- Third quarter 2022 revenue of $1.7 million, driven by revenue
from the energy storage projects with Jupiter Power in Texas and
California.
- Revenue for the first nine months ending September 30, 2022,
totaled $45.6 million, driven mainly by gravity energy storage
licensing revenue with Atlas Renewable.
- Third quarter GAAP loss from operations of $(36.2) million, and
GAAP net loss of $(28.8) million.
- Third quarter 2022 adjusted EBITDA totaled $(17.2) million; for
the first nine months of 2022 ending September 30, 2022, adjusted
EBITDA was approximately breakeven totaling $(0.2) million.
- Total cash on the balance sheet of $274.7 million as of
September 30, 2022, vs $299.1 million as of June 30, 2022.
- Operating Highlights:
- Signed and booked orders for 495 megawatt hours (MWh),
converting prior project awards, for approximately $210
million.
- New projects awards of approximately 2 gigawatt hours (GWh) of
energy storage systems, including our first 48-hour long-duration
hybrid system utilizing green hydrogen. This approximately 300 MWh
project, awarded by a leading western public utility, is expected
to be one of the largest green hydrogen energy storage projects
globally.
- Total signed contracts and project awards are now approximately
4.8 GWh, representing approximately $2 billion of potential
revenue.
- Gravity systems: Construction progressed as planned in China,
completing foundation activities, and moving to fixed frame
structural erection and power electronic staging; test piling
activity commenced in Snyder, Texas for Enel Green Power.
- Battery systems: Engineering, procurement and construction
commenced for Jupiter’s Texas and California projects, and
Wellhead’s Stanton, California project. These battery projects are
expected to be operational between the second and third quarter of
2023.
- Global infrastructure and commercial build-out progressed with
legal entity establishment underway in Australia and China to
complement our United States and European presence.
- Total headcount grew 18% from the second quarter of 2022 to the
third quarter of 2022, bringing YTD 2022 headcount growth to 104%
versus end of year 2021.
- Appointed Jan Kees van Gaalen as Chief Financial Officer
replacing interim Chief Financial Officer, David Hitchcock, who
will remain as an advisor to Energy Vault through December 31,
2022.
- Re-affirming prior guidance: 2022 revenue of $75 million to
$100 million and adjusted EBITDA of $(10) million to $3 million,
driven by Gravity Energy Storage System territory expansions and
execution on initial project construction starts in California and
Texas with Jupiter Power and Wellhead. Expect to end 2022 with
total cash balance of $260 million to $280 million.
- Re-affirming 2-year aggregate revenue guidance of approximately
$680 million for combined full year 2022 and full year 2023.
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the
Company”), a leader in sustainable, grid-scale energy storage
solutions, announced financial results for the third quarter ended
September 30, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221114005773/en/
Construction of the first global
commercial deployment of Energy Vault’s gravity-based EVx system in
Rudong, China. The 25 MW / 100 MWh gravity energy storage system is
on track for full customer delivery by mid-year 2023. (Photo:
Business Wire)
Robert Piconi, Chairman and CEO of Energy Vault, stated, “We
made strong progress during the quarter across all commercial,
operational and financial facets of our business. Customers are
choosing Energy Vault given the innovative portfolio of solutions
that address their needs across short and long duration storage, as
well as addressing their complex requirements to optimize energy
density, economics, and overall performance. During the quarter, we
announced contract signings totaling 495 megawatt hours for our
battery energy storage solutions for immediate delivery in 2023
with top tier customers. This highlights the readiness of our
solutions and software capabilities, and more importantly, the
trust that our customers have in us to deliver projects on-time and
on-budget.
Additionally, we have received awards for approximately 2
gigawatt hours of energy storage solutions to address our
customer’s immediate needs. This includes a 500 MWh short-duration
battery storage project with Meadow Creek in Australia as
previously announced, an 820 MWh short-duration battery storage
project in Europe and our previously announced 440 MWh award with a
large western utility. These projects mark our first entrance into
the European market and our first shorter duration project to
complement our long duration gravity projects in Australia, regions
that we have seen increased demand for energy storage driven by
supportive policy and macro events. I am also pleased to announce
one of the first and largest utility-scale green hydrogen storage
projects, for approximately 300 MWh of storage capacity with
another large western utility. The introduction of green hydrogen
into our technology portfolio further validates our technical
differentiation with our energy management software platform and
the market for hybrid short and long duration integrated
systems.”
