olivLaw · US equity research
Energy Vault Holdings, Inc. NRGV
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Energy Vault Holdings is an energy infrastructure platform that designs, builds, owns and operates energy storage systems and, increasingly, infrastructure for AI data centers. Interest in the company has grown as demand for electricity and grid stability accelerates, and the second quarter of 2026 showed strong revenue growth and a larger contract backlog, with revenue of 17.4 million USD in Q2 2026 and a backlog of about 2 billion USD.
At the close of 04 Nov 2026, Energy Vault Holdings, Inc. (NRGV) stock was 3.18 USD (−0.93% on the day), with market capitalisation 578.2 m USD, beta 2.69, 52-week range 2.51–6.49 USD. Latest reported quarter (Q2 2026): revenue of 17.4 m USD (+104.1% YoY), net income of -29.7 m USD, diluted EPS -0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.0
- neutral
- Bollinger (20, 2)
- 2.50 – 3.45
- in the upper half of the band · %B 0.72 · band width 31.8%
- SMA 50 / 200
- 3.60 / 3.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.8% | −1.1% | −16.7 pp | — |
| 3 months | +5.6% | −0.5% | +6.1 pp | — |
| 6 months | −24.5% | +4.4% | −28.9 pp | — |
| Year to date | −31.0% | +12.3% | −43.3 pp | — |
| 1 year | −0.3% | +13.5% | −13.9 pp | −60.2% |
| 3 years | +39.5% | +76.4% | −36.9 pp | −50.2% |
| 5 years | −68.1% | +63.7% | −131.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 m | 33.5 m | 8.5 m | 8.5 m | 33.3 m | 153.3 m | 21.9 m | 17.4 m |
| Cost of revenue | 716.0 k | 30.9 m | 3.7 m | 6.0 m | 24.3 m | 121.7 m | 17.1 m | 12.0 m |
| Gross profit | 483.0 k | 2.6 m | 4.9 m | 2.5 m | 9.0 m | 31.6 m | 4.8 m | 5.4 m |
| Research & development | 5.7 m | 6.4 m | 3.8 m | 4.1 m | 3.4 m | 3.4 m | 2.6 m | 2.5 m |
| Operating income | -27.1 m | -50.4 m | -20.9 m | -28.1 m | -17.6 m | -7.7 m | -24.2 m | -24.7 m |
| Depreciation & amortisation | 251.0 k | 233.0 k | 305.0 k | 473.0 k | 298.0 k | 2.4 m | 2.2 m | 1.9 m |
| Interest expense | 43.0 k | 34.0 k | 95.0 k | 2.5 m | 2.8 m | 3.1 m | 3.5 m | 4.2 m |
| Pre-tax income | -26.6 m | -61.8 m | -20.8 m | -32.9 m | -21.3 m | -21.0 m | -32.5 m | -28.8 m |
| Income tax | 0 | 67.0 k | 383.0 k | 2.1 m | 5.5 m | -228.0 k | 1.0 k | 855.0 k |
| Net income | -26.6 m | -61.8 m | -21.1 m | -34.9 m | -26.8 m | -20.7 m | -32.5 m | -29.7 m |
| Diluted EPS | -0.18 | -0.41 ≈ | -0.14 | -0.22 | -0.16 | -0.12 ≈ | -0.20 | -0.18 |
| Operating cash flow | -9.2 m ≈ | -34.8 m | -2.7 m | 15.4 m ≈ | -11.7 m ≈ | -6.6 m | -53.8 m | -30.6 m ≈ |
| Capex | 27.3 m ≈ | 10.5 m | 6.8 m | 8.4 m ≈ | 15.5 m ≈ | 10.4 m | 7.1 m | 9.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | ⚠ 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 145.9 m | 341.5 m | 46.2 m | 203.7 m |
| Revenue YoY | unavailable | unavailable | +134.1% | — | +340.9% |
| Net income | -31.3 m | -78.3 m | -98.4 m | -135.8 m | -103.6 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable |
| Diluted EPS | -2.45 | -0.64 | -0.69 | -0.91 | -0.65 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable |
| net % | unavailable | -53.7% | -28.8% | -293.8% | -50.9% |
| Free cash flow | -22.2 m | -25.7 m | -123.1 m | -114.7 m | -46.7 m |
The series breaks before 2024: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.3 m USD
- Financial debt
- 94.6 m USD
- Net debt
- 36.3 m USD
- Equity
- 67.5 m USD
- Total assets
- 312.9 m USD
- Debt / equity
- 1.40x
- Current ratio
- 0.73x
- ROE
- -107.0%
- ROA
- -41.7%
- FCF margin
- -22.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 0 | 145.9 m | 341.5 m | 46.2 m | 203.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 0 | 86.6 m | 324.0 m | 40.0 m | 155.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 0 ≈ | 59.3 m | 17.5 m | 6.2 m | 48.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 7.9 m | 42.6 m | 37.1 m | 26.0 m | 14.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -29.5 m | -63.1 m | -106.7 m | -130.0 m | -74.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 2.3 m | 7.7 m | 893.0 k | 1.1 m | 3.4 m | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | -27.2 m ≈ | -55.3 m ≈ | -105.8 m ≈ | -128.9 m ≈ | -70.9 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | 7.0 k | 2.0 k | 35.0 k | 123.0 k | 8.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Pre-tax income | -31.3 m | -77.9 m | -98.8 m | -135.7 m | -95.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 1.0 k | 427.0 k | -349.0 k | 67.0 k | 7.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -31.3 m | -78.3 m | -98.4 m | -135.8 m | -103.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -2.45 | -0.64 | -0.69 | -0.91 | -0.65 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 12.8 m | 123.2 m | 142.9 m | 149.8 m | 160.5 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 105.1 m | 203.0 m | 109.9 m | 27.1 m | 58.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 0 | 37.5 m | 27.2 m | 14.6 m | 25.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Inventories | 0 | 4.4 m | 415.0 k | 107.0 k | 139.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 110.7 m | 390.1 m | 279.6 m | 68.9 m | 121.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 1.8 m | 4.5 m | 8.