The Tesla of grid-scale energy storage, but they use gravity and massive blocks instead of chemical batteries.

• EVx Platform: A scalable, modular gravity-based energy storage system for grid resiliency in shorter durations.
• Energy Vault Resiliency Center: A scalable, gigawatt-hour scale gravity-based energy storage system designed for grid resiliency against energy disruptive climate events.

Energy Vault (NRGV) primarily sells its energy storage solutions to other companies, specifically utilities, independent power producers, and large energy users. Here are some of its major customers and partners:

• Pacific Gas and Electric Company (PG&E) (Symbol: PCG)
• Atlas Renewable Energy
• Korea Zinc Co., Ltd. (Symbol: 005380.KS on Korea Exchange; KCCM.F on Frankfurt)

• CEMEX, S.A.B. de C.V. (CMX)

Robert Piconi, Chief Executive Officer

Robert Piconi is Chairman of the Board, Co-Founder, and Chief Executive Officer of Energy Vault, bringing over 30 years of industry experience. He has held prior executive leadership roles in US NYSE Fortune 100 public companies, including Amoco/British Petroleum, Bell Labs Lucent Technologies, Alcatel, and Danaher Corporation. Within the private sector, Mr. Piconi founded and led as CEO several innovative healthcare service management and medical device companies, which were later acquired by top-tier private equity funds and/or large industry conglomerates. He also co-founded Pantheon Healthcare Group, serving as its CEO from 2014 to 2016. In 2020, he was recognized by the World Economic Forum as an "SDG Champion" for his work in sustainability.

Michael Beer, Chief Financial Officer

Michael Beer serves as Chief Financial Officer and Head of Corporate Services at Energy Vault Holdings, Inc. He also sits on the Board of Directors at UK-based venture builder Cambridge Future Tech (CFT) and is a Partner at Vest Coast Capital. Previously, Mr. Beer served as CFO of FreeWire Technologies. His experience includes serving as Chief Financial and Administrative Officer of Syniverse Technologies, where he facilitated its transition from a public company to a private company through its sale to The Carlyle Group in 2011, demonstrating a pattern of involvement with companies backed by private equity firms.

Andrea Pedretti, Co-Founder & Chief Technology Officer

Andrea Pedretti is a Co-founder of Energy Vault and has been the company's Chief Technology Officer since 2017. He is an accomplished engineer and entrepreneur, having co-founded and served as CTO for several technology companies. Mr. Pedretti holds over 40 patents in civil engineering and energy applications and is recognized as the inventor and technology lead for Energy Vault's Gravity Energy Storage Solution. He has also served as Managing Director for pquadrum engineering SA since 2016.

Akshay Ladwa, Chief Development and Operations Officer

Akshay Ladwa serves as Energy Vault's Chief Development and Operations Officer. Before this role, he was the Chief Engineering Officer of Energy Vault Solutions from 2022 to 2024. His extensive background includes executive management positions in Energy Storage, Integration, project management, and Engineering at companies such as BrightNight, Wärtsilä, and Greensmith, as well as roles as a Mechanical Systems Engineer at GE Energy Storage and a PV System Design and Development Engineer at Solar.

Marco Terruzzin, Chief Revenue Officer

Marco Terruzzin has been Energy Vault's Chief Revenue Officer since 2025, having previously served as Chief Commercial and Product Officer from 2022 to 2025. Prior to joining Energy Vault, Dr. Terruzzin was the Director of Energy Storage for RWE Renewables from 2017 to 2019. His earlier career also includes roles as Head of Energy Storage Edge Platform for Stem and Managing Director — Americas for NOHA (formerly Engie EPS).

