Energy Vault(US:NRGV)2025-10-29 17:00Energy Vault & Asset Vault Overview - Energy Vault is positioning itself as an integrated storage IPP, building and operating critical energy infrastructure[15] - Asset Vault was created as a platform to finance GWs of critical energy infrastructure assets, enhancing the speed of capital deployment and reducing project CapEx and OpEx[20, 22] - OIC made an initial investment of $300 million into Fund 1, which is expected to support ~1.5 GW of assets and generate $100-150 million in annual EBITDA[26] Market & Growth - Energy storage is growing 3-4X faster than power demand from 2025-2030[33] - Global electricity demand is projected to increase by ~20% from 2025 to 2030, while global energy storage annual addition is expected to increase by ~80% during the same period[18] - The AI/Data Center segment is the fastest-growing energy storage segment, with a 28% CAGR[19] Financial Performance & Projections - The first 340 MW of projects are expected to deliver ~$40 million EBITDA run rate in the next 24 months (exiting 2027)[16] - Energy Vault is targeting a run rate of $100-150 million EBITDA from the $300 million Fund 1 in ~4 years[33] - Full year 2025 revenue is projected to be $200M - $250M, with a gross margin of 14-16% and an ending cash balance of $75M - $100M[136] Project Portfolio & Strategy - The initial +1.5GW energy storage asset build out is supported by $300M Asset Vault Equity and $75M DevEx, enabling $1100M - $1300M CapEx[80, 81] - The project portfolio includes the 150 MW / 300 MWh SOSA project in Texas and the 125 MW / 1,000 MWh Stoney Creek project in Australia[83, 92] - Energy Vault is employing a safe harbor strategy to secure ITC qualification for 750MW of assets, including the SOSA project and other near-term US projects[189, 193]