Energy Vault
Energy Vault (NYSE: NRGV) is a publicly traded grid-scale energy storage company that develops gravity, lithium-ion, sodium-ion, and hydrogen storage systems plus proprietary energy management software for utilities, independent power producers, and AI data center operators, generating ~$200M FY2025 revenue.
- Company typePublic
- Founded2017
- HeadquartersLugano, Switzerland
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Energy Vault does
Energy Vault Holdings, Inc. (NYSE: NRGV) is a publicly traded grid-scale energy storage company that develops and deploys three proprietary technology families: gravity-based systems (G-VAULT and the modular EVx platform) using composite blocks lifted and lowered to store and discharge electricity with 80%+ round-trip efficiency and a 35-year asset life; lithium-ion battery systems (B-VAULT, B-Nest) with multi-story enclosures delivering up to 8x the energy density of conventional BESS; and hybrid hydrogen systems (H-VAULT) combining batteries with fuel cells for multi-day resilience. All assets are orchestrated through a proprietary software stack composed of VaultOS (energy management), Vault-Bidder (AI-driven market bidding and dispatch optimization), and Vault-Manager (battery asset performance analytics).
The company's commercial model has shifted from lower-margin engineering, procurement, and construction (20-25% gross margins) toward an Asset Vault build-own-operate independent power producer model (60-80% gross margins), which now represents roughly 80% of its $1.3+ billion contract backlog. Revenue streams span hardware sales (B-VAULT, B-Nest, Peak Energy sodium-ion supply), long-term service and performance agreements, and software licensing across utility, independent power producer, large industrial, and AI/data center customer segments. Customers and partners include PG&E, NV Energy, ACEN Australia, Jupiter Power, Wellhead Electric, Eskom, Bridge Energy, AusEnergy Services, the EU Green Energy Balkans consortium, Crusoe, Peak Energy, Arevon Energy, Banpu Power, and Belltown Power, with operational presence in the United States, Switzerland, Japan, Australia, South Africa, China, and Europe.
Energy Vault became public in February 2022 through a SPAC merger with Novus Capital Corporation II and is headquartered in Westlake Village, California, with an R&D center in Castione, Switzerland. The company generated $200-205 million in full-year 2025 revenue (up approximately 340% year-over-year from $46.2 million in 2024), reported its first positive adjusted EBITDA in Q4 2025, and finished the year with $103.4 million in cash and a global owned asset base exceeding 1 GW following the closing of an 850 MW BESS portfolio acquisition from BayWa r.e. AG in Japan and the McMurtre 175 MW/350 MWh project in ERCOT North.
Energy Vault firmographics
Firmographics- Name
- Energy Vault
- Legal name
- Energy Vault Holdings, Inc.
- Website
- https://energyvault.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Energy Vault (NYSE: NRGV) is a publicly traded grid-scale energy storage company that develops gravity, lithium-ion, sodium-ion, and hydrogen storage systems plus proprietary energy management software for utilities, independent power producers, and AI data center operators, generating ~$200M FY2025 revenue.
- Ownership category
- akta.pro rank
Energy Vault industry classification
Industry- Product category
- Grid-Scale Energy Storage Systems
- NAICS
- Electric Power Generation (22111), Battery Manufacturing (33591)
- SIC
- Electric Services (4911), Motors & Generators (3621)
- akta.pro primary industry
- Energy Storage Asset Management (BESS/PCS/EMS) (EUAEAMAE)
- akta.pro secondary industries
- EMS / SCADA / DERMS Controls Integration for Storage (EUAEAEAG), BESS O&M and Lifecycle Services (Warranty, Spares, Monitoring) (EUAEAEAM), Gravity & Solid-Mass LDES (Lifted Weight, Rail, Mine-Shaft) (EUAFADAD), Energy Storage Software & Controls (EMS, monitoring, optimization, cybersecurity) (IMAGAHAJ)
Keywords
Where Energy Vault is headquartered
LocationHeadquarters
- HQ city
- Lugano
- HQ country
- Switzerland
- HQ region
- Europe
Offices4 records
Markets served
Energy Vault business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Energy Storage System Sales (EPC): Traditional engineering, procurement, and construction of energy storage systems for customers. Lower-margin segment (20-25% gross margins) being de-emphasized as company pivots to IPP model.
