Energy Vault Holdings Closes $18M In Project Financing For Cross Trails Battery Energy Storage System

$18 million project financing continues quarterly string of returning cash back to Energy Vault's balance sheet following prior year equity investments in new "Owned and Operate" assets

The Cross Trails BESS, completed and brought to full commercial operation in June 2025, is supported by a 10 year off-take agreement with Gridmatic

An additional $12+ million in Federal Investment Tax Credit-related funds are expected to be received later this quarter via a previously executed ITC sale agreement

Cross Trails financing delivers an attractive levered IRR of ~15% while building on the successful execution of Energy Vault's ‘Own & Operate' asset management strategy, following the successful close earlier this year of the $28 million project financing for the Calistoga Resiliency Center micro-grid in California

As will be discussed during our scheduled Q2 Earnings results on August 7, Energy Vault had another successive quarterly increase in cash of over 20%, finishing at the high end of the guidance range following its prior quarterly increase of ~60% from Q4-24 to Q1-25

Energy Vault Holdings Inc. (NYSE:NRGV) ("Energy Vault" or the "Company"), a leader in sustainable, grid-scale energy storage solutions, today announced the successful close of $18 million in project financing for its Cross Trails battery energy storage system (BESS). The financing marks another milestone in the Company's execution of its ‘Own & Operate' growth and asset management strategy, originally outlined during the May 2024 Investor and Analyst Day. In addition, the company expects to receive another $12+ million in Investment Tax Credit-related funds later this quarter via a previously signed ITC sale agreement.