Mr. Piconi continued, “Looking ahead to the balance of 2022 and
2023, we will continue to scale our talent base and global
infrastructure to enable commercial and operational execution for
our customers. We will leverage, in a disciplined manner, our
position as the only energy storage company offering a hardware
agnostic portfolio of both short and long duration storage
solutions, bringing innovative gravity, green hydrogen and hybrid
solutions to the market for the first time.”
Third Quarter 2022 and Recent Business Highlights:
Realized significant commercial momentum on our utility-scale
battery energy storage projects:
- Signed contract with Wellhead Electric and W Power for 275
MWh energy storage project in Southern California.
- Energy Vault has signed a contract to deploy a 68.8 megawatt
(275 MWh) battery energy storage system (BESS) at Wellhead’s Energy
Reliability Center in Stanton, California to provide enhanced
resources and improved grid reliability in the Southern California
Edison territory. The Stanton ESS will be one of the largest energy
storage systems in southern California and will be based on Energy
Vault Solutions’ (EVS) proprietary system design and EVS’s Energy
Management Software for optimal economic dispatching. This contract
reflects successful validation of EVS’s technology-agnostic
strategy, to provide customers with the most flexible and
cost-effective energy storage solutions. The project is expected to
be completed in the second half of 2023.
- Signed contract with Jupiter Power for 220 MWh energy
storage project in Texas and California.
- Energy Vault and Jupiter Power will deploy a BESS in Texas to
provide energy and ancillary services to the ERCOT energy-only
market and a battery energy storage system in California to provide
similar services through participation in the CAISO Resource
Adequacy program. The storage systems will be based on EVS’s
proprietary integration system design and EVS’ Energy Management
Software for optimal economic dispatching. The project is expected
to be completed in the second half of 2023.
- Awarded a 250 MW/500 MWh grid-connected battery storage
agreement in Victoria, Australia.
- Meadow Creek Solar pty Ltd., a developer of the Meadow Creek
Solar Farm has awarded Energy Vault a 250 MW/500 MWh BESS project
to support its 330 MW solar project. Under the notice of award,
Energy Vault will begin the advanced grid studies and modeling with
technical advisor DNV, as required by the Australian Energy Market
Operator (AEMO) for interconnected power systems in Australia's
eastern and south-eastern seaboard, which will be located 2 hours
north of Melbourne, Australia. The battery storage system, being
co-located with the solar PV, will provide the flexibility of
charge and discharge, essential to shoring up renewable energy
supply across the network as Australia adopts the Australian Energy
Market Operator's Integrated System Plan. The project is expected
to be completed in 2024.
- Awarded a 410 MW/820 MWh project in Europe with a large
renewable energy developer.
- Energy Vault announced it was awarded an 820 MWh battery energy
storage system project with a large renewable energy developer with
expected completion in 2024.
- Awarded an approximately 300 MWh, utility-scale battery plus
green hydrogen storage project with an additional large western
public utility for long duration storage, marking our first
hydrogen deployment.
- The hybrid battery plus hydrogen storage project will provide
300 MWh of carbon-free energy over 48 hours. The hybrid
architecture will allow for grid forming and black start
capabilities. Energy Vault’s Energy Management System will provide
full system control and optimal dispatching among the batteries,
hydrogen tanks and fuel-cells.
- Previously announced award for a 220 MW/440 MWh energy
storage project with a large western utility is in the final stages
of contract execution.
- The project is expected to reach commercial operation by the
end of 2023.
Large scale gravity-energy storage projects utilizing our EVx
system continues multi-continent progress:
- Received a limited notice to proceed with the Enel Green
Power project which has resulted in groundbreaking on location
in Snyder, Texas for an 18 MW / 36 MWh gravity energy storage
system. This project will be the first gravity storage deployment
in the western hemisphere.
- First 100 MWh project in China progressing in line with
plan
- Energy Vault will continue to support the 100 MWh project in
the fourth quarter of 2022 and into next year. We expect the
project to achieve commercial deployment in the first half of
2023.
- 2 GWh Mandate announced for Energy Vault’s EVx™ Gravity
Energy Storage Platform for Initial Zero Carbon Industrial Parks in
China
- In partnership with Atlas Renewable, EIPC (a policy oriented
supporting organization of the Investment Association of China), in
conjunction with China Tianying and selected provincial and local
governments, will develop five national zero carbon industrial
parks. The parks will utilize Energy Vault’s gravity energy storage
technology and its Energy Management Software platform to support
China’s mandated climate change and environmental policy. The first
announced site has been confirmed for a 2 GWh system located in
Inner Mongolia.
