Monday, August 8, 2022

Energy Vault Reports Earnings, Forecasts Big Revenues

Westlake Vilage-based energy storage systems developer Energy Vault reported its second quarter results this morning, saying it had $1.0M in second quarter revenues--but says it is still expecting $680M in two year, aggregate revenues for 2022 and 2023. According to the company, it had revenues in the first half of 2022 totaling $43.9M. Energy Vault is in the midst of developing gravity-based energy storage systems, which use large concrete blocks to store potential energy. The company is one of a number of very early, local technology companies that have gone public via reverse mergers; Energy Vault did a reverse merger in February of 2022.