a US$3.10 share price. See all our coverage of the firm here.

Energy-Storage.news’ publisher Solar Media will host 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

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

April 30, 2025
NYSERDA has launched a programme to incentivise residential and retail energy storage in the state, offering a total of US$775 million for energy storage projects.
Premium
April 30, 2025
Leading BESS owner-operators in the UK have signalled their opposition to the government’s cap and floor support scheme for long-duration energy storage (LDES) in an open letter. We spoke to one its signatories James Basden, founder of Zenobē, about why.
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 29, 2025
Energy-Storage.news proudly presents our sponsored webinar with Clean Horizon on the economics of renewables-plus-storage in Europe.
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.

Most Popular

Email Newsletter