Business
Energy Vault Announces Closing of Upsized $150 Million Convertible Note and Improved Cost of Capital with Repayment of $45 Million in Existing Higher-Cost Convertible Debentures
WESTLAKE VILLAGE, Calif., March 03, 2026--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable grid-scale energy storage and AI power infrastructure, announced the closing of an upsized $150 million financing in convertible senior notes (versus the initially announced $125 million offering), strengthening its balance sheet and supporting continued execution of its own-and-operate strategy.
About this update from Energy Vault Holdings, Inc.
[{"type":"text","content":"WESTLAKE VILLAGE, Calif., March 03, 2026--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable grid-scale energy storage and AI power infrastructure, announced the closing of an upsized $150 million financing in convertible senior notes (versus the initially announced $125 million offering), strengthening its balance sheet and supporting continued execution of its own-and-operate strategy.","length":483,"tagName":"p"},{"type":"text","content":"In connection with the closing of the Notes, the Company used a portion of the proceeds to repay principal outstanding under its Yorkville convertible debenture arrangements. On February 19, 2026, the Company redeemed approximately $45 million in aggregate principal amount of senior unsecured convertible debentures previously issued to YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP ("Yorkville"), eliminating this principal from the Company’s balance sheet and improving future financial flexibility.","length":528,"tagName":"p"},{"type":"text","content":"The Company also executed a capped call derivative transaction at 100% premium to the pre-announcement closing price of $4.06, enabling an effective future conversion price of the securities of $8.12 per share (i.e., 100% premium to the February 11, 2026 closing share price) which is designed to reduce potential dilution and demonstrates Management’s confidence in the future price appreciation of the Company’s stock price.","length":426,"tagName":"p"},{"type":"text","content":"Enhanced Liquidity Following Strong 2025 Preliminary Results","length":60,"tagName":"p"},{"type":"text","content":"This transaction enhances liquidity and financial flexibility while supporting the Company’s strategic expansion into higher-margin infrastructure verticals. The Company previously reported strong preliminary financial results for the full year ended December 31, 2025, including above consensus revenue, gross margin and total cash as well as meaningful progress toward profitability with initial contribution from operating assets within the ‘own and operate portfolio. These results reflect strong execution and accelerated demand for the Company’s products and services.","length":574,"tagName":"p"},{"type":"text","content":""2025 marked a ...