- Asset Ownership & Operations (Asset Vault): Company owns, constructs, and operates energy storage assets, generating recurring revenue from electricity sales, capacity payments, and grid services. Higher-margin segment (60-80% gross margins) representing majority of backlog. Includes AI infrastructure co-location.
- Battery and Technology Supply: Supply of proprietary B-VAULT, B-Nest, and sodium-ion battery systems to project developers and partners. Includes Domestic Content tax credit eligibility for US-manufactured products.
- Long-Term Service Agreements: Maintenance, performance guarantees, and operational support over asset lifecycle. Flexible scope from 8x5 to 24x7 coverage with extended warranties.
- Software Licensing: VaultOS, Vault-Bidder, and Vault-Manager software platforms licensed to asset owners and operators for energy management and optimization.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Project-specific pricing based on capacity, duration, and technology requirements |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Energy Vault product offering
Product offeringCore offering
Energy Vault designs, develops, and deploys proprietary grid-scale energy storage systems spanning gravity-based storage (G-VAULT, EVx), lithium-ion battery storage (B-VAULT, B-Nest), and hydrogen-based hybrid storage (H-VAULT), all orchestrated by the VaultOS, Vault-Bidder, and Vault-Manager software platform. The company sells these systems through engineering, procurement, and construction (EPC) contracts and operates them directly through its Asset Vault own-and-operate platform, targeting utilities, independent power producers, and large energy users globally.
Product overview
Energy Vault offers a diversified portfolio of grid-scale energy storage solutions encompassing proprietary hardware and software products. The hardware portfolio includes battery energy storage systems (B-VAULT™, B-Nest™), gravity-based storage (G-VAULT™, EVx™), and hydrogen energy storage (H-VAULT™). The software suite is anchored by VaultOS™ for energy management and control, complemented by Vault-Bidder™ for AI-driven revenue optimization and Vault-Manager™ for asset performance management. The company provides long-term service agreements and develops projects including the Calistoga Resiliency Center hybrid microgrid facility. Energy Vault's technology addresses short-duration (up to 4 hours), long-duration (4-12 hours), and ultra-long-duration (12+ hours) storage requirements across utility, commercial, and industrial applications.
Differentiator
Problem solved
Functional benefit
Brands
- B-VAULT: Lithium-ion battery energy storage system designed for reliability, flexibility, and availability with innovative enclosure architecture and AC/DC configurations.
- B-Nest
- G-VAULT
- H-VAULT
- EVx
- VaultOS
- Vault-Bidder
- Vault-Manager
- Asset Vault
Products and services
- B-VAULT Battery Energy Storage System
- B-Nest Hyperscale Energy Storage
- G-VAULT Gravity Energy Storage
- H-VAULT Hydrogen Energy Storage
- EVx Modular Gravity Energy Storage Platform
- VaultOS Energy Management System
- Vault-Bidder AI Bidding Optimization Software
- Vault-Manager Battery Asset Management Software
- Long-Term Service Agreements
- Asset Vault Own-and-Operate Platform
Quantifiable outcome
- Q4 2025 Adjusted EBITDA positive at $5-10 million (first positive quarter), compared to $13.4 million loss Q4 2024
- +5 more outcomes
Companies that use Energy Vault
Customer profileNamed customers9 records
Segments5 records
Ideal customer profiles4 records
Energy Vault technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature7 records
Energy Vault partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and major.
- BayWa r.e. AGcoreAcquisition of 850 MW Battery Energy Storage System development portfolio in Japan from BayWa r.e. AG, including 350 MW advanced-stage projects (H2 2027 construction, mid-2028 COD) and 500 MW early-stage projects. Transaction established Energy Vault's first operational presence in Japan with local development team integration.
