Energy Vault bags 2.8GWh of project awards in Q1 and reveals investment in Kore Power

Energy Vault secured 2.8GWh of project awards in the first quarter of 2023 and has revealed it invested in Kore Power, the US lithium-ion battery and BESS firm.

In its results for the three months ending 31 March, 2023, the NYSE-listed firm booked US$11.4 million in revenues, mainly driven by construction on its battery energy storage system (BESS) projects. This was a 74% fall from Q1 2022, when it saw US$42.8 million. Its gross margin in Q1 2023 was 20%.

Energy Vault is mainly known for its gravity-based energy storage solution EVx but has recently expanded into BESS and also green hydrogen. The past few weeks has seen the company reveal progress on the first commercial gravity-based project, in China, and had approval for a large green hydrogen project in California...

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