Energy Vault Reports First Quarter 2022 Earning Results

Source: 5/16/2022, Location: Europe

- First quarter 2022 revenue of $42.9 million, driven by the $50.0 million licensing and royalty agreement with Atlas Renewable.
- GAAP operating income of $20.8 million.
- GAAP net loss of $20.1 million impacted by one-time IPO transaction costs of $20.6 million and a non-cash charge of $20.2 million for the change in fair value of our warrant liability due to the increase in stock price during the quarter.
- Adjusted EBITDA of $31.2 million.
-Began construction of the first Chinese deployment of a 100 MWh EVxô gravity-based storage system in partnership with Atlas Renewable and China Tianying, which also invested $50.0 million into the private placement investment (PIPE) related to the go-public transaction.
- Announced strategic partnership with Korea Zinc, who also invested $50 million into the PIPE related to the go-public transaction,to support decarbonization of their refining and smelting operations in Australia with wholly owned subsidiaries Sun Metals and Ark Energy.
- Bolstered and expanded leadership team, including the appointment of David Hitchcock as interim Chief Financial Officer, Kevin Keough as Senior Vice President, Corporate Development, and Josh McMorrow, Chief Legal Officer.
- Began trading on the New York Stock Exchange on February 14, 2022, adding a net $191 million to existing cash reserves to fund execution of the growth strategy.

Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions, announced financial results for the first quarter ended March 31, 2022.

Energy Vault Chief Executive Officer, Robert Piconi stated, ďThe first quarter of 2022 marked a monumental period for our company as we successfully completed our go-public transaction, combining a twice up-sized PIPE and our Series C financing completed in September 2021 which together provides ample capital to enable the execution of our global growth plans. We made significant progress on our growth strategy this quarter as we signed several new agreements and MOUís with world-class customers who also chose to make large investments in Energy Vault, including with Korea Zinc and Atlas Renewable, which expanded our footprint in Australia and China, where we broke ground on our first EVxô deployment in March 2022. We continued to attract and onboard top talent to our organization with the hiring of key personnel across the operational and executive teams, positioning us well to deliver value to all of our customer and investor stakeholders as we begin deployments this year.Ē

Mr. Piconi continued ďAs we look at the balance of 2022, we expect to commence execution on additional EVx and Energy Vault Solutions deployments in the U.S., China and Australia, as our energy storage technology and software solutions continue to be met with enthusiasm from customers and prospects across the world.Ē

