Fubotv earnings beat by $0.10, revenue topped estimates
CALISTOGA, Calif. - The Calistoga Resiliency Center (CRC), a hybrid microgrid energy storage facility, has received approval from the California Public Utilities Commission to participate in the California Independent System Operator energy and ancillary markets, Energy Vault Holdings Inc. (NYSE:NRGV) announced Thursday. The $171.65 million market cap company, which InvestingPro analysis suggests is currently undervalued, continues to expand its operational footprint despite challenging market conditions.
The approval, along with the execution of a Large Generator Interconnection Agreement, enables the facility to provide grid services following completion of distribution upgrades. This development allows the CRC to generate revenue in California’s wholesale electricity market when not needed for Public Safety Power Shutoff events. The project comes at a crucial time for Energy Vault, which reported $46.97 million in revenue over the last twelve months.
Located in Napa Valley, the CRC combines hydrogen fuel cells with lithium-ion batteries to provide backup power to the Calistoga community during grid emergencies, wildfires, and power shutoffs.
The facility will utilize Energy Vault’s Vault-Bidder platform to deliver market services such as energy shifting, regulation, and spinning reserve while maximizing revenue potential.
"The Calistoga Resiliency Center embodies the vision we’ve had since day one: enabling communities to thrive through clean, intelligent, and reliable energy systems," said Marco Terruzzin, Chief Revenue Officer at Energy Vault.
A ribbon-cutting event is scheduled for Friday, August 1, at the facility in Calistoga, bringing together local government officials, technology partners, and energy stakeholders.
The project was facilitated by $28 million in financing, including the completed sale of the Investment Tax Credit. Energy Vault fully owns and operates the facility, with PG&E serving as the utility partner under a long-term energy services agreement.
This information is based on a press release statement from Energy Vault Holdings Inc.
In other recent news, Energy Vault Holdings Inc. reported its first-quarter 2025 earnings, showing a 10% year-over-year revenue increase to $8.5 million. However, the company’s earnings per share missed analyst forecasts, coming in at -$0.14 compared to the expected -$0.12. The company also successfully closed $18 million in project financing for its Cross Trails battery energy storage system, which is operational and enhancing grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Additionally, Energy Vault announced a partnership with Jupiter Power to supply an extra 100 MW/200 MWh battery energy storage system to the ERCOT region. This new system aims to further bolster grid resiliency and is expected to begin commercial operations by the end of summer 2025. The company anticipates receiving over $12 million in Investment Tax Credit-related funds later this quarter through a previously signed agreement. These developments highlight Energy Vault’s ongoing efforts to expand its energy storage capabilities and support renewable energy production.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.