Energy Vault Holdings has priced $140 million in 5.250% convertible senior notes due 2031, up from the initially announced $125 million. The grid-scale energy storage company also granted initial purchasers an option to buy an additional $20 million in notes. The notes will convert at an initial rate of 193.1807 shares per $1,000 principal amount, equivalent to a conversion price of approximately $5.18 per share—a 27.5% premium over the company's $4.06 share price on 11 February. Energy Vault expects to receive approximately $135.5 million in net proceeds. The company plans to use proceeds for capped call transactions, redeem $35 million to $45 million of existing convertible debentures, and fund general corporate purposes. Energy Vault may redeem the notes after March 2029 if its share price reaches 130% of the conversion price.

Energy Vault's stock surged nearly 200% over the past year, boosted by a $300 million investment from Orion Infrastructure Capital. Despite this, the company faces challenges, with disappointing quarterly results and mixed analyst opinions. Goldman Sachs raised its price target but kept a "Sell" recommendation. Energy Vault plans to expand with a new subsidiary, Asset Vault, aiming for $100 million in annual EBITDA within 3-4 years, focusing on stable revenue from energy storage projects.

Energy Vault announced the closing of a $300 million preferred equity investment with Orion Infrastructure Capital, launching its "Asset Vault" platform for energy asset management. This move supports Energy Vault's strategy to build, own, and operate energy storage assets, accelerating the deployment of over 1.5GW in key markets. The platform aims to generate over $100 million in recurring annual EBITDA within 3-4 years, enhancing Energy Vault's existing energy storage solutions business.