Energy Vault to invest $300M to fund Asset Vault launch

Energy Vault (NRGV) announced it has entered into an exclusivity agreement for a $300M preferred equity investment to fund the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to develop, build, own and operate energy storage assets, stand-alone or paired with generation facilities. Upon final closing-subject to customary regulatory and closing conditions anticipated in the next 30-60 days — “Asset Vault” will be formed as a fully consolidated subsidiary for Energy Vault’s owned energy storage assets supported by long-term offtake agreements that ensure project monetization. The $300M investment will be utilized for project development expenses, project acquisition, and both majority and minority equity investments to support attractive project financing to deliver the asset construction, commissioning and operation. The preferred equity is non-dilutive to common shareholders and includes milestones for equity participation in the listed company for strong shareholder alignment.