August 8, 2025: Energy Vault said on August 7 it had entered into an exclusivity agreement for a $300 million preferred equity investment to launch a subsidiary focused on developing, building and operating energy storage systems.

The proprietary battery, gravity and green hydrogen ESS company said the new Asset Vault subsidiary would accelerate 1.5GW of energy storage projects globally.

Asset Vault will consolidate Energy Vault’s growing portfolio of contracted and operational storage projects, the firm said.

Within the initial $300 million investment, Asset Vault is expected to generate more than $100 million in recurring annual EBITDA in the coming three to four years as a consolidated subsidiary — in addition to Energy Vault’s existing ESS business.

Energy Vault said it will undertake project design, construction, commissioning and execution of long-term service agreements itself under contracts from Asset Vault, generating additional cash flow and liquidity for the parent company.

In 2023, Energy Vault said it would deploy five additional gravity energy storage systems in China, after breaking ground for its first such ‘EVx’ project in the country a year earlier in partnership with Atlas Renewable and China Tianying.