Other recent updates:
- Energy Vault announced key executive appointments.
- Jan Kees van Gaalen will be appointed as Chief Financial
Officer effective November 16, 2022, and is replacing interim Chief
Financial Officer David Hitchcock, who will remain as an advisor to
Energy Vault through December 31, 2022.
- E.B. Jensen has joined as Senior Vice President, Project
Execution and Delivery. Jensen will lead the teams responsible for
energy storage deployment across the global landscape.
- Dr. Craig Horne has joined as Vice President of Advanced Energy
Storage Development, responsible for the expansion of Energy
Vault’s portfolio of storage solutions.
Outlook:
- Energy Vault reiterates its expectation for full year 2022
revenue in the range of $75 million to $100 million and adjusted
EBITDA range of $(10.0) million to $3.0 million.
- Energy Vault maintains its two-year aggregate revenue guidance
of approximately $680 million for full year 2022 and full year
2023.
- Expect to end 2022 with total cash balance in the range of $260
million to $280 million.
Conference Call Information
Energy Vault will host a conference call today at 4:30 PM ET to
discuss the results, followed by a Q&A session. A live webcast
of the call can be accessed https://www.energyvault.com/. To access the call,
participants may dial 1-877-704-4453, international callers may use
1-201-389-0920, and request to join the Energy Vault earnings
call.
A telephonic replay will be available shortly after the
conclusion of the call and until, November 28, 2022. Participants
may access the replay at 1-844-512-2921, international callers may
use 1-412-317-6671, and enter access code 13733498. The call will
also be available for replay via webcast link on the Investors
portion of the Energy Vault website at https://www.energyvault.com/.
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy
storage solutions designed to transform the world’s approach to
utility-scale energy storage in realizing decarbonization while
maintaining grid resiliency. The company’s proprietary energy
management system and optimization software suite is technology
agnostic in its ability to orchestrate various generation and
energy storage resources to help utilities, independent power
producers and large industrial energy users to significantly reduce
their levelized cost of energy while maintaining power quality and
grid reliability. Energy Vault’s EVx™ gravity energy storage system
utilizes eco-friendly materials with the ability to integrate waste
materials for beneficial re-use. Energy Vault is facilitating the
shift to a circular economy while accelerating the clean energy
transition for its customers. For additional information, please
visit: www.energyvault.com
Non- GAAP measures
Energy Vault has provided a reconciliation of Adjusted EBITDA to
net loss, the most directly comparable GAAP measures, for the
historical period in the appendix hereto. A reconcilation of
projected non-GAAP measures for the full-year 2022 has not been
provided because certain information necessary to calculate such
measures on a GAAP basis is unavailable or dependent on the timing
of future events outside of our control. Therefore, because of the
uncertainty and variability of the nature of the amount of future
adjustments, which could be significant, the Company is unable to
provide a reconciliation for these forward-looking non-GAAP
measures without unreasonable effort.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “ anticipate,” “expect,” “suggest,” “plan,”
“believe,” “intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the implementation, market acceptance and
success of our business model and growth strategy; our ability to
develop and maintain our brand and reputation; developments and
projections relating to our business, our competitors, and
industry; the impact of health epidemics, including the COVID-19
pandemic, on our business and the actions we may take in response
thereto; our expectations regarding our ability to obtain and
maintain intellectual property protection and not infringe on the
rights of others; expectations regarding the time during which we
will be an emerging growth company under the JOBS Act; our future
capital requirements and sources and uses of cash; our ability to
obtain funding for our operations and future growth; our business,
expansion plans and opportunities and other important factors
discussed under the caption “Risk Factors” in our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2022 and in our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022 to be filed with the SEC, as such factors may be updated from
time to time in its other filings with the SEC, accessible on the
SEC’s website at www.sec.gov. New risks emerge from time to time
