Energy Vault Reports Strong Growth and Strategic Advancements

Energy Vault Holdings, Inc. ( (NRGV) ) has released its Q4 earnings. Here is a breakdown of the information Energy Vault Holdings, Inc. presented to its investors.

Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions, develops and deploys utility-scale energy storage technologies, including gravity-based, battery, and green hydrogen energy storage, to transform the world’s approach to sustainable energy storage.

Energy Vault Holdings, Inc. reported its financial results for the fourth quarter and full year of 2024, highlighting a significant increase in contract revenue backlog and strong growth in Australia. The company is advancing its strategy of asset ownership with long-term offtake agreements, which is expected to generate high-margin revenue streams in the future.

The company’s contract revenue backlog surged by 90% to $660 million from the previous quarter, reflecting robust demand in Australia and new U.S. customers. Despite a decline in lithium-ion battery prices, Energy Vault’s full-year revenue reached $46.2 million, with a notable improvement in GAAP gross margins to 13.4% from 5.1% the previous year. The company also secured project financing for the Calistoga Green Hydrogen project, which is expected to be fully operational by the second quarter of 2025.

Energy Vault’s financial position remains strong, with $30 million in cash and no debt as of the end of 2024. The company is focusing on cost optimization and resource allocation to enhance liquidity while investing in promising projects. With six projects totaling 840MW of power under its portfolio, Energy Vault anticipates generating $2 billion in long-term recurring revenue over the next 18-24 months.

Looking ahead, Energy Vault expects significant revenue growth in 2025, driven by its ‘own and operate’ strategy and continued expansion in the Australian and U.S. markets. The company projects a 4-6x increase in revenue to $200-$300 million, despite challenges such as declining battery prices and increased tariffs. Energy Vault remains committed to optimizing its portfolio and investing in high-potential projects to secure future growth.