Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced that Bleecker Street Research has issued
retractions and corrections to its December 2, 2022 short seller
report about Energy Vault.
On December 8, 2022, Energy Vault issued a public response to
the report, detailing the multiple factual inaccuracies,
mischaracterizations and misinformation contained in the
report.
Josh McMorrow, Chief Legal Officer of Energy Vault, stated, “The
retractions issued by the short seller validate Energy Vault’s
unwavering commitment to transparency, integrity, and the strength
of our business. This commitment applies to every public statement
or pre-approved customer announcement that we make. Bleecker
Street’s retractions of its flawed ‘research report’ should help
address the false and misleading information released in an attempt
to negatively impact the near term performance of Energy Vault’s
share price for personal gain. Our team’s daily focus remains as it
always has - delivering value to our customers and
shareholders.”
Bleecker Street’s retractions and
corrections are as follows:
Bleecker Street Research issues the following retractions and
corrections to its December 2, 2022, report on Energy Vault,
following the receipt of additional information. Energy Vault’s
full response to the BSR report can be found here.
With the respect to the following statement:
“440 MWh Deal With A Large Western Public Utility: We Think This
Is Cancelled”
BSR Retraction / Correction: On December 12, 2022, NV Energy
announced that Energy Vault was awarded the project for the 440 MWh
Energy Storage System in Nevada. This project, which we previously
referenced as the “large western utility” in the BSR report on
Energy Vault, was never “cancelled.”
With respect to the following statement:
“More Red Flags: 820MW System In Poland”
BSR Retraction / Correction: Energy Vault has reported that the
project in Poland identified by BSR is not the project previously
disclosed by Energy Vault. Energy Vault has further indicated that
the BSR report is incorrect in both technical characterization and
location of the project, and that Energy Vault has been awarded an
820MWh short duration battery storage project in an altogether
different European country.
With respect to the following statement:
“Energy Vault Is Conspicuously Absent From All Major Department
of Energy Renewable Projects”
BSR Retraction / Correction: The Department of Energy renewable
projects list only identifies the project operator or owner. It
does not identify or list the suppliers, vendors or contractors of
the project owner. Energy Vault is not the project owner or
operator and, as a third party contractor, would not be listed on
the Department of Energy website.
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 EVx™ 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 changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our 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;
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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022, and
in our Annual Report on Form 10-K for the year ended December 31,
2022, 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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Energy Vault Investors energyvaultIR@icrinc.com
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