• Energy Vault, an NYSE-listed Swiss gravity-based long-duration energy storage company, reported its Q1 2022 results. The company reported revenue of USD 42.9 million for the quarter. This is the first quarter in which Energy Vault recognized revenue from its licensing and royalty agreement with Atlas Renewables.

• The company reported adjusted EBITDA of USD 31.2 million (vs an adjusted EBITDA loss of USD 2.9 million in Q1 2021). 

Key operational highlights for the quarter:

<ul><li>Energy Vault completed its business combination with Novus Capital Corporation II and commenced trading on the New York Stock Exchange (NYSE) in February 2022. </ul> 

<ul><li>The company signed a memorandum of understanding (MoU) with Indian power generation utility National Thermal Power Corporation (NTPC) to deploy its energy storage technology in India.</ul> 

<ul><li>Energy Vault received a strategic investment of USD 50 million from Korea Zinc, a South Korean metal smelting company. The investment enabled Korea Zinc to utilize Energy Vault’s technology at Sun Metals (Korea Zinc’s zinc refinery in Queensland) to produce carbon-negative zinc.</ul>  <ul><li>Energy Vault collaborated with Atlas Renewable and China Tianying to deploy a 100-megawatt gravity-based EVx system in China.</ul>