Stem Inc has seen its CEO step down while Energy Vault has been warned by the NYSE over its low share price, in a double helping of unfortunate announcements from SPAC-listed energy storage firms.

Energy storage technology firms Eos and Energy Vault have both released their Q2 results, with contrasting figures but both still having a long way to go to scale up and reach profitability.

Energy Vault and a coal mining company owned by the local government in Sardinia, Italy, have signed a land lease agreement to deploy a project combining gravity energy storage and BESS technology.

Jupiter Power has completed and put into commercial operation a BESS project provided by technology firm and system integrator Energy Vault in the ERCOT, Texas market.

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.

Commissioning has been completed on the first commercial-scale project using Energy Vault’s gravity energy storage technology, while the firm has also secured a 400MWh BESS order for a project in Australia. However, it expects revenues this year to be 70-85% lower than 2023.

Energy Vault and utility NV Energy have put a 220MW/440MWh battery energy storage system (BESS) into operation in Nevada, US.

Energy Vault has connected its first commercial EVx gravity-based energy storage system to the grid in China, while construction has been launched on three others, all-in-all totalling 468MWh of capacity.

A roundup of energy storage news announcements from Energy Vault, Mitsubishi Power Americas and Tesla.

A tax credit transaction worth US$60 million using new transferability mechanisms from the Inflation Reduction Act has closed, for a BESS project deployed by Energy Vault for W Power and Wellhead Electric.