Energy Vault Holdings (NRGV) Plunged by Over 24% This Week. Here is Why

Core Viewpoint - Energy Vault Holdings, Inc. (NYSE:NRGV) experienced a significant decline in share price, dropping 24.38% between February 11 and February 18, 2026, making it one of the worst-performing energy stocks during that week [1]. Company Overview - Energy Vault Holdings, Inc. develops and deploys utility-scale energy storage solutions in the United States, Australia, and internationally [2]. Financial Developments - On February 12, 2026, Energy Vault announced a $140 million private offering of 5.250% convertible senior notes due 2031, which was an increase from the previously announced $125 million [3]. - The initial conversion rate for the notes is set at 193.1807 shares of common stock per $1,000 principal amount, reflecting a 27.5% premium to NRGV's share price on February 11 [3]. - The proceeds from the offering will be used to cover capped call costs, redeem $35 million to $45 million of existing YA II PN, Ltd. debentures, and for general corporate purposes, including debt repayment and growth [4]. - Since the beginning of 2026, the share price of Energy Vault has fallen by over 37% [4].