Eos Energy Enterprises, ESS Inc and Energy Vault have increased their revenues and narrowed losses, according to financial results from the three ‘non-lithium’ energy storage companies.

Energy storage and energy management solutions provider Electriq Power has completed a special purpose acquisition company (SPAC) merger.

At look at the fortunes, prospects and claims made by three energy storage technology firms that joined the SPAC-driven public listing wave.

Energy Vault secured 2.8GWh of project orders in the first quarter of 2023 and revealed that it has invested in Kore Power, the US lithium-ion battery and BESS firm, though booked revenues fell 75%.

Energy Vault added US$191 million to existing cash reserves when it listed on the New York Stock Exchange.

‘Smart’ energy storage provider Stem finished the first quarter of 2022 with an order backlog worth in excess of a half-billion dollars.

Stem Inc has offered full-year 2022 revenue guidance of between US$350 million and US$425 million. 

Energy Vault has got its New York Stock Exchange (NYSE) listing after the gravity-based energy storage company’s merger with special purpose acquisition company (SPAC) Novus Capital Corporation II completed. 

A 100MWh gravity-based energy storage system developed by Energy Vault is expected to begin construction in China in the second quarter of this year, the Swiss-American startup has claimed. 

Norwegian battery manufacturing startup FREYR Battery is looking to be involved in establishing gigawatt-scale production of lithium iron phosphate (LFP) cathodes.