Energy Vault

Could the world’s next tallest building be a 3,000-foot-tall mega-battery? This New York Post article reveals our concept where future city skylines double as large energy storage units. Instead of solar panels and wind turbines, giant battery blocks being lifted and lowered to store and release energy. Skidmore, Owings & Merrill (SOM), the firm behind the Burj Khalifa and One World Trade, has partnered with Energy Vault to turn this idea into reality. Bill Baker, the engineer behind the Burj Khalifa, told CNN, “Here’s an opportunity to take this expertise … and use it for energy storage, enabling us to wean ourselves off fossil fuels.” This project uses gravity-based energy storage, where blocks are hoisted when electricity demand is low and lowered to generate electricity when demand is high. This idea redefines renewable energy storage and urban landscapes like never before. Read more about this exciting development and check out the next generation of EVu: thttps://lnkd.in/esU_9Csw #RenewableEnergy #EnergyStorage #MegaBattery #SustainableCities #CleanEnergy #EnergyVault

One of the missing pieces to achieving net-zero emissions by 2050 is grid-scale energy storage, which is precisely what we are tackling in our partnership with Energy Vault. As CNN reports, tall buildings are SOM’s specialty, which creates “an opportunity to take this expertise … and use it for energy storage, enabling us to wean ourselves [off] fossil fuels," said Bill Baker, SOM consulting partner and structural engineer of the Burj Khalifa. Our design stores renewable energy, such as excess solar energy, and converts it into electricity when demand is high. Unlike a traditional battery, this gravity energy storage system is designed as a building that could last for many decades without risk of fire or need for offsite storage. Read more about it in the CNN article below. MORE → bit.ly/3WunFuM 📷: Pictury © Energy Vault Holdings, Inc.

Learn more about Energy Vault's Q2 Earnings Results: https://lnkd.in/gDMAdwuh #EnergyVault #BatteryStorage #EnergyStorage #RenewableEnergy #EnergySolutions #Gravity #GravityStorage

Skyscrapers could soon have a new purpose: storing renewable energy. This approach involves using skyscrapers to store potential energy when energy demand is low, and releasing energy when demand spikes. The recent article by CNN highlights the collaboration between Skidmore, Owings & Merrill (SOM) and Energy Vault to develop these gravity energy storage solutions. With SOM’s impressive track record in designing iconic buildings like New York’s One World Trade Center, Chicago’s Willis Tower, and Dubai’s Burj Khalifa, this partnership aims to address the intermittency of renewable energy sources and contribute significantly to the global energy transition. As the world moves toward net-zero emissions by 2050, grid-scale storage solutions like this are essential for balancing generation and consumption. Energy Vault and SOM’s project is set to pave the way for more sustainable urban environments, leveraging the heights of our cities to power a cleaner future. Read more about this exciting development in CNN’s full article: https://lnkd.in/g6mEXGHf #RenewableEnergy #EnergyStorage #Sustainability #CleanEnergy #EnergyVault #SOM #Skyscrapers #GravityStorage #NetZero2050 #UrbanEnergySolutions

Energy Vault Reports Second Quarter 2024 Financial Results: - Announced new 400MWh battery storage project in Australia with ACEN, hired new Head of Global Sales and entered partnership with structural engineering firm Skidmore Owings & Merrill (SOM) to integrate gravity energy storage within superstructure building design - Q2 GAAP Gross margin of 27.8% driven by strong management and execution on U.S. battery projects - Q2 GAAP Net Loss of $(26.2) million; Q2 Adjusted EBITDA improved $2.3 million or 12% year-over-year to $(15.8) million - Q2 GAAP Operating Expenses of $28.1 million ; Q2 Adjusted Operating Expenses of $16.9 million, improved 23% year-over-year - Q2 results include a $1.7 million charge associated with previously announced organizational realignment and cost savings measures, expected to result in realized cost savings of $6–8 million annually, including $3-4 million in second half of 2024 - Cash and Cash Equivalents of $113.0 million with no debt as of June 30, 2024 - Reaffirming full-year 2024 guidance Read more: https://hubs.la/Q02KkcWb0 #EnergyVault #RenewableEnergy #EarningsReport #NRGV #BatteryStorage #EnergyStorage #EnergySolutions #Gravity #GravityStorage

