Energy Vault Holdings Inc. has closed a $300 million preferred equity investment with OIC L.P., officially launching "Asset Vault," a fully consolidated subsidiary dedicated to developing, building, owning, and operating energy storage assets globally. This strategic partnership with OIC, a multi-billion dollar infrastructure manager, is a significant move for Energy Vault as it accelerates the path to over $100 million in recurring annual EBITDA.
The company expects to draw nearly $200 million over the next six months to commence work on two additional late-stage projects in the U.S. and Australia, including the 125MW / 1,000MWh Stoney Creek BESS. Additionally, the company has identified, acquired, and/or operated 3GW and 12+ GWh of top-tier projects across the U.S., Europe, and Australia.
Asset Vault consolidates Energy Vault’s growing portfolio of contracted and operational storage projects, with the current U.S. projects managed under the platform including the 57MW / 114MWh Cross Trails BESS and the 8.5MW / 293MWh Calistoga Resiliency Center hybrid energy storage system. The company also expects Asset Vault to generate over $100 million in recurring annual EBITDA within the next 3-4 years.
Energy Vault will be hosting a virtual investor and analyst day on October 29th, 2025, to provide an overview of the Asset Vault portfolio, update on project funnel, timing, contribution, and investment criteria. Jefferies LLC acted as the sole placement agent and exclusive financial advisor, and Vinson & Elkins LLP acted as legal advisor to Energy Vault, while Greenberg Traurig, LLP acted as legal advisor to OIC. Following these announcements, the company's shares moved 12.28%, and are now trading at a price of $3.75. If you want to know more, read the company's complete 8-K report here.
