Energy Vault Holdings has signed a funding agreement with YA II PN for up to $50m in corporate debenture financing.
The agreement will provide Energy Vault with additional capital flexibility to support its energy storage development and execution activities.
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The company’s expanding portfolio includes operating assets in the US states of Texas and California, the recently acquired 1 gigawatt hour Stoney Creek project in Australia, and a 3GW global pipeline of battery energy storage systems across the US, Europe and Australia.
Energy Vault focuses on the development, deployment and operation of large-scale energy storage solutions, providing sustainable energy storage worldwide.
The company’s services include battery, gravity and green hydrogen energy storage technologies.
Energy Vault chief financial officer Michael Beer stated: “This new facility provides Energy Vault with the working capital resources to continue scaling our business and delivering on our growth projects without constraint.
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By GlobalData“Importantly, this cash is in addition to the preferred equity we previously announced in support of owning and operating energy assets, ensuring incremental liquidity for Energy Vault Holdings as we expand our third-party project pipeline.”
The new funding agreement has come following the recently announced $300m preferred equity investment with an infrastructure investor, which remains subject to final closure.
The $300m transaction will establish Asset Vault as a fully consolidated subsidiary focused on owning and operating storage assets backed by long-term offtake agreements.
These agreements aim to achieve monetisation, advance the company’s independent power producer (IPP) strategy and generate high-margin contracted cash flows.
In November 2024, the company disclosed plans for the 57MW/114 megawatt-hour Cross Trails BESS (battery energy storage system) in Scurry County, Texas.
