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 numerous market opportunities in the rapidly evolving energy storage sector. This growth is driven by the continuous expansion of renewable energy and the massive increase in power demand 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 achieving strong growth and profitability. The Company is positioning itself to 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. This year, we are ramping up systems globally with longer duration gravity and green hydrogen systems, following the achievement of our first 1 GWh milestone of short duration battery systems 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 the 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, both of 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 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. Fuller joins 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 a series of cost-saving measures expected to result in realized savings of $3-4 million in the second half of 2024 and $6-8 million annually. This 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.
