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WESTLAKE VILLAGE, Calif. - Energy Vault (NYSE:NRGV), currently trading at $1.05 per share with a market capitalization of $167 million, has secured an agreement with Consumers Energy to supply two battery energy storage systems totaling 75 MW/300 MWh in Michigan, according to a press release statement. According to InvestingPro data, the company’s expansion comes amid analyst expectations of sales growth, though the company faces challenges with cash burn.
The systems will be located in Iosco and Bay Counties, with battery deliveries expected to begin in Q4 2024. Construction is scheduled to start in Q1 2026, with commercial operations anticipated by Q4 2026. With a current ratio of 0.86, Energy Vault’s ability to meet short-term obligations will be crucial during this extended project timeline.
The larger 45 MW/180 MWh system will be installed at the former John C. Weadock Power Plant site in Hampton Township, Bay County. The second 30 MW/120 MWh system will be deployed in Oscoda Township, Iosco County. Local permitting efforts are currently in progress with township officials.
Both systems are designed to be charged and discharged daily to dispatch stored renewable energy during peak consumption hours, helping to meet Michigan’s energy demand.
"Battery storage will continue to play a larger role as Consumers Energy meets Michigan’s growing energy needs," said Sri Maddipati, Consumers Energy’s president of electric supply.
The battery systems will be developed under Energy Vault’s B-VAULT suite of integrated battery energy storage solutions, utilizing the company’s X-Vault integration platform and Vault-OS Energy Management System.
Consumers Energy is Michigan’s largest energy provider, serving 6.8 million residents across the state’s Lower Peninsula. The agreement represents Energy Vault’s expansion into the Eastern U.S. utility market through a partnership with a Midwest public utility.
The project adds to Energy Vault’s growing commercial footprint in the global battery energy storage market, with the company’s B-VAULT portfolio now comprising more than 2 GWh in total projects either deployed or in development. While the company’s revenue stands at $47 million for the last twelve months, InvestingPro analysis reveals 13 additional key insights about Energy Vault’s financial health and market position. For detailed analysis and growth projections, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
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