Energy Vault Holdings, Inc. (NYSE: NRGV)

Energy Vault Holdings, Inc.’s mission is to build, own, and energize the world’s critical energy infrastructure. The company provides a diversified portfolio of energy storage solutions that include gravity based, battery, and green hydrogen based technologies, supported by its technology agnostic energy management software and integration capabilities. Following its 2022 business combination with Energy Vault, Inc., Energy Vault Holdings, Inc. now operates as a pure play energy storage provider. Its solutions are designed to enhance grid stability and efficiency by storing energy from diverse sources and dispatching it when needed. The company also develops, owns, and operates energy storage assets through its Asset Vault platform, offering services across the project lifecycle from siting and development to construction, commissioning, and long term operation.

Revenue is generated from the sale and licensing of its energy storage systems and software, from engineering, procurement and construction (EPC) and engineered equipment (EEQ) delivery of third party projects, from long term service arrangements that include maintenance and monitoring, from intellectual property royalties, and from the operation of owned assets under power purchase agreements, tolling structures or market participation. The company also generates recurring revenue from licensing its Vault OS Energy Management System, Vault Bidder and Vault Manager platforms to third party owners and operators. The company serves utilities, independent power producers, large energy users and other customers seeking grid stability, renewable integration, peak capacity support and resiliency solutions.

Energy Vault Holdings, Inc. competes in the growing utility scale energy storage market against established players such as Tesla, Inc., Fluence Energy, Inc., FlexGen Power Systems, Inc., and Sungrow Power Supply Co Ltd. in short duration battery systems, and against ESS Inc., Eos Energy Enterprises Inc., Hydrostor Inc., Primus Power, Form Energy, Inc., and Gravitricity Ltd. in longer duration technologies. Its competitive advantages stem from a technology agnostic software platform that can manage multiple storage and generation assets, an integrated offering across development, design, engineering, software and long term operations, and a product suite that spans short, long and ultra long duration use cases. The company’s Own & Operate strategy, executed through the Asset Vault platform, further differentiates it by enabling direct ownership of revenue generating assets while continuing to provide technology and services to third party customers.

The company’s customers include Gridmatic, which purchases the output of the Cross Trails battery system in Texas; Pacific Gas & Electric, which partners on the Calistoga Resiliency Center; the Australian Energy Market Operator, which has long term service agreements for the Stoney Creek and Ebor projects; AusEnergy Services, which awarded a long term contract for the Ebor battery system; Enervest Group, from which the Stoney Creek asset was acquired; Savion, a Shell subsidiary that originally developed the SOSA project; Bridge Energy Pty Ltd, an Australian development partner; Crusoe, with whom a strategic framework agreement covers modular data center projects; and Orion Infrastructure Capital, which provided the preferred equity commitment for the Asset Vault platform. Additionally, the company works with public sector entities such as municipal utilities and government agencies for resiliency projects. More broadly, Energy Vault serves utilities, independent power producers, developers, grid operators, government entities and commercial and industrial companies with significant electricity needs.