First Quarter 2022 and Recent Business Highlights:
- Signed $50.0 million investment and strategic partnership with Korea Zinc to support the decarbonization of refining and smelting operations. The partnership included a $50.0 million strategic investment in Energy Vault as part of the go-public transaction. Sun Metals, an Australia-based zinc refinery and a wholly owned subsidiary of Korea Zinc, aims to deploy Energy Vaultís storage and energy management software technology to support renewable power supply and optimization to support their refining infrastructure. The scope of the partnership also includes the potential sustainable and beneficial re-use of tailings and other refining waste materials within Energy Vaultís eco-friendly composite blocks. Kathy Danaher, the Vice-Chairwoman of Ark Energy, another wholly owned subsidiary of Korea Zinc in Australia that recently announced the closure of the acquisition of over 9GW of wind and solar projects in Australia, has joined the Strategic Advisory Board of Energy Vault alongside other strategic customers and investors.
- Announced with Atlas Renewable and China Tianying the groundbreaking for Chinaís first ever utility-scale gravity-based storage solution, a 25MW, 100 megawatt hour (MWh) gravity-based EVx system that will be integrated into Chinaís national energy grid through the delivery of renewable and stored energy. Construction of the system has been underway since March 2022 and is being built adjacent to a wind farm and national grid site in Rudong, Jiangsu Province located outside of Shanghai. The project will deliver renewable energy to the State Grid Corporation of China (SGCC), the largest utility in the world. China Tianying publicly announced last week their strategic agreement with State Grid Jiangsu Comprehensive Energy for integration into the SGCC. In addition, the project reflects the first utility scale gravity-based storage deployment between a U.S. and Chinese company and received efficient approval by the local municipal and provincial governments with support from the central government agencies within the People's Republic of China. Regarding the License and Royalty agreement previously announced in February during Q1, Energy Vault has now received $45 million of the $50 million total license fee between the first payment in Q1 and a second payment made in Q2.
- Signed Memorandum of Understanding (MOU) for gravity-based energy storage technology with NTPC, Indiaís largest power generating utility, to support their clean energy transition. The objective of the MOU is to collaborate and formalize a long-term strategic partnership for deployment of Energy Vaultís EVx gravity-based energy storage technology and energy management software solutions based on the outcome of a joint feasibility study. NTPC noted their interest in the technologyís attributes regarding the beneficial utilization of coal ash for manufacturing of composite blocks for Energy Vaultís gravity-based energy storage system given their large installed base of coal producing power plants.
- Continued progress towards first US deployment with Enel Green Power. After the successful completion of phase 1 (wind blade recycling and Feasibility Study Report for the first GESS deployment), we signed an MOU to move to the second phase for the construction of a Gravity Energy Storage Solution in Synder, Texas, 18 MW, 36 MWh, with expected breaking ground in September of this year.
- Significant progress in executing on the software development for the new energy management platform announced in Q4 2021 under EV Solutions, designed to support 2022 deliveries for all customers and capable to support both energy generation and storage infrastructure integration across any energy storage technology.
- Appointment of two new members to Energy Vaultís board, Mary Beth Mandanas and Thomas Ertel, who bring strategic expertise in the areas of energy solutions and global corporate governance, respectively. Ms. Mandanas is currently Chief Executive Officer of Onyx Renewable Partners, L.P., a renewable and distributed energy solutions platform serving the commercial, industrial and municipal sectors in North America. Since July 2021, Ms. Mandanas has served as an Independent Director, and Chair of the Audit Committee, on the Board of TortoiseEcofin Acquisition Corp III and builds on over 25 years in power utility investment banking experience across tier 1 firms. Mr. Ertel serves as the Chief Accounting Officer at Strada Education Network and possesses more than 30 years of leadership experience advising audit committees and C-suite executives on global corporate governance and financial matters including Partner roles over a 40 year period at Arthur Andersen LLP and Ernst and Young LLP. Mr. Ertelís experience in mergers and acquisitions includes work in due diligence, complex accounting, valuation issues, internal control evaluation, and finance personnel and integration assessment.
- Formation of Strategic Advisory Board (SAB) to optimize Energy Vaultís energy storage solution focus and longer-term strategic evolution. The SAB consists of respected industry leaders from Energy Vaultís existing strategic investor and customer base who bring relevant domain experience, deep knowledge of the evolving technology landscape and a proven track record of shareholder value creation. The inaugural SAB includes leaders from CEMEX Ventures, BHP Ventures, Saudi Aramco Energy Ventures, Enel Green Power, PlusVolta, Pickering Energy Partners, Ark Energy Corporation Pty Ltd, a wholly owned subsidiary of Korea Zinc (KRX 010130), a strategic investor in Energy Vault, and Atlas Renewable. Actor and environmentalist, Leonardo DiCaprio, an existing investor in the company over the last two years, will also join the Strategic Advisory Board.
- Completed go-public transaction with Novus Capital Corp. II and the related PIPE, and the combined company securities began trading on the New York Stock Exchange on February 14, 2022. Net transaction proceeds from the transaction were $191 million, which included investments from additional strategic customers resulting in partnerships that Energy Vault has signed with some of the largest energy and industrial leaders across the globe, are expected to provide a significant runway for the company to drive shareholder value and execute against its growth strategy.

First Quarter 2022 Financial Highlights:
- First quarter 2022 revenue of $42.9 million, resulting from a licensing and royalty agreement with Atlas Renewable announced in February 2022.
- First quarter 2022 operating income of $20.8 million driven by the strong margin flow through from the licensing revenue.
- First quarter 2022 Adjusted EBITDA of $31.2 million.
- Cash and cash equivalents of $303.5 million as of March 31, 2022.

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