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).
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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.
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.
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