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Energy Vault
Piconi, a former Danaher and GE executive, co-founded Energy Vault with Swiss-CTO Pedretti to solve long-duration energy storage without the geographic...
Energy Vault
Piconi, a former Danaher and GE executive, co-founded Energy Vault with Swiss-CTO Pedretti to solve long-duration energy storage without the geographic constraints of pumped hydro. The firm's original EVx platform lifts 35-metric-ton composite blocks using excess grid energy, lowering them to dispatch electricity — a mechanical system with minimal degradation. After its 2022 NYSE listing (NRGV), the company shifted strategy under a new revenue model, signing licensing and royalty agreements with partners across China, India, and the Middle East. Energy Vault now operates as a turnkey energy storage integrator rather than a single-product manufacturer. Its portfolio includes the EVx gravity system, battery energy storage systems (BESS) using lithium-ion technology, and a green hydrogen business unit anchored by a long-duration fuel cell system. Confirmed projects include a 100 MWh gravity storage facility in Rudong, China, a 275 MWh BESS deployment for NV Energy in Nevada, and a green hydrogen microgrid for Pacific Gas & Electric in Calistoga, California (per the firm's public filings, 2023–2024). The company's geographic footprint spans the United States, China, Australia, and the Middle East. As of early 2025, Energy Vault employed roughly 200 staff across its California headquarters and its Swiss engineering center. Revenue recognition has been lumpy, characteristic of an early-stage project-development business; the firm reported record quarterly revenue of $172 million in Q4 2023, driven by a large BESS contract (per SEC filings, 2024). In November 2024, Energy Vault announced a restructuring plan to reduce operating costs by 25% and refocus on high-margin gravity and hydrogen deals, citing a slowdown in the US BESS market. Adjacent activities include a technology partnership with grid operator China Tianying and a joint venture with Saudi Arabia's ACWA Power. Energy Vault's structural differentiator is its attempt to productize grid-scale storage via a licensing and royalty model, rather than owning and operating every asset. This capital-light approach — more common in industrial manufacturing and IP licensing than in energy infrastructure — was designed to accelerate deployment without exhausting project-finance balance sheets. The success of this pivot remains unproven. The company's publicly traded vehicle and SPAC origins also make it an outlier in an energy storage sector where most competitors remain private.
General information
Firm type
other
Year founded
2017
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Westlake Village
Corporate office
Westlake Village, CA, United States
Additional offices
Lugano, Switzerland
Principals
Robert Piconi
Chief Executive Officer, Co-Founder
Andrea Pedretti
Chief Technology Officer, Co-Founder
Sector focus
Frequently asked questions
How does Energy Vault's gravity storage technology actually work?
The EVx system uses a multi-arm crane to lift 35-ton composite blocks when excess renewable energy is available, storing the energy as gravitational potential. When electricity is needed, the blocks are lowered, and the crane motors act as generators. The round-trip efficiency is approximately 80%, comparable to pumped hydro but without the need for specific topography or large water resources — the blocks are made from local soil and waste materials (per the firm's public technical disclosures, 2021).
Why did Energy Vault transition from a pure gravity technology company to an energy storage integrator?
After going public in 2022, Energy Vault faced investor pressure to demonstrate near-term revenue while its gravity projects had longer lead times. In response, leadership added battery energy storage and green hydrogen to its portfolio, positioning the firm as a full-service integrator. This shift generated immediate revenue — notably a $172 million quarter in Q4 2023 from a BESS contract with NV Energy — but also introduced lower-margin, more commoditized work that the 2024 restructuring seeks to deprioritize.
Is Energy Vault's business model capital-light compared to other storage developers?
Yes, by design. Energy Vault primarily licenses its technology and manages project deployment through local partners, rather than owning and operating the storage assets on its own balance sheet. This royalty-and-license structure aims to reduce capital intensity and accelerate global scale, though it means revenue depends on partner project execution and milestone payments. The model is unusual in energy infrastructure and remains a central question for long-term viability.
What are Energy Vault's most significant projects to date?
Three projects illustrate the portfolio breadth: a 100 MWh gravity storage facility near Shanghai with China Tianying (the first commercial EVx deployment), a 275 MWh BESS installation for NV Energy in Nevada, and a hydrogen microgrid in Calistoga that provides backup power for Pacific Gas & Electric during wildfire season. Only the Rudong gravity project and the Calistoga hydrogen system are fully operational as of early 2025.
How does the November 2024 restructuring affect the firm's strategy?
The restructuring reduced operating costs by roughly 25% and refocused the project pipeline on higher-margin gravity and hydrogen deals, pulling back from a US battery storage market that had become oversupplied and price-competitive. The firm also consolidated its US workforce. The plan signals a return to the original technology differentiation after the post-SPAC BESS expansion diluted margins.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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