Energy Vault appointed Nitin Dahiya, a former BlackRock senior portfolio manager, as chief financial officer, replacing Michael Beer, as the company’s push into energy infrastructure and AI compute projects accelerates.
The company said Dahiya will start on July 27, 2026. He joins after more than two decades in institutional investment and capital markets, including roles at BlackRock, Paulson & Co., KLS Diversified Asset Management, Nomura and Lehman Brothers/Barclays.
The CFO change comes as Energy Vault says its contract backlog has risen sharply and that the increase is improving its 2026 financial outlook. The company said those backlog gains were disclosed last month and will be discussed in more detail on its Aug. 11 earnings call.
Energy Vault tied the appointment to a string of recent project announcements: multi-gigawatt-hour IPP growth in Australia, the acquisition of an 850-megawatt IPP portfolio in Japan, and AI compute infrastructure wins in the U.S. for modular data centers with Crusoe and powered land for utilities and hyperscalers.
The company also said it is supporting expansion with a previously announced $300 million preferred equity fund.
Energy Vault highlighted Dahiya’s BlackRock background, noting that he worked in the firm’s Direct Private Opportunities group, where he led structured financing across energy, infrastructure, private credit and specialty finance. BlackRock oversees $15.3 trillion in assets.
The leadership change follows the recent appointment of Cory Magnuson as president of the Asset Vault platform. As a result of these announcements, the company's shares have moved 1.32% on the market, and are now trading at a price of $3.08. Check out the company's full 8-K submission here.