Energy Vault (NRGV) faces several key risks to its business:

1. Challenges with Gravity-Based Storage Technology and Market Acceptance: Energy Vault's core gravity-based energy storage solutions have faced skepticism regarding their cost-effectiveness, scalability, and efficiency, particularly concerning the power-to-energy ratio. The initial vision of crane-based systems was seen by some critics as "terribly silly" and economically untenable. The market for long-duration energy storage, where these systems are intended to excel, has not yet materialized in significant quantities, forcing the company to pivot towards more conventional lithium-ion battery solutions. This shift introduces a risk of being perceived as a "generic battery company" in a crowded market where competition from rapidly advancing and falling costs of other battery storage technologies (like lithium-ion) threatens demand, margins, and long-term revenue for Energy Vault's gravity systems.
2. Profitability Challenges and Financial Health: The company has consistently struggled with profitability, reporting losses and negative net margins, with its gross profit and margins often falling short of forecasts due to delays in hardware delivery and project milestones. Financial indicators like an Altman Z-Score in the "distress zone" and a low Piotroski F-Score suggest poor business operations and potential liquidity constraints. Analyst sentiment is cautious, with projections indicating continued losses, and concerns exist regarding the company's ability to convert its substantial project backlog into revenue and achieve consistent profitability amid increasing competition.
3. High Stock Volatility and Mixed Market Sentiment: Energy Vault's stock has demonstrated high volatility, being more volatile than the overall market, which presents a higher risk for investors. Investor sentiment remains cautious, reflected in a mixed "Hold" consensus rating from analysts, with some analysts projecting a downside risk from current trading prices. Concerns have also been raised by recent insider selling activities from major shareholders and company executives. The stock price experienced a significant decline after the company went public via a SPAC transaction.

The rapid advancements and decreasing cost-effectiveness of diverse alternative long-duration energy storage technologies, including advanced battery chemistries (such as those beyond lithium-ion, and lithium-ion extending into longer durations), flow batteries, and compressed air energy storage, which could offer superior economic viability, modularity, or geographical flexibility compared to gravity-based solutions for grid resiliency and power management needs.

Energy Vault Holdings, Inc. (NRGV) operates within several significant and rapidly growing addressable markets for its energy storage solutions. The company's main products and services, which include gravity-based storage systems like the EVx Platform and Energy Vault Resiliency Centers, address the needs for grid resiliency, long-duration energy storage, and overall grid-scale energy management for utilities, independent power producers, and large energy users.

Addressable Markets:

• Gravity-based Energy Storage Market: The global gravity-based energy storage market was valued at an estimated USD 42.2 million in 2024. This market is projected for substantial growth, with some estimates expecting it to reach USD 3.2 billion by 2034 at a Compound Annual Growth Rate (CAGR) of 61.5% from 2025 to 2034. Another projection indicates the global gravity energy storage market could reach approximately USD 12.23 billion by 2030, growing at a CAGR of 77.9% from 2024 to 2030. North America currently holds the largest share of this market, while the Asia-Pacific region is anticipated to be the fastest-growing market.

• Long-Duration Energy Storage (LDES) Market: The global long-duration energy storage market was valued at approximately USD 5.1 billion in 2025 and is projected to grow to USD 15.9 billion by 2034, with a CAGR of 13.4% during the forecast period. North America held a significant share of this market, with revenue of USD 1.26 billion in 2026. The Asia-Pacific region is also identified as a fast-growing market for LDES.

• Grid-Scale Stationary Battery Storage Market: A broader market that encompasses various technologies, including those utilized by Energy Vault in its hybrid systems, the global grid-scale stationary battery storage market was valued at USD 228.7 billion in 2025. This market is projected to reach USD 2,648.92 billion by 2034, exhibiting a CAGR of 31.28% during the forecast period. The Asia-Pacific region dominated the global grid-scale battery storage market, accounting for a 46.6% revenue share in 2024.

• Energy Resilience Market: Given Energy Vault's development of Resiliency Centers, the global energy resilience market is a relevant addressable market. This market is estimated to be valued at USD 49.99 billion in 2025 and is expected to reach USD 95.64 billion by 2032, demonstrating a CAGR of 9.7% from 2025 to 2032. North America is projected to dominate the energy resilience market in 2025, with an estimated market share of 42.0%.

