Energy Vault price target raised to $2.50 from $2 at Roth MKM

Roth MKM raised the firm’s price target on Energy Vault (NRGV) to $2.50 from $2 and keeps a Buy rating on the shares after the company announced a $350M agreement with Enervest to supply the 1.0GWh Stoney Creek Battery Energy Storage System in New South Wales, Australia. The order follows a 400MWh project win announced in May and provides further evidence of Energy Vault’s ability to win large high-value projects, the analyst tells investors in a research note. Roth believes the project could “contribute meaningfully” to the company’s 2025 revenue, increasing its confidence that Energy Vault can deliver on its 2025 guidance.