Energy Vault named Nitin Dahiya, CFA, as chief financial officer, replacing current CFO Michael Beer, who is moving on to pursue other opportunities.
Dahiya joins from BlackRock, where he worked in the Direct Private Opportunities group and led structured financing transactions across energy, infrastructure, private credit and specialty finance. He will start on July 27, 2026.
The appointment comes as Energy Vault says its contract backlog has risen materially in the second quarter of 2026, alongside a stronger outlook for 2026. The company said those gains will be discussed in more detail at its Aug. 11 earnings call.
Energy Vault tied the CFO hire to a run of recent growth announcements: multi-gigawatt-hour independent power producer project growth in Australia acquisition of an 850-megawatt IPP portfolio in Japan * AI compute infrastructure wins in the U.S. for modular data centers with Crusoe and powered land for utilities and hyperscalers
The company also pointed to its previously announced $300 million preferred equity fund as it expands across utility-scale energy storage, IPP infrastructure ownership, AI digital infrastructure, high-performance compute infrastructure and software-enabled energy management systems.
Dahiya has more than 20 years of experience and has held senior roles at BlackRock, Paulson & Co., KLS Diversified Asset Management, Nomura and Lehman Brothers/Barclays. Energy Vault said he has deployed billions in investment capital across public and private markets and served on boards of companies in both sectors. The market has reacted to these announcements by moving the company's shares 1.32% to a price of $3.08. Check out the company's full 8-K submission here.