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 125.3 m | 416.7 m | 340.8 m | 183.9 m | 312.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 2.0 m | 60.3 m | 21.2 m | 20.3 m | 30.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Short-term debt | — | 0 | — | 0 | 56.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Long-term debt | — | — | — | 0 | 38.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 7.3 m | 125.3 m | 111.9 m | 54.7 m | 165.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 11.3 m | 129.0 m | 117.0 m | 57.6 m | 224.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | -68.7 m † | 287.7 m | 223.8 m | 126.3 m | 67.5 m | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -22.1 m | -23.3 m | -92.7 m | -55.9 m | -5.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 170.0 k | 2.3 m | 30.4 m | 58.9 m | 41.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | -22.2 m ≈ | -25.7 m ≈ | -123.1 m ≈ | -114.7 m ≈ | -46.7 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | -1.2 m | -13.3 m | -42.5 m | -58.7 m | -44.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 116.4 m | 217.8 m | -5.5 m | -252.0 k | 123.1 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 578.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet23
- Growth61
- Valuation22
- Quality19
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.18 – 1.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.18 – 1.69 (Mid 1.05)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.0xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 22.5% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -32.8% | 62 (vs peers) | 10% |
| FCF margin · Quality | -64.1% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 11.8% | 47 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 340.9% | 89 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 23 (on a fixed band) | 7% |
| EV/Sales · Valuation | 3.2x | 38 (vs peers) | 19% |
| FCF yield · Valuation | -25.0% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial23/100 · 1/2 factors with a value
- Growth61/100 · 2/2 factors with a value
- Quality19/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation22/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENERGY VAULT HOLDINGS, INC. (NRGV). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 203.7 m USD in 2025; YoY growth 340.9%; net margin -48.6%; ROE -225.9%.
The estimated value range is 0.18–1.69 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.05 USD, the price of 3.18 USD leaves a potential of -66.9% (value / price − 1) and a margin of safety of -201.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 340.9%
What contradicts it
- Gross margin: 22.5%
- FCF margin: -64.1%
- Current ratio: 1.2x
- FCF yield: -25.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −0% / +39% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for NRGV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Energy Vault Holdings is an energy infrastructure platform that designs, builds, owns and operates energy storage systems and, increasingly, infrastructure for AI data centers. Interest in the company has grown as demand for electricity and grid stability accelerates, and the second quarter of 2026 showed strong revenue growth and a larger contract backlog, with revenue of 17.4 million USD in Q2 2026 3 and a backlog of about 2 billion USD 3.
SWOT
Strengths
- The company has a technology-agnostic architecture and its own software platform, usable for both short- and long-duration storage, plus experience across the full project lifecycle.
- The contract backlog grew sharply in 2026, and a significant part rests on long-term contracts for owned assets.
- Liquidity improved in recent quarters, giving more flexibility for financing and executing projects.
Weaknesses
- The company has a limited operating history and continuing net losses, and profitability is not yet assured.
- Reliance on external suppliers, especially in China, has caused delays and extra costs for B-VAULT products.
- Owned projects depend on cost and revenue estimates that could differ significantly from reality, which may affect results.
Opportunities
- Demand from AI data centers could open large, long-term contracts for a company offering fast power and storage.
- Expansion into Japan and Europe could increase the owned asset base and recurring revenue if projects progress as planned.
- The Asset Vault model could attract additional capital and turn projects into long-term recurring revenue sources.
Threats
- Trade tariffs and export control measures could raise costs and delay deliveries, especially if temporary measures are not extended.
- Changes in tax policy and foreign-entity rules could reduce project eligibility and demand in the United States.
- Competition from battery manufacturers and integrators could compress margins and delay project execution.
Risks
- Limited operating historyhigh
The company has few completed projects and a short operating record, which makes long-term performance difficult to evaluate 1.
- Losses and uncertain profitabilityhigh
Net losses have persisted in recent quarters, and the company expects to keep incurring significant expenses 13.