- Cory Magnuson (President of Asset Vault)coreAppointment of Cory Magnuson, former CFO of Spearmint Energy, as President of Asset Vault to expand financing and asset management platform. Brings over 20 years of infrastructure finance experience and has raised over $3 billion in project and corporate financing.
- Arevon EnergymajorPartner on Cormorant BESS project (250 MW/1,000 MWh) in California. Combined investments exceeding $690 million with Banpu Power and Energy Vault on battery storage projects.
- Banpu PowermajorPartner on Megamouth BESS project (100 MW/200 MWh) in Texas. Combined investments exceeding $690 million with Arevon Energy and Energy Vault on battery storage projects.
- Belltown PowercoreAcquisition of McMurtre Battery Energy Storage System (175 MW/350 MWh) from Belltown Power in ERCOT North market near Dallas, Texas. Project expected to generate $15-20 million in average annual revenues with commercial operation targeted December 2027.
- Peak EnergycoreStrategic development agreement to co-develop sodium-ion energy storage platform for AI-first data center operators. Energy Vault secured 1.5 GWh supply agreement for U.S.-manufactured sodium-ion batteries with Domestic Content Investment Tax Credit eligibility. Energy Vault holds exclusive channel partner rights for Peak Energy technology in Australia and Japan.
- CrusoecoreStrategic framework agreement for phased deployment of Crusoe Spark modular AI factory units at Energy Vault's Snyder, Texas technology center, scalable up to 25 MW. Energy Vault provides powered shell infrastructure while Crusoe supplies proprietary Spark units for Crusoe Cloud expansion. Expected revenue-per-MW 10-20x higher than traditional BESS deployments.
- Bridge EnergycoreAustralian development partner awarded 14-year LTESA for 100 MW/870 MWh Ebor BESS project in New South Wales valued at A$310 million. Energy Vault holds exclusive option to acquire and subsequently build, own, and operate the facility under its Asset Vault platform.
- AusEnergy ServicescoreAwarding body for Ebor BESS Long-Term Energy Service Agreement. 14-year contract for 100 MW/870 MWh energy storage system providing 8 hours of dispatchable capacity to support NSW renewable energy transition.
- EU Green EnergymajorFramework agreement for deployment of up to $250 million of battery energy storage systems totaling 1.8 GWh across the Balkans region to accelerate renewable deployment.
- Korea ZincmajorStrategic investment and partnership as part of $107 million Series C funding round and business combination with Novus Capital Corporation II to scale sustainable grid-scale energy storage solutions globally.
- Atlas RenewablemajorStrategic partnership as part of business combination and funding to support scaling of grid-scale energy storage solutions.
Scale indicators15 records
Recent moves7 records
Expansion highlights8 records
Energy Vault competitors and assessment
Company assessmentDirect peers
- Fluence Energy: Fluence is the most directly comparable peer — a pure-play grid-scale BESS integrator with a similar mix of utility and IPP customers, project-level and asset-ownership revenue streams, and AI-driven software (Mosaic) for fleet dispatch; both compete head-to-head on BESS project bids and are pivoting toward own-and-operate models.
- ESS Inc. ESS builds iron-flow battery systems for long-duration storage (6-12+ hours), a direct alternative to Energy Vault's G-VAULT and H-VAULT for LDES applications; both target utility-scale decarbonization and are pre-IPO/SPAC-era companies commercializing first-generation long-duration technology.
- Form Energy: Form Energy is a leading iron-air battery LDES developer (100+ hour duration) addressing the same multi-day storage market as Energy Vault's H-VAULT hydrogen system; both are Boston/Pennsylvania or US-based hardware developers with strong backing and are viewed as direct LDES alternatives.
- Stem Inc. Stem Inc. combines AI-driven energy storage software (Athena) with customer-sited and utility-scale storage assets, directly paralleling Energy Vault's Vault-Bidder AI dispatch and IPP/Asset Vault model; both pivot toward software-plus-asset-owner business models in CAISO/ERCOT.