Energy Vault Holdings, Inc. (NRGV) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:

1. Expansion of the Asset Vault "Own & Operate" Strategy: Energy Vault has pivoted to an "Own & Operate" asset management strategy through its Asset Vault platform, launched in 2024. This model generates predictable, recurring, and high-margin tolling revenue streams by developing, building, owning, and operating energy storage assets. The company aims for the Asset Vault platform to contribute between $100 million and $150 million in recurring adjusted EBITDA by the end of 2029. An example is the 150 MW SOSA Energy Center in Texas, which was acquired under this platform and is expected to generate significant lifetime revenues.

2. Conversion of a Robust Backlog and Expanding Commercial Pipeline: Energy Vault possesses a substantial and growing contract revenue backlog, which stood at approximately $920 million to $954 million heading into Q4 2025. Additionally, its commercial pipeline has shown significant expansion, increasing by 89% year-over-year to 52 GWh. The successful execution and conversion of these contracted projects and pipeline opportunities into deployed systems will be a key driver of revenue growth.

3. Entry into the AI Infrastructure Market: A significant new revenue driver is Energy Vault's strategic expansion into AI infrastructure. In February 2026, the company announced a framework agreement with Crusoe for the phased deployment of modular data centers. This initiative is anticipated to deliver a substantial increase in unit economics, including significantly higher EBITDA per MW (estimated at 10-20 times) compared to traditional infrastructure projects, due to contracted cash flows, standardized modular designs, and high demand for rapidly deployable compute capacity. This new vertical is expected to accelerate EBITDA growth as deployments scale.

4. Global Market Expansion and Diversification of Technology Offerings: Energy Vault is actively expanding its geographic footprint, with ongoing projects and developments across the United States, Australia, and Europe. Concurrently, the company is diversifying its technology portfolio, which includes proprietary battery, gravity, and green hydrogen energy storage systems. Recent partnerships, such as the strategic development agreement with Peak Energy for sodium-ion storage solutions and exclusive channel rights in the APAC region, underscore its commitment to offering a broader range of storage technologies and expanding its presence in high-growth international markets.

Share Issuance

• In February 2026, Energy Vault issued an additional $10 million in convertible senior notes, following an initial $140 million in convertible notes, bringing the total to $150 million in convertible senior notes due 2031.
• The company completed the redemption of outstanding public warrants in August 2022. Of the 9,583,333 public warrants, 682,948 were exercised for cash at $11.50 per share, and 8,602,400 were exercised on a cashless basis for 2,172,854 shares of common stock.

Inbound Investments

• Energy Vault secured a $300 million preferred equity investment from Orion Infrastructure Capital (OIC) in 2025, which was used to officially launch its "Asset Vault" subsidiary.
• A financing transaction in February 2026 resulted in $135.5 million in proceeds to the company, strengthening its balance sheet.

Outbound Investments

• In October 2025, Energy Vault acquired the SOSA Energy Center, a 150 MW/300 MWh battery energy storage system (BESS) project in Texas, marking the first formal acquisition under its Asset Vault platform.
• Under its Asset Vault platform, the company is also managing projects such as the 57 MW/114 MWh Cross Trails BESS and the 8.5 MW/293 MWh Calistoga Resiliency Center in the U.S., as well as the 125 MW / 1.0 GWh Stoney Creek BESS in Australia.

Capital Expenditures

• The $300 million preferred equity investment in 2025 is anticipated to facilitate over $1 billion in capital expenditures for 1.5 GW of projects across the U.S., Australia, and Europe.
• Energy Vault has a broader $1.1 billion capital deployment strategy focused on expanding recurring revenues and building an "own and operate" asset base.
• Capital expenditures include self-performing engineering, procurement, and construction (EPC) for Asset Vault projects, with construction on the SOSA BESS project expected to begin in Q4 2025.