Energy Vault Holdings Inc
F:8610
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Energy Vault Holdings Inc
F:8610
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Energy Vault Holdings Inc
Energy Vault Holdings makes grid-scale energy storage systems that help power companies save electricity when supply is high and release it when demand rises. Its core products are large batteries, gravity-based storage systems, and related control software that manage how energy is stored and dispatched. The company is part equipment maker, part project developer, and part software provider in the power grid storage market. Its main customers are utilities, independent power producers, renewable energy developers, and large industrial users that need flexible power supply. Energy Vault makes money by selling storage systems, building and integrating those systems into customer sites, and earning service or software fees tied to operation and maintenance. In some projects, it also participates as a technology partner or long-term operator. What makes the business different is that it focuses on long-duration storage, not just short bursts of battery power. That puts it in a niche designed to support renewable energy, backup power, and grid balancing over longer periods. Its role is to sit between power generation and the electric grid, helping customers turn intermittent energy into dispatchable electricity.
Energy Vault Holdings makes grid-scale energy storage systems that help power companies save electricity when supply is high and release it when demand rises. Its core products are large batteries, gravity-based storage systems, and related control software that manage how energy is stored and dispatched. The company is part equipment maker, part project developer, and part software provider in the power grid storage market.
Its main customers are utilities, independent power producers, renewable energy developers, and large industrial users that need flexible power supply. Energy Vault makes money by selling storage systems, building and integrating those systems into customer sites, and earning service or software fees tied to operation and maintenance. In some projects, it also participates as a technology partner or long-term operator.
What makes the business different is that it focuses on long-duration storage, not just short bursts of battery power. That puts it in a niche designed to support renewable energy, backup power, and grid balancing over longer periods. Its role is to sit between power generation and the electric grid, helping customers turn intermittent energy into dispatchable electricity.
Topline growth: Energy Vault said Q1 revenue rose 156% year over year to $21.9 million, with adjusted gross profit up 25% to $6.1 million and cash ending at $117.1 million.
Backlog surge: Contracted backlog reached a record $1.35 billion, up 108% year over year, and more than 80% of it is now tied to owned assets rather than traditional project work.
AI power push: Management said demand for AI data center power is accelerating, with 100 megawatts of Powered Land and Powered Shell added this quarter and more announcements expected.
Guidance reaffirmed: Full-year 2026 guidance was reiterated for revenue of $225 million to $300 million, gross margin of 15% to 25%, and year-end cash of $150 million to $200 million.
Balance sheet: The company completed a $150 million convertible notes offering, repaid $45 million of higher-cost debt, and completed about $12 million of net ITC transfers.
Longer-term mix shift: Management emphasized a transition toward an integrated storage and power infrastructure IPP model, with higher-margin recurring EBITDA expected as projects come online over the next several years.
