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Christopher Wiese, Chief Operating Officer of Energy Vault Holdings , Inc. (NYSE:NRGV), recently sold 3,412 shares of the company’s common stock. The shares were sold at a price of $1.6392 each, totaling approximately $5,592. Following the transaction, Wiese holds 964,661 shares directly. The sale was conducted to cover tax liabilities related to the vesting of restricted stock units.According to InvestingPro data, NRGV’s stock has shown significant volatility, with a remarkable 106% gain over the past six months despite recent challenges. The company maintains a healthy balance sheet with more cash than debt, though it’s currently experiencing rapid cash burn. For deeper insights into NRGV’s financial health and 10+ additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Energy Vault, the renewable energy storage solutions company, reported a significant increase in revenue backlog and robust gross margins in its Third Quarter 2024 Earnings Call, amidst strategic advancements and expansion. The company also announced the completion of the world’s largest hybrid green hydrogen energy storage system in California and a new project in Australia. A decrease in operating expenses by 13% year-over-year was also reported, reflecting the firm’s efficiency measures. Despite these successes, Energy Vault reported a net loss of $14.7 million for the quarter, showing a 5% improvement from the previous quarter. The company is transitioning to a build, own, and operate model, aiming to enhance long-term shareholder value. Energy Vault anticipates a strong revenue ramp into 2025, with key projects in Italy, California, and Texas. These are among the recent developments for the company, which continues to focus on technological advancements and expansion into new markets.
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