The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Energy Vault’s NYSE listing added nearly US$200 million to gravity storage startup’s cash reserves


Gravity-based energy storage company Energy Vault added US$191 million to its existing cash reserves when it listed on the New York Stock Exchange (NYSE) in February.

The Swiss-American startup is developing a novel energy storage technology based on gravitational energy. Although it had previously said shortly before listing that it hasn’t yet perfected its grid-scale energy storage system (ESS) product, EVx, the company said more recently that construction work has begun on a 25MW/100MWh project in China.

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

According to its quarterly financial results which it announced a few days ago, a licensing agreement from Atlas Renewable  –  a US company specifically set up to create connections between the US and Chinese renewable energy industries – drove Q1 2022 revenues of US$42.9 million.

Versus a GAAP net loss of US$20.1 million largely relating to the cost of its merger with special purpose acquisition company (SPAC) Novus Capital Corporation II, its GAAP operating income was US$20.8 million for the quarter.

Its transaction with Novus Capital which took the company public included US$50 million private investment into public equity (PIPE) commitments from each of Atlas Renewable and Korea Zinc. Energy Vault ended the quarter with US$303.5 million cash and cash equivalents.

Energy Vault also noted that it is in discussions with Indian state-owned power producer NTPC and Enel Green Power regarding possible deployments in India and the US respectively. An 18MW/36MWh project in Texas with Enel is expected to break ground in September, the company said.

It is also developing software solutions under its energy management platform division to which it has appointed energy storage and cloud computing industry veteran John Jung as head and also made a number of key executive and advisory board hires over Q1.

“We made significant progress on our growth strategy this quarter as we signed several new agreements and MOUs with world-class customers who also chose to make large investments in Energy Vault, including with Korea Zinc and Atlas Renewable, which expanded our footprint in Australia and China, where we broke ground on our first EVx deployment in March 2022,” CEO Robert Picconi said.

The company expects to make further announcements on deployments for EVx and its software platform Energy Vault Solutions in the US, China and Australia during 2022, Picconi claimed.

Read Next

July 3, 2024
Vanadium redox flow battery (VRFB) firm Invinity Energy Systems sold or won funding for 136.7MWh of product in 2023, while growing revenues 500%.
June 3, 2024
Energy Vault has entered into an exclusive partnership with architecture firm Skidmore, Owings & Merrill (SOM) to work on projects using its gravity energy storage technology.
May 31, 2024
Harmony Energy Income Trust (HEIT) has scrapped its first quarter dividend and appointed advisors JLL to sell some or all of its BESS assets, partly to demonstrate that the fund is undervalued by the markets.
May 30, 2024
Battery storage thrives on energy market volatility meaning there will be good years and bad years, a panellist at Solar Media’s Renewable Energy Revenues Summit 2024 said last week.
May 23, 2024
The Gore Street Energy Storage Fund’s international diversification helped it maintain average revenues across its portfolio, which spans the Great Britain (GB), Ireland, Germany and Texas, US.

Most Popular

Email Newsletter