<ul><li>Energy Vault, an NYSE-listed Swiss gravity-based long-duration energy storage company, reported its Q2 2022 results. The company reported revenue of USD 1 million for the quarter, a 97.8% decrease from Q1 2022 . Q2 revenue was driven by construction support services for the 100 MWh gravity-based EVx system in China, whilst higher Q1 results were mainly driven by a licensing agreement with Atlas Renewable .</ul>

• Operating loss for the quarter amounted to USD 22 million, an increase of 97.9% YoY. This was due to increases in general and administrative costs (+254.9% YoY), R&D costs (+343.4% YoY), and sales and marketing costs (+931.2% YoY).

• Energy Vault expects 2022 revenue to be between USD 75 million–100 million, as well as aggregate revenue for 2022 and 2023 combined to be approximately USD 680 million as its core gravity-based solution segment ramps up.

Recent operational highlights: 

<ul><li>Energy Vault and Ark Energy, the Australian subsidiary of Energy Vault’s investor Korea Zinc , are working together to do the initial planning of multi-GWh for long and short-duration energy storage projects to support Korea Zinc’s zinc refinery, Sun Metals, in Australia.</ul>

<ul><li>The EVx utility-scale gravity-based storage solution being developed in China, in collaboration with Atlas Renewable and China Tianying, is set to be completed by and ready for system commissioning in Q4 2022.</ul>