Energy Vault Reports Third Quarter 2023 Financial Results

Energy Vault | 7 November 2023

Revenue of $172.2 million driven by multiple energy storage deployments within the US market

Announced five new Gravity Energy Storage System projects under the license and royalty agreement with Atlas Renewables totaling 1.2 GWh as the first 100 MWh system nears completion outside Shanghai

Project Awards increased by 5.5 GWh, or 153% YTD while Bookings increased by 800 MWh, or 49% YTD

Commercial operation for the Wellhead 275 MWh battery energy storage system in Southern California commenced on time, at budget and above performance expectations

Reaffirm full-year 2023 financial guidance

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the third quarter ended September 30, 2023.

“The Energy Vault team executed well in delivering record revenue this past quarter across multiple customer sets in the US market while supporting strong regional demand for our gravity energy storage systems in China, India, South Africa and the US market,” said Robert Piconi, Chairman and CEO of Energy Vault. “We also achieved a major customer milestone in the US by successfully turning over in record time a first 275 MWh battery energy storage system in southern California for Wellhead and W Power, which provided over 13 GWh of clean energy during peak power consumption times in August and September to Southern California Edison.”

Piconi continued, “In China with our first 100 MWh EVx system, we began the process for state grid interconnection in September while supporting our local partners on final system commissioning. Demand for our gravity energy storage technology in China has resulted in an additional 1.2 GWh of new project announcements by CNTY, bringing the total to 3.26 GWh. Year-to-date we have increased our customer awards by 153% to 9.1 GWh, representing approximately $3.3 billion, booked 800 MWh of new projects, and we believe we are in a solid cash position with no debt to continue to execute our growth plans.”

“Looking forward to Q4, we have multiple customer projects in Nevada, Texas and California with critical schedule milestones that continue toward completion, and we remain focused on meeting these commitments as we finish the quarter. With $223 million in revenue generated during the first nine months of the year, we remain on pace to achieve our full-year 2023 revenue and other financial guidance targets, while maintaining our cash position.”

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