WESTLAKE VILLAGE, Calif. & NEW YORK - Energy Vault Holdings, Inc. (NYSE: NRGV), a company specializing in sustainable energy storage, has announced an exclusive partnership with Skidmore, Owings & Merrill (SOM), a prominent architecture and engineering firm. The collaboration aims to integrate gravity energy storage systems (GESS) into both urban and natural environments, enhancing sustainability and accelerating carbon payback.
Energy Vault's G-VAULT™ suite, which includes the EVx™ platform, combines modern engineering with AI software to provide long-duration energy storage. The company's new GESS solutions, EVu™, EVc™, EVy™, and EV0™, are designed to improve economics, energy density, and sustainability.
The EVu design is a superstructure tower that can reach heights of 300 to 1,000 meters, enabling multi-GWh gravity-based energy storage that can power the building itself and nearby structures. The design promises a carbon payback within 3-4 years, a significant advancement in building construction and operation.
EVc introduces large scale pumped hydro energy storage systems within building structures, while EVy leverages natural topography for energy storage, minimizing environmental impact. EV0 provides the benefits of traditional pumped hydro storage without the negative effects associated with concrete production and environmental disruption.
Energy Vault's partnership with SOM, led by Partners Adam Semel and Scott Duncan and Structural Engineer Bill Baker, is expected to open a new multi-billion dollar market segment focused on sustainable building design and energy efficiency.
The announcement follows Energy Vault's recent international expansion, including the commissioning of the world's first EVx™ gravity storage system in China and additional deployments in the Southern African Development Community region.
Energy Vault's technologies aim to reduce energy costs and maintain power reliability while promoting a circular economy and supporting the global transition to clean energy. The partnership with SOM extends the firm's legacy of sustainability and innovation in architectural design.
The information is based on a press release statement.
InvestingPro Insights
Energy Vault Holdings, Inc. (NYSE: NRGV) has been making strides with its latest exclusive partnership, which could potentially impact its financial standing and market perception. Here are some insights based on the current InvestingPro data and tips:
InvestingPro Data highlights a significant revenue growth of 195.31% for the last twelve months as of Q1 2024, showcasing Energy Vault's expanding operations. However, the company's P/E Ratio is currently negative at -2.2, reflecting that it is not yet profitable. Moreover, the firm's gross profit margin stands at 5.08%, indicating challenges in translating top-line growth into bottom-line results.
From the InvestingPro Tips, it's notable that Energy Vault is trading at a low revenue valuation multiple, which could suggest the stock is undervalued relative to its sales. Moreover, the company holds more cash than debt, a positive sign for investors concerned about the firm's financial stability amidst its cash burn. It is also important to note that analysts do not anticipate the company will be profitable this year, which may weigh on investor sentiment.
For those interested in a deeper dive into Energy Vault's financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/NRGV. As of now, there are 8 more tips that could provide further guidance on whether this company fits into your investment strategy. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This partnership with SOM could be a pivotal moment for Energy Vault as it seeks to revolutionize energy storage and efficiency within the architectural space. The company's innovative approach, combined with SOM's expertise, may well pave the way for a new era of sustainable building designs, potentially enhancing Energy Vault's market position and future revenue streams.
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