Energy Vault Reports First Quarter 2023 Earnings Results

Energy Vault | 11 May 2023

New project awards increased by ~$1 billion (2.8 GWh), of which ~$725 million (2 GWh) were gravity EVx systems

Recognized revenue of $11.4 million, in-line with expectations, and driven by construction progress of US-based BESS systems

GAAP gross margin of 21.2%, or $2.4 million, driven by the Company’s BESS project activity during the quarter

Reaffirm full-year 2023 financial guidance and project deliveries, including full-year revenue of $325 million to $425 million

On track for commissioning of first 100MWh commercial EVx, gravity-based energy storage system...

Enabling a sustainable world with renewable energy.

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