Energy Vault and CARBOSULCIS S.p.A. are pleased to announce a 100MW hybrid gravity storage project to accelerate the carbon free technology hub at Italy’s largest former coal mining site in Sardinia. The hybrid energy storage system utilizes Energy Vault’s new EV0 ™ modular pumped hydro gravity storage technology plus lithium-ion batteries, and powered by VaultOS™ energy management software, is proposed to be deployed in 500-meter-deep shafts at the largest former coal mine in Italy, owned by the Sardinia Regional Government. The parties executed a land lease agreement in July 2024 and will begin site testing in the coming months. The 100MW energy storage system will be owned and operated by Energy Vault, and is key to increasing the local use of renewable energy in Sardinia while accelerating the formation of the Renewable Energy Technology Hub. We are excited about the potential of this project to set a precedent for future applications of our technology worldwide. Read more here: https://lnkd.in/gG3gVphG #EnergyVault #Carbosulcis #RenewableEnergy #EnergyStorage #Sustainability #Innovation #TechnologyHub #Sardinia #CarbonFree #HybridEnergyStorage

Continuing from the 2023 Special Report on Battery Storage, here are more insights into the economic and operational aspects of battery storage: Economic Viability: Despite a decrease in net market revenue per kW-year from $103 in 2022 to $78 in 2023, batteries remain economically viable. They earn significant revenue from energy cycling, ancillary services, and bid cost recovery payments, demonstrating their financial sustainability. Resource Adequacy: Battery resources contribute significantly to resource adequacy requirements, ensuring that the grid has sufficient capacity to meet peak demand and maintain reliability. Ancillary Services: Batteries provide essential ancillary services, such as regulation up and down, to balance short-term supply and demand differences. This capability is crucial for maintaining grid stability and preventing price volatility. Batteries are transforming the energy landscape, offering flexibility, reliability, and economic benefits. As we continue to innovate and expand our battery storage capabilities, we move closer to achieving ambitious decarbonization goals and ensuring a reliable, flexible, and sustainable energy grid. Read the full report for more detailed information:  https://lnkd.in/gSzpQjqA At Energy Vault, we are committed to leading the way in battery storage solutions. Learn more about how to future-proof your energy storage solutions: https://lnkd.in/gf2ckErf #EnergyVault #BatteryStorage #RenewableEnergy #SustainableFuture #EnergyInnovation #GridReliability

The latest 2023 Special Report on Battery Storage by the Department of Market Monitoring at the California Independent System Operator (CAISO) reveals groundbreaking insights into the evolving battery storage industry. Here are some key takeaways: Rapid Growth: Battery storage capacity in the CAISO balancing area has surged from about 500 MW in 2020 to an impressive 11,200 MW in June 2024. This dramatic increase underscores the crucial role battery storage plays in supporting renewable energy integration and grid reliability. Western Energy Imbalance Market (WEIM): The WEIM has seen a nearly three-fold increase in participating battery capacity, from 1,200 MW in June 2023 to 3,500 MW in June 2024. This expansion highlights the growing importance of battery storage across the Western U.S. Supporting Renewables: Over half of the battery capacity is paired with solar or wind generation, enhancing the efficiency and reliability of renewable energy sources. By storing excess solar energy during midday and releasing it during peak demand in the evening, batteries help balance supply and demand. Opportunities and Challenges: The integration of battery storage is not without challenges, but the opportunities it presents for a more resilient and sustainable energy future are immense. At Energy Vault, we are committed to pioneering solutions that harness the full potential of battery storage technology. Together, we can build a sustainable future powered by clean, reliable energy. Read the full report for more detailed information: https://hubs.la/Q02JrDFx0 #EnergyVault #BatteryStorage #RenewableEnergy #SustainableFuture #EnergyInnovation #GridReliability