and it is not possible for our management to predict all risks, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Balance Sheets
(Unaudited) (In thousands except par value)
September 30,
2022
December 31,
2021
Assets
Current Assets
Cash and cash equivalents
$
249,649
$
105,125
Restricted cash
25,086
—
Accounts receivable
22,824
—
Contract assets
24,714
—
Prepaid expenses and other current
assets
9,421
5,538
Total current assets
331,694
110,663
Property and equipment, net
1,577
11,868
Right-of-Use assets, net
1,378
1,238
Other assets
3,900
1,525
Total Assets
$
338,549
$
125,294
Liabilities, Convertible Preferred
Stock, and Stockholders’ Equity (Deficit)
Current Liabilities
Accounts payable
$
2,801
$
1,979
Accrued expenses
3,669
4,704
Contract liabilities, current portion
27,517
—
Long-term finance leases, current
portion
37
48
Long-term operating leases, current
portion
676
612
Total current liabilities
34,700
7,343
Deferred pension obligation
166
734
Asset retirement obligation
819
978
Contract liabilities, long-term
portion
1,500
1,500
Long-term finance leases
23
34
Long-term operating leases
760
662
Warrant liability
271
—
Total liabilities
38,239
11,251
Commitments and contingencies
Convertible preferred stock, $0.0001 par
value; 85,741 shares authorized, 85,741 shares issued and
outstanding at December 31, 2021; liquidation preference of
$171,348
—
182,709
Stockholders’ Equity (Deficit)
Preferred stock, $0.0001 par value; 5,000
shares authorized, none issued
—
—
Common stock, $0.0001 par value; 500,000
shares authorized, 137,839 shares issued, and 137,839 outstanding
at September 30, 2022; 120,568 shares authorized, 20,432 shares
issued, and 20,432 outstanding at December 31, 2021
14
—
Additional paid-in capital
424,499
713
Accumulated deficit
(123,988
)
(68,966
)
Accumulated other comprehensive loss
(215
)
(413
)
Total stockholders’ equity (deficit)
300,310
(68,666
)
Total Liabilities, Convertible
Preferred Stock, and Stockholders’ Equity (Deficit)
$
338,549
$
125,294
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Statements of Operations and
Comprehensive Loss (Unaudited) (In thousands except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue
$
1,694
$
—
$
45,555
$
—
Operating expenses:
Cost of revenue
1,623
—
2,194
—
Sales and marketing
3,758
169
8,287
443
Research and development
16,731
1,697
36,155
4,920
General and administrative
12,960
3,759
33,434
8,620
Asset impairment
2,828
(11
)
2,828
2,733
Loss from operations
(36,206
)
(5,614
)
(37,343
)
(16,716
)
Other income (expense)
Interest expense
—
—
(1
)
(7
)
Change in fair value of warrant
liability
6,706
—
2,061
—
Transaction costs
—
—
(20,586
)
—
Other income (expense), net
920
(549
)
1,205
(1,866
)
Loss before income taxes
(28,580
)
(6,163
)
(54,664
)
(18,589
)
Provision for income taxes
185
—
358
—
Net loss
$
(28,765
)
$
(6,163
)
$
(55,022
)
$
(18,589
)
Net loss per share — basic and diluted
$
(0.21
)
$
(0.45
)
$
(0.46
)
$
(1.54
)
Weighted average shares outstanding
— basic and diluted
140,302
13,598
118,560
12,094
Other comprehensive income (loss) — net
of tax
Actuarial gain (loss) on pension
$
1
$
63
$
561
$
295
Foreign currency translation gain
(loss)
(8
)
(596
)
(363
)
303
Total other comprehensive income
(loss)
(7
)
(533
)
198
598
Total comprehensive loss
$
(28,772
)
$
(6,696
)
$
(54,824
)
$
(17,991
)
ENERGY VAULT HOLDINGS,
INC. Condensed Consolidated Statements of Cash Flows
(Unaudited) (In thousands)
Nine Months Ended September
30,
2022
2021
Cash Flows From Operating
Activities
Net loss
$
(55,022
)
$
(18,589
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
7,562
976
Non-cash lease expense
548
319
Non-cash interest income
(217
)
—
Stock based compensation
26,757
452
Asset Impairment
2,828
3,236
Change in fair value of warrant
liability
(2,061
)
—
Change in pension obligation
21
53
Asset retirement obligation accretion
expense
(93
)
—
Foreign exchange gains and losses
163
100
Change in operating assets
(55,247
)
664
Change in operating liabilities
26,966
(1,286
)
Net cash used in operating activities
(47,795
)
(14,075
)
Cash Flows From Investing
Activities
Purchase of property and equipment
(679
)
(76
)
Purchase of convertible notes
(2,000
)
—
Net cash used in investing activities
(2,679
)
(76
)
Cash Flows From Financing
Activities
Proceeds from exercise of stock
options
131
—
Proceeds from reverse recapitalization and
PIPE financing, net
235,940
—
Proceeds from exercise of warrants
7,855
—
Payment of transaction costs related to
reverse recapitalization
(20,651
)
(469
)
Payment of taxes related to net settlement
of equity awards
(3,017
)
—
Repayment of debt
—
(765
)
Proceeds from promissory note
—
125
Payment of finance lease obligations
(51
)
(43
)
Proceeds from Series B-1 preferred Stock,
