Record Revenue Growth
Energy Vault delivered Q3 revenue of $33.3 million compared to $1.2 million a year ago, representing a 27x increase year-over-year, driven by strong execution on Australia projects and the initial contribution from the Asset Vault assets.
Successful Launch of Asset Vault Platform
The quarter marked the formal launch of the Asset Vault platform, enabling Energy Vault to vertically integrate and originate, design, build, own, and operate energy storage assets.
Strong Gross Margins
Energy Vault delivered strong unit economics with gross margins of 27% in the quarter, bringing year-to-date gross margins to almost 33%.
Significant Project Financing and Cash Flow
Closed a $300 million preferred equity investment from Orion Infrastructure, with expectations to return $30 million to $40 million in investment tax credits, growing cash balances for three consecutive quarters.
Sustainability Leadership
Energy Vault continues to advance its leadership in sustainability, placing in the top 98th percentile of all companies reviewed by S&P Global, maintaining its leadership as the #1 company in the energy storage segment.