Energy Vault Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Energy Vault Holdings, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

Energy Vault Holdings, Inc. (NRGV) filed a Annual Report (10-K) with the SEC on March 13, 2024. Energy Vault Holdings, Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Novus Capital Corp II, with a name change on October 15, 2020. Energy Vault's business address is located at 4360 Park Terrace Drive, Suite 100, Westlake Village, CA 91361. The company's Standard Industrial Classification code is 3690 (Miscellaneous Electrical Machinery, Equipment & Supplies).

Why It Matters

For investors and stakeholders tracking Energy Vault Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Energy Vault's financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this annual report, including financial statements and risk disclosures, is essential for investors to make informed decisions regarding their investment in Energy Vault Holdings, Inc. (NRGV).

Risk Assessment

Risk Level: medium — Energy Vault Holdings, Inc. shows moderate risk based on this filing. The company's financial performance and operational execution are subject to risks inherent in the energy storage and renewable energy sectors, as detailed in the 10-K filing.

Analyst Insight

Investors should carefully review the financial statements and risk factors outlined in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-03-13 — Filing Date (Date the 10-K was filed with the SEC)
• 0001828536-24-000035 — Accession Number (Unique identifier for the filing)
• 001-39982 — SEC File Number (SEC's file number for the company)

Key Players & Entities

• Energy Vault Holdings, Inc. (company) — Filer name
• Novus Capital Corp II (company) — Former company name
• Westlake Village, CA (location) — Business address city and state
• 3690 (other) — Standard Industrial Classification code
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date

FAQ

Industry Context

Energy Vault Holdings operates in the energy storage sector, focusing on solutions for grid-scale energy storage. The company's technology aims to address the intermittency of renewable energy sources.

Regulatory Implications

As a publicly traded company, Energy Vault Holdings is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), including the requirement to file annual reports (10-K) detailing its financial health and business operations.

What Investors Should Do

1. Review the detailed financial statements within the 10-K to understand revenue, expenses, and profitability for FY 2023.
2. Analyze the 'Risk Factors' section of the 10-K to identify potential challenges and uncertainties facing Energy Vault.
3. Compare the company's performance and disclosures in this 10-K with previous filings to identify trends and changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-13: 10-K Filing Date — Date Energy Vault Holdings, Inc. submitted its annual report.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the annual overview of the company's financial and operational status for the fiscal year ending December 31, 2023.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share NRGV New York Stock Exchange
• $2.73 — 30, 2023, based on the closing price of $2.73 for shares of the Registrant's Class A

Filing Documents

• nrgv-20231231.htm (10-K) — 1866KB
• ex41energyvault-descriptio.htm (EX-4.1) — 35KB
• stockoptionagreementener.htm (EX-10.10) — 32KB
• ex1011energyvaultinc20ormo.htm (EX-10.11) — 103KB
• ex1019energyvault-consulti.htm (EX-10.19) — 62KB
• ex211listofsubsidiaries.htm (EX-21.1) — 7KB
• ex231auditorconsent.htm (EX-23.1) — 2KB
• ex311ceo_2023q4.htm (EX-31.1) — 9KB
• ex312cfo_2023q4.htm (EX-31.2) — 9KB
• ex321ceo_2023q4.htm (EX-32.1) — 5KB
• ex322cfo_2023q4.htm (EX-32.2) — 5KB
• ex97energyvault-clawbackpo.htm (EX-97) — 37KB
• image_0.jpg (GRAPHIC) — 28KB
• stockoptionagreementener001.jpg (GRAPHIC) — 173KB
• stockoptionagreementener002.jpg (GRAPHIC) — 262KB
• stockoptionagreementener003.jpg (GRAPHIC) — 250KB
• stockoptionagreementener004.jpg (GRAPHIC) — 292KB
• stockoptionagreementener005.jpg (GRAPHIC) — 93KB
• stockoptionagreementener006.jpg (GRAPHIC) — 207KB
• stockoptionagreementener007.jpg (GRAPHIC) — 273KB
• stockoptionagreementener008.jpg (GRAPHIC) — 251KB
• stockoptionagreementener009.jpg (GRAPHIC) — 186KB
• stockoptionagreementener010.jpg (GRAPHIC) — 41KB
• stockoptionagreementener011.jpg (GRAPHIC) — 210KB
• stockoptionagreementener012.jpg (GRAPHIC) — 237KB
• stockoptionagreementener013.jpg (GRAPHIC) — 27KB
• 0001828536-24-000035.txt (&nbsp;) — 14636KB
• nrgv-20231231.xsd (EX-101.SCH) — 76KB
• nrgv-20231231_cal.xml (EX-101.CAL) — 132KB
• nrgv-20231231_def.xml (EX-101.DEF) — 316KB
• nrgv-20231231_lab.xml (EX-101.LAB) — 1016KB
• nrgv-20231231_pre.xml (EX-101.PRE) — 710KB
• nrgv-20231231_htm.xml (XML) — 1476KB

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 44

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

[Reserved]

Item 6. [Reserved] 45

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 59

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes In and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosures 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 97

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 97 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 98

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 98

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 99 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 100

Form 10-K Summary

Item 16. Form 10-K Summary 102

Signatures

Signatures 103 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of health epidemics on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time durin

BUSINESS

ITEM 1. BUSINESS Organization Energy Vault Holdings, Inc., (together with its subsidiaries "Energy Vault" or the "Company") was originally incorporated under the name Novus Capital Corporation II ("Novus") as a special purpose acquisition company in the state of Delaware in September 2020 with the purpose of effecting a merger with one or more operating businesses. On September 8, 2021, Novus announced that it had entered into a definitive agreement for a business combination (the "Merger Agreement") with Energy Vault, Inc. ("Legacy Energy Vault") that would result in Legacy Energy Vault becoming a wholly owned subsidiary of Novus (the "Merger"). Upon the closing of the Merger on February 11, 2022 (the "Closing"), Novus was immediately renamed to "Energy Vault Holdings, Inc." Throughout this Annual Report, unless otherwise noted, the "Company," "we," "us," or "our" and similar terms refer to Legacy Energy Vault and its subsidiaries prior to the consummation of the Merger, and Energy Vault and its subsidiaries after the consummation of the Merger. Mission Our mission is to provide energy storage solutions to accelerate the global transition to renewable energy. About Us Energy Vault develops and deploys utility-scale energy storage solutions designed to aid in the global transition to a clean energy future. Our Company's comprehensive offerings include proprietary gravity, battery, and green hydrogen energy storage solutions, supported by our technology-agnostic energy management software solutions. We incorporate a customer-centric, solutions-based approach toward helping utilities, independent power producers, and large industrial energy users reduce their energy costs while maintaining power reliability. As the world transitions to an economy powered by increasingly intermittent renewable energy such as solar and wind, the ability to provide clean and affordable electricity to a growing global population will depend heavily on the ability to store and dist

View Full Filing

View this 10-K filing on SEC EDGAR