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WESTLAKE VILLAGE, Calif. - Energy Vault Holdings, Inc. (NYSE: NRGV), known for its sustainable energy storage solutions, announced the appointment of Dylan Hixon as a member of its Board of Directors, effective March 31, 2025. Hixon, an investor with a focus on transformative technologies, will replace Bill Gross, who is transitioning to an advisory role. The company, currently valued at approximately $104 million, maintains a strong balance sheet with more cash than debt, though InvestingPro data indicates a rapid cash burn rate that investors should monitor.
Hixon brings a wealth of experience to the table, including his current role as President of Arden Road Investments. His background as a mechanical engineer and his involvement with several technical innovations, including holding four U.S. patents, positions him as a valuable asset to Energy Vault. Hixon's association with prestigious institutions like Harvey Mudd College and Yale University further underscores his expertise in the field.
The outgoing board member, Bill Gross, co-founder of Energy Vault, will now concentrate on the application of gravity energy storage technology in the rapidly expanding data center market. Gross expressed his excitement about Energy Vault's progress from its inception to becoming a global leader in energy storage solutions.
Robert Piconi, Energy Vault's Chairman and CEO, lauded Hixon's track record and anticipates his contribution to the company's strategic and technological development. Piconi also acknowledged Gross's foundational role in Energy Vault's journey and expressed gratitude for his continued involvement as an advisor.
Energy Vault has made significant strides in the energy storage sector, including a partnership with Skidmore, Owings & Merrill for the next generation of gravity energy storage systems. The company has also seen growth in its battery energy storage system technology, with notable advancements in Australia. Notably, the Calistoga Resiliency Center in California is set to become the largest green hydrogen long-duration energy storage system in the U.S.
Energy Vault's approach combines various storage technologies and an energy management system software, delivering custom energy storage solutions to support short, long, and ultra-long duration needs. This comprehensive strategy aims to help reduce energy costs while ensuring power reliability for its clients. Trading near its 52-week low of $0.63, with analyst price targets ranging from $0.50 to $2.50, the stock currently appears undervalued according to InvestingPro Fair Value metrics. The company's next earnings report is scheduled for May 7, 2025, which could provide crucial insights into its operational progress.
This article is based on a press release statement from Energy Vault Holdings, Inc.
In other recent news, Energy Vault Holdings, Inc. disclosed its Q4 2024 earnings, revealing that the company fell short of revenue expectations, reporting $33.5 million for the quarter and a full-year total of $46.2 million. Despite missing revenue forecasts, Energy Vault expanded its revenue backlog by 90% quarter-over-quarter, reaching $660 million. The company reported a larger-than-expected loss per share of $0.14, compared to the forecasted loss of $0.12. Energy Vault anticipates cash inflows from project financings and investment tax credits to be between $70-80 million, with the Calistoga Resiliency Center financing expected to close in April 2025. The company is projecting adjusted EBITDA positivity in Q4 2025 as it transitions to owning project assets. Energy Vault's outlook for 2025 includes an ambitious revenue guidance range of $200 million to $300 million, with expectations for margin expansion. The company has not utilized its At-The-Market (ATM) equity offering facility, as confirmed by the management. Analyst discussions during the earnings call highlighted potential impacts of tariff increases and the strategic focus on longer-duration projects, with firms like Cowen and Seabert William Schenck participating in the dialogue.
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