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Energy Vault

Logo: https://energyvault.com/wp-content/uploads/2018/08/ev-navyblue.png, Non-free logo, via Wikipedia4

Energy storage technology company

Energy Vault is a global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault's primary product is a gravity battery to store energy by stacking heavy blocks made of composite material into a structure, capturing potential energy in the elevation gain of the blocks.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

Aug 18, 2018Founded1

Compare with CBAK Energy Technology Inc., Ultralife Corporation or Byrna Technologies Inc., or pick any stock.

  • TickerNRGV on NYSE1
  • Industrygrid energy storage1
  • HeadquartersLugano1
  • Websitewww.energyvault.com
  • Legal formstartup company1
  • Incorporated inDE5
  • Business address4165 East Thousand Oaks Blvd., Suite 100, Westlake Villiage, Ca 913625
  • Filer category, Emerging growth company5

Energy Vault is a global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault's primary product is a gravity battery to store energy by stacking heavy blocks made of composite material into a structure, capturing potential energy in the elevation gain of the blocks. When demand for electricity is high, these blocks are lowered with the motors functioning as generators and delivering electricity to the grid.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.6%Gross margin7
-36.5%Operating margin7
-50.9%Net margin7
340.9%Revenue growth, 20257
-153.6%Return on equity7
0.56×Debt to equity7
-$46.7MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Sale Of Energy Storage Products brought in 79% of the revenue Energy Vault broke down this way in fiscal 2025.

  1. Sale Of Energy Storage Products$196.2M779%up 340% from 2024
  2. Sale Of Energy Storage Products To Customers Under Bill-And-Hold Arrangements$47.2M719%up 46% from 2024
  3. Intellectual Property Licensing$3.3M71%up 2780% from 2024
  4. Operation And Maintenance Services$1.3M71%up 18% from 2024
  5. Software Licensing$540.0K70%up 34% from 2024
Products and services by year
Products and services20242025
Sale Of Energy Storage Products$44.6M$196.2M
Sale Of Energy Storage Products To Customers Under Bill-And-Hold Arrangements$32.4M$47.2M
Intellectual Property Licensing$115.0K$3.3M
Operation And Maintenance Services$1.1M$1.3M
Software Licensing$402.0K$540.0K

Regions

AUMember brought in 61% of the revenue Energy Vault broke down this way in fiscal 2025.

  1. AUMember$124.3M761%up 12428% from 2024
  2. United States$74.2M736%up 67% from 2024
  3. Other Countries$5.2M73%up 561% from 2024
Regions by year
Regions20242025
AUMember$992.0K$124.3M
United States$44.4M$74.2M
Other Countries$784.0K$5.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue76¢$155.7M
  • Research and development7¢$14.6M
  • Other costs13¢$25.6M
  • Income tax4¢$7.8M

Out of $203.7M in revenue.7 The company lost money this year.