net of issuance costs
—
15,295
Proceeds from Series C preferred Stock,
net of issuance costs
—
105,520
Proceeds from issue of shares, net of
issuance costs
—
5
Net cash provided by financing
activities
220,207
119,668
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(123
)
723
Net increase in cash, cash equivalents,
and restricted cash
169,610
106,240
Cash, cash equivalents, and restricted
cash – beginning of the period
105,125
10,051
Cash, cash equivalents, and restricted
cash – end of the period
274,735
116,291
Less: Restricted cash at end of period
25,086
—
Cash and cash equivalents - end of
period
$
249,649
$
116,291
ENERGY VAULT HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows (Continued)
(Unaudited)
(In thousands)
Nine Months Ended September
30,
2022
2021
Supplemental Disclosures of Cash Flow
Information:
Income taxes paid
3
1
Cash paid for interest
1
50
Reclassification of inventory costs
—
10,812
Supplemental Disclosures of Non-Cash
Investing and Financing Information:
Conversion of redeemable preferred stock
into common stock in connection with the reverse
recapitalization
182,709
—
Warrants assumed as part of reverse
recapitalization
19,838
—
Actuarial gain on pension
561
295
Assets acquired on finance lease
35
43
Purchases of intangible assets recorded in
accrued liabilities
—
119
Non-GAAP Financial Measure
We use adjusted EBITDA to complement our condensed consolidated
statements of operations. Management believes that this non-GAAP
financial measure complements our GAAP net loss and such measure is
useful to investors. The presentation of this non-GAAP measure is
not meant to be considered in isolation or as an alternative to net
loss as an indicator of our performance.
The following table provides a reconciliation from non-GAAP
adjusted EBITDA to GAAP net loss, the most directly comparable GAAP
measure (amounts in thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Net loss (GAAP)
$
(28,765
)
$
(6,163
)
$
(55,022
)
$
(18,589
)
Non-GAAP Adjustments:
Interest income, net
(1,024
)
(21
)
(1,355
)
(36
)
Income tax expense
185
—
358
—
Depreciation and amortization
5,158
529
7,562
976
Stock-based compensation expense
10,894
202
26,757
452
Change in fair value of warrant
liability
(6,706
)
—
(2,061
)
—
Transaction costs
—
—
20,586
—
Asset impairment
2,828
(11
)
2,828
2,733
Foreign exchange (gains) and losses
219
550
163
1,889
Adjusted EBITDA (non-GAAP)
$
(17,211
)
$
(4,914
)
$
(184
)
$
(12,575
)
We present adjusted EBITDA, which is net loss excluding
adjustments that are outlined in the quantitative reconciliation
provided above, as a supplemental measure of our performance and
because we believe this measure is frequently used by securities
analysts, investors, and other interested parties in the evaluation
of companies in our industry. The items excluded from adjusted
EBITDA are excluded in order to better reflect our continuing
operations.
In evaluating adjusted EBITDA, one should be aware that in the
future we may incur expenses similar to the adjustments noted
above. Our presentation of adjusted EBITDA should not be construed
as an inference that our future results will be unaffected by these
types of adjustments. Adjusted EBITDA is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to net loss, operating loss, or any other performance
measures derived in accordance with GAAP or as an alternative to
cash flow from operating activities as a measure of our
liquidity.
Our adjusted EBITDA measure has limitations as an analytical
tool, and should not be considered in isolation or as a substitute
for analysis of our results as reported under GAAP. Some of these
limitations are:
- it does not reflect our cash expenditures, future requirements
for capital expenditures, or contractual commitments;
- it does not reflect changes in, or cash requirements for, our
working capital needs;
- it does not reflect stock-based compensation, which is an
ongoing expense;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and our adjusted EBITDA measure does not
reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items
that are reflected in our condensed consolidated statements of cash
flows;
- it does not reflect the impact of earnings or charges resulting
from matters we consider not to be indicative of our ongoing
operations;
- it does not reflect limitations on or costs related to
transferring earnings from our subsidiaries to us; and
- other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business or as a measure of cash that
will be available to use to meet our obligations. You should
compensate for these limitations by relying primarily on our GAAP
results and using adjusted EBITDA only supplementally.
View source
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