- Eos Energy Enterprises: Eos manufactures zinc-based battery storage for utility-scale long-duration applications, sharing Energy Vault's positioning as a U.S.-listed LDES challenger; both target 4-12 hour storage with alternative chemistries to Li-ion and serve similar regulated and IPP customer segments.
Broad incumbents
- Tesla Energy (Megapack): Tesla Megapack is the dominant incumbent in utility-scale Li-ion BESS, with massive Lathrop factory capacity, vertically integrated cell supply, and significant ERCOT/Australia presence — overlapping directly with Energy Vault's B-VAULT/B-Nest targets but operating as part of a much larger EV/energy ecosystem.
- BYD Energy Storage: BYD supplies integrated BESS hardware (e.g., the Cube Pro 543 MWh deployed by Energy Vault for NV Energy) and competes directly on price and capacity in utility-scale storage markets globally; a vertically integrated Chinese manufacturer with massive scale.
- Saft (TotalEnergies): Saft, a TotalEnergies subsidiary, supplies industrial battery storage systems (including Li-ion and nickel-based) to utilities and large industrial customers, overlapping with Energy Vault's B-VAULT long-duration products across geographies and regulated-utility customer segments.
Emerging players
- KORE Power: KORE Power is a U.S.-based battery cell and BESS system manufacturer targeting utility-scale and IRA Domestic Content-eligible projects, overlapping with Energy Vault's B-Nest strategy and U.S.-manufactured sodium-ion positioning for AI/data-center customers.
- Highview Power: Highview Power develops cryogenic / liquid-air long-duration energy storage (CRYOBattery), an alternative LDES technology to Energy Vault's gravity and hydrogen offerings; both target multi-day storage with no geographical constraints and pursue utility-scale project pipelines.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks6 records
Key highlights7 records
Customer concentration
Energy Vault social profiles
Digital presenceEnergy Vault financial estimates
Financial estimateRevenue estimate
Valuation estimate
Energy Vault leadership team
Management profileNumber of profiles
Profiles16 records
Energy Vault funding detail
Funding detailFunding overview
Funding rounds16 records
Investors24 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Energy Vault M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Energy Vault
What does Energy Vault do?
Energy Vault designs, develops, and deploys proprietary grid-scale energy storage systems spanning gravity-based storage (G-VAULT, EVx), lithium-ion battery storage (B-VAULT, B-Nest), and hydrogen-based hybrid storage (H-VAULT), all orchestrated by the VaultOS, Vault-Bidder, and Vault-Manager software platform. The company sells these systems through engineering, procurement, and construction (EPC) contracts and operates them directly through its Asset Vault own-and-operate platform, targeting utilities, independent power producers, and large energy users globally.
Is Energy Vault a public or private company?
Energy Vault is a public company. It is classified as public and is currently operating.
When was Energy Vault founded?
Energy Vault was founded in 2017. It employs 101 to 250 people.
Where is Energy Vault based?
Energy Vault is headquartered in Lugano, Switzerland, in the Europe region.
How does Energy Vault make money?
Five revenue lines are on record. Energy Storage System Sales (EPC) is the primary driver. The others are asset Ownership & Operations (Asset Vault), battery and Technology Supply, long-Term Service Agreements and software Licensing.
Who are Energy Vault's main competitors?
Direct peers on record are Fluence Energy, ESS Inc., Form Energy, Stem Inc. and Eos Energy Enterprises. Broad incumbents are Tesla Energy (Megapack), BYD Energy Storage and Saft (TotalEnergies). Emerging players are KORE Power and Highview Power.
Does Energy Vault have an API?
No public API is recorded for Energy Vault.
What industry is Energy Vault in?
Energy Vault's product category is Grid-Scale Energy Storage Systems. Its primary akta.pro industry code is EUAEAMAE, Energy Storage Asset Management (BESS/PCS/EMS), with a secondary code of EUAEAEAG, EMS / SCADA / DERMS Controls Integration for Storage. Its NAICS code is 22111 and its SIC code is 4911.