Financial statements

Revenue89107$203.7M in 2025
0$100.0M$200.0M$300.0M$400.0M2021: $0$020212022: $145.9M$145.9M20222023: $341.5M$341.5M2023+134%2024: $46.2M$46.2M2024−86%2025: $203.7M$203.7M2025+341%
Gross profit9107$48.0M in 2025−19% since 2022
0$20.0M$40.0M$60.0M2022: $59.3M$59.3M20222023: $17.5M$17.5M2023−70%2024: $6.2M$6.2M2024−65%2025: $48.0M$48.0M2025+676%
Operating income89107-$74.4M in 2025+152% since 2021
-$150.0M-$100.0M-$50.0M02021: -$29.5M-$29.5M20212022: -$63.1M-$63.1M2022+114%2023: -$106.7M-$106.7M2023+69%2024: -$130.0M-$130.0M2024+22%2025: -$74.4M-$74.4M2025−43%
Net income89107-$103.6M in 2025+231% since 2021
-$150.0M-$100.0M-$50.0M02021: -$31.3M-$31.3M20212022: -$78.3M-$78.3M2022+150%2023: -$98.4M-$98.4M2023+26%2024: -$135.8M-$135.8M2024+38%2025: -$103.6M-$103.6M2025−24%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-31
Revenue$203.7M$46.2M
Cost of revenue$155.7M$40.0M
Gross profit$48.0M$6.2M
Sales and marketing$13.7M$15.8M
Research and development$14.6M$26.0M
General and administrative$81.2M$63.0M
Provision for credit losses$9.4M$30.0M
Depreciation, amortization, and accretion (excluding amounts included in cost of revenue)$3.4M$1.1M
Loss on impairment and sale of long-lived assets$0$336.0K
Total operating expenses$122.4M$136.2M
Loss from operations-$74.4M-$130.0M
Interest expense-$8.5M-$123.0K
Interest income$1.1M$5.5M
Change in fair value of financial instruments carried at fair value-$8.2M-$1.0M
Impairment of equity securities$0-$11.7M
Other income (expense), net-$6.0M$1.6M
Loss before income taxes-$95.9M-$135.7M
Provision for income taxes$7.8M$67.0K
Net loss-$103.7M-$135.8M
Net loss attributable to non-controlling interest-$47.0K-$63.0K
Net loss attributable to Energy Vault Holdings, Inc.-$103.6M-$135.8M
Net loss per share attributable to common stockholders basic (in dollars per share)-$0.65-$0.91
Net loss per share attributable to common stockholders diluted (in dollars per share)-$0.65-$0.91
Weighted average shares outstandingbasic (in shares)160.5M shares149.8M shares
Weighted average shares outstandingdiluted (in shares)160.5M shares149.8M shares
Actuarial gain (loss) on pension$667.0K-$640.0K
Foreign currency translation gain$263.0K$165.0K
Total other comprehensive income (loss) attributable to Energy Vault Holdings, Inc.$930.0K-$475.0K
Total comprehensive loss attributable to Energy Vault Holdings, Inc.-$102.7M-$136.2M

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The story

Founded by Bill Gross on Aug 18, 2018.1

In 2017, Energy Vault was founded by a group of Swiss engineers in the Idealab startup studio.

In 2019, Energy Vault secured funding from Cemex before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund, and won Fast Company's World Changing Idea Award for transformative utility-scale energy storage.

In 2020, Energy Vault was Named Technology Pioneer by World Economic Forum and completed the mechanical construction of the first of its kind, grid-scale testing tower in Castione-Arbedo, Ticino, Switzerland.

Testing tower operation and potential

In 2019, construction of a testing tower for the case study EV1 started in Castione-Arbedo, Ticino, Switzerland. It is about 70 m high and each of the 3 double cranes up to 66 m wide. The blocks made of cement with fly ash have a mass of 35 tonnes each. In December 2020 single blocks were raised and lowered 42 m over about 1 minute at 0.7 m/s and the energy drawn from and returned to the national grid recorded. 4.124 kWh electricity was needed to achieve the maximum theoretical potential energy of 3.906 kWh at this height, giving ~95% efficiency for this. On lowering a production of 3.106 kWh was recorded, giving a mean production power of ~186 kW and an efficiency of ~79.5% for this, giving a total round-trip efficiency of ~75%.

A photograph shows about 28 blocks available at the lowest level. With the blocks each weighing ~340 kN and measuring assumed 5 m in height, a potential energy of 340 kN x 5 m = 1.7 MNm = ~0.47 kWh can be stored for each block raised one level. The January 2022 photograph on this page shows 8 blocks standing on the second level, 4 on the third level, and 2 on the fourth and final level. They are thus totally storing 1.7 MNm x (8 + (2 x 4) + (3 X 2)) = 37.4 MN = ~10.4 kWh.

