Energy Vault has realigned its organization to
accelerate growth and market adoption of its diversified portfolio
of energy storage solutions across all durations, enhancing and
streamlining go-to-market strategy while rapidly expanding its
regional operations in Australia
Executed on a series of cost savings measures
that will result in annualized savings of $6 - 8 million; The
Company is reiterating its target of quarterly cash operating
expenses of roughly $15 million in the second half of 2024
Bolstered growth strategy with the addition of
Wes Fuller, seasoned energy storage sales executive, as Head of
Global Sales
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced strategic organizational changes and
leadership additions aimed at capitalizing on a host of market
opportunities in the rapidly evolving energy storage sector driven
by the continuous growth of renewable energy and the massive growth
in pure power load created by generative AI.
As outlined at Energy Vault’s inaugural Investor and Analyst Day
in May 2024, the Company’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 . The Company is also
positioning itself to most efficiently meet the unprecedented
demand for energy storage solutions across all durations and
targeted geographies.
Robert Piconi, Chairman of the Board and Chief Executive Officer
of Energy Vault, stated, "We are building the industry’s most
flexible and adaptive solutions for energy storage across all
durations, ramping up systems around the world this year with
longer duration gravity and green hydrogen systems following the
achievement of our first 1 GWh milestone of short duration battery
systems that were successfully commissioned and now operating
across California, Nevada and Texas in unprecedented time frames
not seen before in our industry."
The Company is strategically broadening its business model to
include asset ownership, complementing its proven track record in
system integration, EPC, and asset management service solutions.
This expansion is exemplified by initial deployments of the
Calistoga Resiliency Center (CRC) in Calistoga, California expected
to be commissioned in the coming months and the Cross Trails BESS
in Snyder, Texas, which are expected to generate high margin and
predictable revenue streams.
Energy Vault's global footprint continues to grow, with new
projects underway in Australia this year and expanding
opportunities in Europe and Southern Africa. The Company recently
announced a significant global partnership with world-renowned
architecture and structural engineering firm Skidmore Owings &
Merrill to integrate gravity energy storage within superstructure
building design, aiming to deliver carbon paybacks in building
construction for the first time.
As part of its organizational changes, Energy Vault is pleased
to announce the appointment of Wes Fuller as the new Head of Global
Sales. Fuller, who joins the Executive Leadership Team reporting to
Marco Terruzzin, Chief Commercial and Product Officer, will lead
the global sales team and play a critical role in advancing the
Company's global footprint. Wes Fuller has built a successful
career, joining Energy Vault most recently from Powin where he
delivered on large growth initiatives in North America, building
upon prior roles at Sunfolding, Schneider Electric and Siemens,
with a significant track record of delivering results in large
scale dynamic and high-growth environments.
In parallel, Energy Vault executed on a series of cost savings
measures, expected to result in realized cost savings of $3-4
million in the second half of 2024, and $6–$8 million annually.
This further aligns with the Company's reiteration of its $15
million quarterly cash operating expense target. These changes are
designed to create better alignment and focus on unique customer
demands across Energy Vault’s growth priorities in a rapidly
evolving market.
"We continue to commission storage systems this year while
commencing new project starts in 2024 in growth territories like
Australia, and I am more excited than I have ever been about the
large and transformational role we can play globally supporting the
clean energy transition," added Piconi. "The current customer and
strategic partner discussions underway point to significant growth
opportunities, and we look forward to sharing more about these
initiatives in the coming weeks and months."
Energy Vault continues to leverage its unique and unmatched
solution approach to energy storage to win customer mindshare while
serving multiple deployment priorities. The Company's diverse
portfolio of technologies, including gravity, green hydrogen, and
battery energy storage, positions it well to address the growing
global demand for flexible, adaptive, and sustainable energy
storage solutions.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage
solutions designed to transform the world's approach to sustainable
energy storage. The Company's comprehensive offerings include
proprietary gravity-based storage, battery storage, and green
hydrogen energy storage technologies. Each storage solution is
supported by the Company’s hardware technology-agnostic energy
management system software and integration platform. Unique to the
industry, Energy Vault’s innovative technology portfolio delivers
customized short-and-long-duration energy storage solutions to help
utilities, independent power producers, and large industrial energy
users significantly reduce levelized energy costs while maintaining
power reliability. Utilizing eco-friendly materials with the
ability to integrate waste materials for beneficial reuse, Energy
Vault’s G-Vault™ gravity-based energy storage technology is
facilitating the shift to a circular economy while accelerating the
global clean energy transition for its customers. Please visit
www.energyvault.com for more information.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans, and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including risks associated with changes
in our strategy (including broadening our business model to include
asset ownership), expansion plans, customer opportunities, future
operations, future financial position, estimated revenues and
losses, projected costs, prospects and plans; the uncertainly of
our awards, bookings and backlogs equating to future revenue; the
lack of assurance that non-binding letters of intent and other
indication of interest can result in binding orders or sales; the
possibility of our products to be or alleged to be defective or
experience other failures; the implementation, market acceptance
and success of our business model and growth strategy; our ability
to develop and maintain our brand and reputation; developments and
projections relating to our business, our competitors, and
industry; the ability of our suppliers to deliver necessary
components or raw materials for construction of our energy storage
systems in a timely manner; the impact of health epidemics, on our
business and the actions we may take in response thereto; our
expectations regarding our ability to obtain and maintain
intellectual property protection and not infringe on the rights of
others; expectations regarding the time during which we will be an
emerging growth company under the JOBS Act; our future capital
requirements and sources and uses of cash; the international nature
of our operations and the impact of war or other hostilities on our
business and global markets; our ability to obtain funding for our
operations and future growth; our business, expansion plans and
opportunities and other important factors discussed under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2023 filed with the SEC on March 13, 2024,
as such factors may be updated from time to time in its other
filings with the SEC, accessible on the SEC’s website at
www.sec.gov. New risks emerge from time to time, and it is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. Any forward-looking statement made by us in
this press release speaks only as of the date of this press release
and is expressly qualified in its entirety by the cautionary
statements included in this press release. We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable laws. You should not place undue reliance on our
forward-looking statements.
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