Energy Vault Updates Fourth Quarter and Full Year 2022 Expected Revenue Results
Revises full year 2022 revenue range to $142 – $152 million from previous $75-100 million
Significant fourth quarter over-performance driven by U.S. energy storage project execution and global gravity storage territory expansions
Updated 2023 outlook to be provided concurrent with upcoming earnings results in late-February 2023
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif. – January 18, 2023 – Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced updated fourth quarter and full year 2022 expected revenue results for its fiscal year ended December 31, 2022.
For the full year 2022, Energy Vault expects total revenue of $142 to $152 million, ahead of the Company’s previously communicated full year 2022 guidance of $75 to $100 million. The revised guidance implies expected fourth quarter 2022 revenue of between $96 and $106 million, compared to $29 to $54 million previously required to meet its full year 2022 forecast following the reporting of third quarter 2022 results.
Higher than forecasted results for full year 2022 were driven by project and supply chain execution ahead of schedule for previously announced battery energy storage systems (BESS) in the United States as well as territory expansions in Europe and the Middle East for the Company’s gravity energy storage systems (GESS).
Robert Piconi, Energy Vault’s Chairman and CEO commented, “The Energy Vault team closed the quarter well, demonstrating our collective enterprise focus on delivering for customers while capping off a successful first deployment year of growth and expansion. Despite the industry and supply chain pressures, our team demonstrated laser focus on the critical path of execution, reflecting the prioritization that Energy Vault received from suppliers during the quarter due to our commercial growth and strong global relationships. On our earnings call to be scheduled for late-February, we look forward to reviewing our full year 2022 results in greater detail and providing an update on the activity positively impacting our 2023 outlook.”
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
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Financial Disclosure Advisory
All financial data in this press release reflects expected preliminary results and represents the most current information available to the Company’s management, as financial closing procedures for the year ended December 31, 2022 are not yet complete. These estimates are not a comprehensive statement of the Company’s financial results for the year or quarter ended December 31, 2022 and actual results may differ materially from these estimates as a result of the completion of normal year-end accounting procedures and adjustments, including the execution of the Company’s internal control over financial reporting, the completion of the preparation and review of the Company’s financial statements for the year ended December 31, 2022 and the subsequent occurrence or identification of events prior to the formal issuance of full-year financial results.
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