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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