- Tariffs and supply chainhigh
Tariffs and export controls on components from China could raise costs and delay projects, and sourcing from other countries has not yet proven economical 2.
- Estimates for owned projectsmedium
Returns on owned projects depend on construction costs, timelines and projected revenue, and deviations could significantly affect results 1.
- Changes in tax policymedium
Changes to incentives and restrictions on entities with foreign ties could affect demand and the financing structure of projects 12.
Investment thesis
What would need to be true (bull case)
- If the AI data center projects and integration contracts materialize, revenue and the contract backlog could grow significantly in the coming period 3.
- A shift toward owned assets could turn the company from a project supplier into an operator with recurring revenue, which could reduce earnings volatility 13.
- Improving gross margins and rising liquidity give the company more flexibility to finance and execute planned projects 3.
What would break the thesis
- The company remains loss-making, and losses and capital needs could limit its ability to finance several large projects at once 13.
- Dependence on imported components and unstable tariffs could delay deliveries and affect margins, especially if temporary measures expire 2.
- Revenue from AI and owned-project business depends on contracts and financing that are not yet finalized, which could postpone the expected effects 13.
What to watch
- Execution of the 1.25 GW Texas data center contract and recognition of the expected near-term revenue2H 2026 and 2027
- Commercial operation of the initial Snyder, Texas phase for Crusoe1H 2027
- Evolution of tariffs after temporary measures expire and any refunds of IEEPA dutiesQ3 2026
- Achievement of the year-end cash target and how it is fundedyear-end 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company delivers a diverse portfolio of energy storage solutions, including proprietary gravity (G-VAULT), battery (B-VAULT) and hydrogen (H-VAULT) technologies, supported by its VaultOS energy management software 1. Since 2024 the company has been moving gradually from a build-and-transfer and licensing model to an integrated model in which it selectively develops, owns and operates assets 1. Asset Vault, launched in 2025 with a preferred equity commitment of 300 million USD, is the vehicle for owned assets 1.
The company manages projects across their lifecycle, from site sourcing and development, permitting and interconnection, to engineering, construction, commissioning and operation 1. Storage systems are sold to utilities, independent power producers and large energy users, and in 2026 the company extended its activity into AI infrastructure through modular powered-shell data center offerings 13.
Projects in operation or construction include Cross Trails in Texas, the Calistoga Resiliency Center in California and Stoney Creek in Australia 1. In the second quarter of 2026 the company reported an executed contract for integrated power, storage and software for data centers in Texas, and the acquisition of a development portfolio in Japan 3.
Segments
Energy storage (BESS and proprietary technologies)
This line includes B-VAULT battery systems for short-duration storage, G-VAULT gravity systems for longer-duration storage, and H-VAULT hydrogen or hybrid solutions 1. Sales and licensing of these technologies form the historical base of the business, although the company has said tariff costs on B-VAULT products imported from China affected it 2.
Owned and operated projects (Asset Vault)
Through Asset Vault the company develops and operates its own assets, aiming to generate long-term recurring revenue, subject to project financing, permits and offtake contracts 1. As these assets enter operation they could account for a growing share of recurring revenue, although the company notes that project economics depend on cost and timeline estimates that can differ from actual results 13.
AI data center infrastructure
The company has begun developing modular powered-shell data center offerings for high-density compute, including artificial intelligence workloads 1. A partnership with Crusoe for a campus in Snyder, Texas, with the initial phase under construction, signals a gradual move into this segment 3.
Market context
The utility-scale energy storage market is expanding as electricity demand rises, the shift to intermittent renewable sources continues and attention to grid reliability grows 1. Load growth from data centers and artificial intelligence is among the most cited drivers in reliability-sector publications 1.
Public policy remains an important factor: tax incentives under the Inflation Reduction Act support storage, but legislative changes and foreign-entity rules could reduce demand or eligibility for some US projects 1. The company has said it cannot guarantee it will realize all anticipated benefits 2.
Competitive position
The market is competitive, with pressure coming from battery manufacturers and integrators that are extending into owned projects 1. Price pressure, margins and delivery timelines can be affected by manufacturing scale and the vertical integration of competitors 1.
In owned projects the company competes with independent power producers, developers and asset owners for sites, interconnection capacity and financing, and in software it competes with providers of control and optimization solutions 1. The sources provided do not name specific competitors with US tickers.
- Battery manufacturers and storage integrators
Competitors extending their integration and development activity, referred to generically in the company's sources without naming them.
- Independent power producers and developers
Competitors for sites, grid interconnection, offtake agreements and financing of owned projects.
- Energy software providers
Competitors in control, optimization and asset management, where the company offers the VaultOS platform and related tools.
- Original equipment manufacturers and integrators
Competitors offering integrated software and control solutions, particularly in services and operations.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Sept 2026Creation of a direct financial obligation · Financial statements and exhibits
- Current report20 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report17 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report19 May 2026
- Current report07 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Energy Vault Holdings, Inc. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Energy Vault Holdings, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Energy Vault Holdings, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.