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Energy Vault Announces Proposed Offering of Convertible Senior Notes Due 2031
WESTLAKE VILLAGE, Calif., February 11, 2026--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced that it intends to offer, subject to market conditions and other factors, $125.0 million aggregate principal amount of convertible senior notes due 2031 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as a
About this update from Energy Vault Holdings, Inc.
[{"type":"text","content":"WESTLAKE VILLAGE, Calif., February 11, 2026--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced that it intends to offer, subject to market conditions and other factors, $125.0 million aggregate principal amount of convertible senior notes due 2031 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Energy Vault also intends to grant the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $25.0 million aggregate principal amount of Notes.","length":855,"tagName":"p"},{"type":"text","content":"The Notes","length":9,"tagName":"p"},{"type":"text","content":"The Notes will be senior unsecured obligations of the Company. The Notes are expected to pay interest semiannually and will mature on March 1, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms. Conversion of the Notes will be settled in cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election.","length":370,"tagName":"p"},{"type":"text","content":"The Company expects to use the net proceeds from the offering to fund the cost of entering into the capped call transactions described below, redeem $35.0 million to $45.0 million in aggregate principal amount of the senior unsecured convertible debentures issued to YA II PN, Ltd., and the remainder for general corporate purposes, which may include, among other things, the repayment of additional indebtedness and funding growth initiatives. If the initial purchasers exercise their option to purchase additional Notes, the Company expects to use the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the option counterparties and the remainder for general corporate purposes.","length":735,"tagName":"p"},{"type":"text","content":"Capped Call Transactions","length":24,"tagName":"p"},{"type":"text","content":"In connection with the pricing of the Notes, Energy Vault expects to enter into privately negotiated...