Recent Updates — NRGV
On September 18, 2026, Energy Vault Holdings, Inc. subsidiary Development Vault, LLC entered into an amended and restated financing agreement with S2G Builders Special Opportunities Fund I, LP. The facility provides a senior secured delayed draw term loan credit line with aggregate commitments of up to $25 million, which may be increased at the lenders' discretion. As of the effective date, $18 million was outstanding under the agreement. Loans bear interest at 10.0% per annum payable in cash plus a 7.0% deferred rate payable in kind. The facility matures on April 16, 2030, and is secured by substantially all assets of the Borrower and its subsidiaries. Proceeds may be used to acquire battery energy storage projects, fund sponsor equity contributions, and pay transaction costs. Energy Vault Holdings, Inc. operates in the energy storage industry, developing and deploying advanced mechanical energy storage solutions.
Energy Vault Holdings, Inc. reported second quarter 2026 financial results on August 11, 2026, announcing revenue of $17.4 million, a 104% year-over-year increase driven by battery energy storage systems projects in Australia. The company raised its full-year 2026 revenue guidance to $270-310 million and lifted GAAP gross margin guidance to the high end of the previous 20-25% range. Contract backlog expanded sequentially by $650 million to approximately $2 billion, with ~40% expected to convert to revenue within 12-18 months. The company executed a contract for 1.25 GW of integrated power infrastructure for an AI data center in Texas, expected to generate $500-600 million in near-term revenue. Cash and cash equivalents grew 26% quarter-over-quarter to $148 million.
Energy Vault Holdings, Inc. announced the appointment of Nitin Dahiya as Chief Financial Officer, effective July 27, 2026. Dahiya joins from BlackRock, where he served as a Senior Portfolio Manager. His compensation package includes an annual base salary of $435,000, a $100,000 signing bonus, 400,000 restricted stock units, and 400,000 performance restricted units. The appointment follows the resignation of Michael Beer, who is leaving to pursue other opportunities. The company noted that Beer's departure was not due to any disagreements regarding operations or financial reporting. Energy Vault provides sustainable grid-scale energy storage and AI compute infrastructure solutions.
Energy Vault Holdings, Inc. amended its Securities Purchase Agreement with YA II PN, Ltd. to increase the aggregate principal amount of senior secured convertible debentures to $150.0 million. The company issued an additional $38.0 million tranche on June 29, 2026, bringing the Tranche 1 total to $80.0 million with a 7.50% interest rate and a maturity date of July 1, 2027. This expansion follows a material increase in the company's commercial backlog from $1.3 billion as of March 31, 2026. Additionally, subsidiaries Calistoga Resiliency Center, LLC and Cross Trails Energy Storage Project, LLC entered into agreements to prepay senior notes and modify debt service coverage ratio requirements, respectively. Energy Vault Holdings, Inc. provides energy storage solutions and technology.