Energy Vault Holdings Inc (NYSE: NRGV) is an energy storage company that delivers gravity-based, battery, and green hydrogen storage systems alongside energy management software to utilities, independent power producers, and large energy users. Revenue comes from EPC project contracts, equipment sales under an EEQ model, IP licensing, tolling and power purchase agreements on owned assets, and long-term service agreements. As of December 31, 2025, the company reported $203.7M in FY2025 revenue, up from $46.2M in FY2024, while posting a $74.4M operating loss. Beginning in 2024, Energy Vault shifted from primarily build-and-transfer and licensing arrangements toward selectively developing, owning, and operating storage assets through its Asset Vault platform. As of December 31, 2025, two energy storage systems were operating commercially. The company is led by CEO and Chairman Robert Piconi and CFO Michael Beer, with the 10-K signed March 18, 2026.

Revenue model

Revenue is generated through four streams: (1) EPC contracts for battery energy storage systems (BESS), where revenue is recognized over time as control transfers; (2) EEQ equipment sales, with equipment revenue recognized on delivery and service revenue over time; (3) IP and software licensing; (4) tolling and power purchase agreements on company-owned storage assets, evaluated as either operating leases under ASC 842 or customer contracts under ASC 606. To date, BESS sales and IP licensing have been the primary revenue sources (per FY2025 10-K).

Products and services

Products and services include: proprietary gravity-based energy storage systems, battery energy storage systems (BESS), green hydrogen-based storage, technology-agnostic energy management software, system integration and controls, EPC and EEQ project delivery, long-term operations and maintenance services, and asset development under the Asset Vault platform. Specific projects include the Stoney Creek 125 MW / 1.0 GWh BESS in New South Wales, Australia (acquired August 2025), the SOSA Energy Center 150 MW / 300 MWh BESS in Madison County, Texas (acquired October 2025), and the Ebor BESS 100 MW / 870 MWh project in New South Wales, Australia (awarded February 2026).

Customers and end markets

Customers include utilities, independent power producers, and large energy users. End markets are grid-scale energy storage tied to renewable electricity generation, particularly intermittent sources such as wind and solar. The company manages projects across development, permitting, interconnection, engineering, construction, commissioning, and ongoing operations.

Value-chain role

Energy Vault occupies a vertically integrated role spanning technology development, system integration, EPC project delivery, asset ownership and operation, software-enabled monitoring and controls, and long-term asset services. It acts as both a technology provider and, increasingly, an asset developer and operator through its Asset Vault platform.

Geographic exposure

Operations and projects are present in Australia (New South Wales, supported by the NSW Electricity Infrastructure Roadmap and agreements with AEMO Services and AusEnergy Services) and the United States (Madison County, Texas, ERCOT North). The company references a global sales team and established global presence in FY2025 filings.

Source: SEC 10-K, filed 2026-03-18

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