Energy Vault says 2022 revenue will be 40-100% higher than previous guidance

LinkedIn
Twitter
Reddit
Facebook
Email

Energy Vault is expecting full-year revenue for 2022 of US$142-152 million, ahead of previous guidance of US$75-100 million.

The company, which is known for its gravity-based energy storage solution but has spent the last year quickly diversifying into battery storage and now even green hydrogen, provided the trading update last week (18 January).

The better-than-expected results are down to project and supply chain execution being ahead of schedule for its battery energy storage system (BESS) businesses and its expansion into Europe and the MIddle East for its gravity-based solution (gravity energy storage systems or GESS).

Most of the revenue came in quarter four, with an expected figure of US$96-$106 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Robert Piconi, Energy Vault Chairman and CEO, said: “The Energy Vault team closed the quarter well, demonstrating our collective enterprise focus on delivering for customers while capping off a successful first deployment year of growth and expansion.”

“Despite the industry and supply chain pressures, our team demonstrated laser focus on the critical path of execution, reflecting the prioritisation that Energy Vault received from suppliers during the quarter due to our commercial growth and strong global relationships.”

The firm, which went public on the New York Stock Exchange last year, had a busy end to 2022, striking multiple large-scale deployment deals.

In November, it announced expansion into Europe and green hydrogen while starting construction on a previously-announced system using its gravity-based solution in the US. Alongside smaller announcements, it also agreed a 2.4GWh battery storage deployment deal with developer Jupiter Power in the US.

It then started 2023 in the same fashion, announcing a battery plus green hydrogen microgrid project with California utility PG&E.

See all Energy-Storage.news‘ coverage of the company here.

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.

A month later 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

Then in summer, Solar Media will host the 1st Energy Storage Summit Asia, 11-12 July 2023 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.

Read Next

Premium
September 16, 2026
Energy-Storage.news Premium speaks with David Miller, CCO of optimiser Gridmatic, at the 2026 US Battery Asset Management Summit in Garden Grove, California.
September 16, 2026
Interconnection costs for utility-scale energy storage in California are significantly lower than in other major US markets, with developers also benefiting from network upgrade cost reimbursements unavailable elsewhere, according to a senior executive at Rev Renewables.
September 16, 2026
Recent moves from the US federal government could prove more damaging to US renewable energy deployment than foreign entity of concern (FEOC) compliance requirements, according to legal and industry experts.
Premium
September 16, 2026
On 26 August, US President Donald Trump banned the import of inverters, transformers and other power equipment citing a potential risk to US grid security, via emergency executive order (EO).
September 16, 2026
Dubai is planning to build 1,000MW of lithium-ion battery storage, expandable to 2,000MW and delivering 6,000MWh of capacity, according to panellists speaking on the “Key Trends from Early Middle East BESS Projects” panel at Energy Storage Summit Middle East 2026.