As outlined at our inaugural Investor and Analyst Day in May 2024, Energy Vault’s strategic focus continues to be guided by three key tenets: addressing the largest markets and growth regions, delivering more predictable and recurring revenues, and delivering strong growth and profitability. We are positioning ourselves to most efficiently meet the unprecedented demand for energy storage solutions across all durations and targeted geographies! Additionally, we’ve been making significant strides in our growth initiatives and organizational structure to better position ourselves in the market. Cost Savings Measures We’ve implemented a series of cost savings measures that will result in annualized savings of $6 - 8 million. We are reiterating our target of quarterly cash operating expenses of roughly $15 million in the second half of 2024. New Head of Global Sales We’re thrilled to welcome Wes Fuller, a seasoned energy storage sales executive, as our new Head of Global Sales, with a significant track record of delivering results in large scale dynamic and high-growth environments. Expansion and Strategic Partnerships We are broadening our business model to include asset ownership, complementing our strengths in system integration, EPC, and asset management service solutions. Our global footprint continues to expand with new projects in Australia, Europe, and Southern Africa. Our partnership with Skidmore Owings & Merrill (SOM) to integrate gravity energy storage within building design is a testament to our innovative approach. Want to learn more about our strategy? Read more in our official press release: https://lnkd.in/g9MTdgh6 And don’t miss our Q2 earnings ending June 30, 2024, on Tuesday, August 6, 2024. Following the release, we will host a conference call at 4:30 PM ET. Call Details: https://lnkd.in/g3B7KiHp #EnergyVault #EnergyStorage #RenewableEnergy #Sustainability #GrowthStrategy #CostSavings #GlobalExpansion #StrategicPartnerships #Innovation #GreenEnergy #CleanEnergy #NewLeadership #BusinessGrowth #RenewableInnovation #SustainableFuture #EnergySolutions #InvestorUpdates #CorporateStrategy

We are thrilled to announce the successful deployment and commercial operation commencement of the St. Gall Battery Energy Storage System (BESS), featuring our proprietary B-Vault AC block and VaultOS™ Energy Management System, near Fort Stockton, Texas. This 100 MW/200 MWh BESS is now fully grid-connected, delivering clean power and enhancing grid resiliency in the Fort Stockton area while providing essential energy and ancillary services to the Electric Reliability Council of Texas (ERCOT). As the engineering, procurement, construction, and commissioning (EPC) contractor and system integrator for this project, Energy Vault is proud to have collaborated with Jupiter Power to bring this project to life. Our proprietary X-Vault integration platform, UL9540 certified B-VAULT™ , and Vault-OS Energy Management System have been pivotal in controlling, managing, and optimizing BESS operations, offering flexibility and efficiency. “The streamlined commissioning process and delivery of the St. Gall BESS, as well as Jupiter Power’s decision to expand this partnership, are direct results of our customer-centric approach and Jupiter Power’s strong understanding of market dynamics and our AC block solution.” Akshay Ladwa, Chief Engineering Officer at Energy Vault This achievement is a testament to the partnership between Energy Vault and Jupiter Power, highlighting our commitment to delivering innovative and sustainable energy storage solutions. Our ongoing collaboration is set to continue with more projects across the United States, further solidifying Energy Vault’s position as a leader in the energy storage sector. We are excited about the future and the continued momentum of Energy Vault’s B-VAULT, as we expand our portfolio and deliver on our promise of sustainable energy solutions. #EnergyVault #BatteryStorage #SustainableEnergy #GridResiliency #CleanPower #EnergyStorage #RenewableEnergy #JupiterPower #BVault #VaultOS For more details, please visit our official announcement: https://hubs.la/Q02HSvHf0