Energy Vault reports Q2 EPS (18c), consensus (20c)

Reports Q2 revenue $39.68M, consensus $55.30M. Robert Piconi, Chairman and CEO of Energy Vault, stated, “I am pleased with our continued progress this quarter with our primary focus on project execution to customer and contractual commitments on our first energy storage systems. As recently announced, we have commenced commissioning of the world’s first 100 MWh EVx gravity-based energy storage system in Rudong, China as planned. We expect this first of a kind system to be fully grid interconnected in Q4 while delivering renewable energy to the State Grid Corporation of China , one of the largest utilities in the world. Here in the US, we are also approaching final turnover of our first 275 MWh battery energy storage project with W Power and Wellhead Electric in Stanton, California. Based on our proprietary design and Energy Management Software, the Stanton system will be one of the largest energy storage systems in southern California, providing power for a high-demand load center after having met very challenging energy density requirements given the limited footprint available. Hardware and software performance has exceeded expectations and we are excited about the project’s ability to provide clean energy and grid resiliency for the community.” Piconi continued, “Our technology-agnostic software platform coupled with deep domain, operational and project implementation expertise of our team is showing well as we begin system commissioning and final project turnover on our first systems. These strengths and unique technology portfolio form the foundation that allows us to craft distinctive solutions for energy storage across short, long, and ultra-long duration needs throughout our global customer base. ”