The dimensions of the tower allow stacking at least 8 layers. The base layer stores no energy. If the active 7 layers above have 28 blocks each, with each layer weighing ~9.5 MN, and each block can each be lowered to the ground outside the original base layer, the second layer can be lowered one level assumed 5 m, the third 10 m, the fourth 15 m, and so on. This gives a sum of 140 m x 9.5 MN = 1330 MNm = ~370 kWh. With 9 layers it would be 476 kWh.

The stacking method actually envisioned for EV1 shows outside circular layers concentric to the inner one with roughly twice its diameter. This is built up to a height about one third of the inner one. The maximum height difference of the total centers of gravity of the two stacks is then one third of the maximum height. In the testing tower this would be 14 m. The maximum energy storable would then be 7 x 9.5 MN x 14 m = ~931 MNm = ~259 kWh. This is under 1% of the 35 MWh goal for EV1.

The full size EV1 would have 7000 blocks of 35 t. Drawings show 36 layers with 200 blocks each, totaling 7000 t for the inner stack. The bottom 14 layers are not actively usable. The upper 22 layers with a total mass of 154 kt weighing ~1510 MN are moveable and assuming 5 m high blocks have their center of gravity at 125 m height. When they are all lowered and displaced to form an outer ring, their center of gravity is then at 35 m. Therefore the average drop is 90 m and the maximum energy storable 1.51 GN x 90 m = 136 GNm = 37.8 MWh without counting friction and conversion losses.

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Further company development

In 2021, Energy Vault announced investments from Saudi Aramco Energy, and other existing investors.

In February 2022, Energy Vault Holdings, Inc. began trading on the New York Stock Exchange following the business combination with Novus Capital Corporation II that raised approximately $235 million in gross proceeds additive to $107M and $50M license fees from Atlas Renewable. Atlas renewable being a subsidiary of China Tianying Inc, a company with core activities in energy production from waste processing.

China

The association with Atlas renewable quickly leads to a licensing agreement with Chinese construction companies and local authorities to build a couple of streamlined energy vaults in Rudong (China), next to one of China Tianying's windfarms.

In the summer of 2023, the company announces starting commissioning of its first 25 MW/100 MWh battery in Rudong. A couple of month later, China Tianying announces a planned capacity upgrade up to 3.3GWh.

Technological diversification

As gravitational batteries seems to target very narrow use cases, the company extended its activities to other electricity storage technologies.

Electrochemical batteries

Energy vault's AI powered storage & demand management software is also being leveraged in the BESS (battery energy storage system) sector through its B-Vault product line, which is proving quite successful in the US and worldwide (According to its 2025Q1 Financial Results, the company also generates revenue from BESS licensing agreements in India and Australia while being implemented through owned / operated sites in the US).

In December 2024, Energy Vault announced a strategic partnership with Rack Scale Data Centers to support the delivery of up to 2 GW of power to data centers.

Another solution bootstrapped by the company is a mixed backup solution combining hydrogen fuel cell and battery powered buffer for frequently off-grided areas, with a prototype installation in Calistoga, California.

From Wikipedia’s article on Energy Vault, shared under CC BY-SA 4.0.6

Leadership

Who has led Energy Vault, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • potential energy

Listed on Wikidata.1

Former names

  • Energy Vault Holdings, Inc.Nov 10, 2021 to Oct 2, 20265
  • Novus Capital Corp IIOct 16, 2020 to Feb 14, 20225

Timeline

  1. Feb 14, 2022Went public Listed on NYSE1
  2. Aug 18, 2018Founded Founded1

Recent filings

  1. Oct 2, 20264
  2. Oct 2, 20264
  3. Sep 22, 20268-K
  4. Sep 4, 2026144
  5. Aug 28, 20264
  6. Aug 26, 2026144
  7. Aug 20, 20268-K
  8. Aug 18, 20264
  9. Aug 17, 20264
  10. Aug 14, 2026SCHEDULE 13G
  11. Aug 11, 20268-K
  12. Aug 11, 202610-Q
  13. Aug 6, 20264
  14. Aug 6, 2026EFFECT
  15. Aug 4, 20263

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2