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

Share on linkedin
Share on twitter
Share on reddit
Share on facebook
Share on email

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.

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

May 30, 2022
Canadian Solar has said its project development arm has a pipeline of more than 27GWh of battery storage projects.
May 23, 2022
Solar and energy storage were described by Elon Musk as going together “like peanut butter and jelly”. Andy Colthorpe meets some of the players creating this winning combination in the US.
May 16, 2022
Global system integrator Fluence increased its revenues for the first three months of 2022, its second quarter, 249% to US$343 million.
May 16, 2022
Battery storage is leading provider of frequency control ancillary services (FCAS) in the National Electricity Market.
May 13, 2022
Iron flow battery company ESS Inc continues to await recognition of revenues, but has “strong confidence” in its trajectory towards profitability.

Most Popular

Email Newsletter