Energy Vault’s Q3 Jump: $920M Backlog, $300M Oman Capital & Asset Vault Launch
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Energy Vault Holdings Inc (NYSE: NRGV) develops and deploys utility-scale energy storage solutions aimed at transforming approaches to sustainable power management. The company’s portfolio spans proprietary gravity-based storage, battery systems, and green hydrogen technologies, all integrated through a technology-agnostic energy management software platform.
Corporate Structure
Founded in 2017 and headquartered in Westlake Village, California, Energy Vault employs approximately 51–200 staff. Its executive leadership is led by Chairman and CEO Robert Allen Piconi, who has experience in senior roles at Fortune 100 companies and recognition from the World Economic Forum. The company’s research and development teams are focused on advancing innovations in gravity, battery, and hydrogen storage.
Energy storage by NASA
Developments and News
For the quarter ended September 30, 2025, Energy Vault reported:
- A contract backlog of $920 million, an increase of 112% year-to-date.
- Revenue of $33.3 million, attributed to projects in Australia and the initial deployments of its Asset Vault.
- A $300 million equity investment from the Oman Investment Corporation and the acquisition of the 150 MW Sosa Battery Energy Storage System (BESS) project.
- Reaffirmation of financial guidance for the full year 2025 across all key metrics.
In October 2025, the company signed a Framework Supply Agreement with EU Green Energy to deploy up to $250 million of Battery Energy Storage Systems, totaling 1.8 GWh in the Balkans, starting with a 50 MW/200 MWh installation in southern Albania.
Also in October 2025, Energy Vault launched Asset Vault, its subsidiary focused on the development, ownership, and operation of energy storage assets, alongside the acquisition of a 150 MW Texas ERCOT project. An Investor & Analyst Day was held on October 29, 2025.
Energy Vault received a Corporate Sustainability Assessment score of 74/100 from S&P Global Sustainable1 for 2025, ranking in the 98th percentile of the Machinery and Electrical Equipment industry.
Financial and Strategic Aspects
| Metric | Value |
|---|---|
| Share Price (Nov 12, 2025) | $3.2750 |
| Price Change (Session) | –23.66% |
| 52-Week Range | $0.5960 – $4.5600 |
| Market Cap | $528 million |
| Revenue (TTM) | $51.72 million |
| Net Income (TTM) | –$144.49 million |
| EPS (TTM) | –0.95 |
| Total Cash (MRQ) | $22.25 million |
| Debt/Equity (MRQ) | 40.7% |
Energy Vault's strategic approach combines gravity, battery, and hydrogen storage solutions to meet diverse energy storage requirements. The company aims to expand its asset base and recurring revenue streams through key partnerships and project acquisitions. The backlog of contracts and recent equity investment position Energy Vault for growth while maintaining liquidity to support research and development initiatives.
Market Position and Industry Context
The global energy storage market is experiencing growth, driven by the transition to renewable energy generation and increased demand for grid resilience. Energy Vault's gravity-based storage differentiates it from conventional lithium-ion providers by potentially offering lower levelized costs for long-duration applications. Its software-defined integration platform enables the combination of multiple storage technologies to address various grid-support needs. With a project pipeline in Australia, Europe, and North America, the company operates in a competitive landscape that includes established battery manufacturers and emerging long-duration storage providers.
tl;dr
Energy Vault closed Q3 2025 with a $920 million backlog, $33.3 million in revenue, and a $300 million investment from the Oman Investment Corporation. In October 2025, it launched Asset Vault, acquired a 150 MW Texas ERCOT project, held an Investor & Analyst Day on October 29, and signed a Framework Supply Agreement to deploy $250 million of BESS assets in the Balkans. The company reaffirmed 2025 guidance and achieved a 74/100 Corporate Sustainability Assessment score from S&P Global, ranking it in the 98th percentile of its industry.