TSX gains on big banks strength
WESTLAKE VILLAGE/ISTANBUL - Energy Vault Holdings, Inc. (NYSE:NRGV) and Astor Enerji (BIST:ASTOR) have signed a global strategic agreement to strengthen supply chains for battery energy storage systems and accelerate deployment of grid infrastructure across multiple markets, according to a press release statement. Astor Enerji, which has delivered an impressive 204% year-to-date return according to InvestingPro data, enters this partnership with strong momentum and robust financial health.
Under the agreement, Energy Vault will supply B-VAULT battery energy storage systems with a combined capacity of up to 2 gigawatt-hours for Astor Enerji’s four grid-connected photovoltaic projects in Romania. These systems will be integrated with Energy Vault’s VaultOS energy management platform. Astor Enerji’s strong financial position, with a current ratio of 1.4 and solid balance sheet metrics according to InvestingPro analysis, positions the company well for this significant expansion.
In return, Astor Enerji will provide transformers and high-voltage equipment for more than 1 gigawatt of Energy Vault’s battery storage projects planned in the United States, Australia, and Europe.
The partnership aims to address supply chain challenges in the energy sector, particularly in the United States where transformer wait times have reportedly extended from 50 weeks to as long as 127 weeks.
Energy Vault will source the equipment through Asset Vault, its fully owned subsidiary dedicated to building, owning, and operating energy storage assets. Asset Vault was recently backed by a $300 million preferred equity investment to support Energy Vault’s independent power producer strategy. For investors interested in deeper analysis of companies in the energy sector, InvestingPro offers comprehensive research reports covering over 1,400 stocks, including detailed financial health scores and expert insights.
"This partnership is about more than equipment supply," said Marco Terruzzin, Chief Revenue Officer at Energy Vault. "Together, we are building the technology and supply chain capacity to meet surging power demand from AI data centers and the rapid adoption of renewable energy."
Olcay Doğan, Chief Financial Officer at Astor Enerji, noted that the agreement aligns with the company’s mission to deliver grid infrastructure for a sustainable energy future.
Energy Vault develops utility-scale energy storage solutions including gravity-based storage, battery storage, and green hydrogen energy storage technologies. Astor Enerji manufactures power transformers, distribution transformers, and high-voltage/medium-voltage switchgear for markets across Europe, Africa, Asia, and the U.S. The company has demonstrated remarkable growth, with revenue increasing by 170% in the last twelve months, reflecting its expanding global presence and market opportunities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.