Tier 2 battery OEM Rept agrees 10GWh supply deal with Energy Vault
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, theNYSE-listedfirm booked US$11.4 million in revenues, mainly driven by construction on its battery energy storage system (BESS) projects. This was a 74% fall fromQ1 2022, when it saw US$42.8 million. Its gross margin in Q1 2023 was 20%.