Energy Vault Holdings (NYSE: NRGV) and Crusoe have entered into a multi‑year framework agreement to deploy Crusoe’s Spark modular AI factory units at Energy Vault’s Snyder, Texas technology center. Under the deal, Energy Vault will supply the “powered shell” infrastructure—high‑capacity power, cooling, and a digital operating platform—enabling rapid installation and operation of the AI compute units. The first deployment is slated for 2026 and can scale up to 25 MW of total load.
The partnership marks a strategic pivot for Energy Vault, extending its Asset Vault build‑own‑operate model into the AI infrastructure sector. By providing the foundational energy and cooling infrastructure, Energy Vault positions itself to capture a growing segment of the data‑center market that demands fast, reliable, and energy‑efficient power solutions. The move also aligns with the broader industry shift toward AI‑driven computing, which is driving demand for high‑density, low‑latency data‑center capacity.
Energy Vault’s recent financial performance underscores the timing of the partnership. In Q3 2025, the company reported revenue of $33.3 million, a 27‑fold increase from the prior year, and narrowed its adjusted EBITDA loss to $6.0 million from $14.7 million. Gross margins improved to 27.0%, and the contract revenue backlog stood at $920 million as of September 30, 2025. Cash balances were $61.9 million, with a target of $75–$100 million by year‑end. These metrics demonstrate a company that is scaling its core energy‑storage business while preparing to diversify into higher‑margin verticals.
The projected 10‑20× higher EBITDA per megawatt for AI infrastructure compared to traditional battery storage projects stems from several factors. First, the powered‑shell model reduces capital expenditures per MW, as Energy Vault supplies the power and cooling infrastructure while Crusoe delivers the compute hardware. Second, AI workloads generate recurring revenue streams through long‑term compute contracts, providing predictable cash flow. Third, the modular design allows rapid deployment and operational leverage, enabling Energy Vault to scale capacity without proportionally increasing operating costs. Together, these dynamics create a unit economics profile that is markedly more profitable than conventional energy‑storage projects.
Crusoe, the industry’s first vertically‑integrated AI infrastructure provider, has already deployed large‑scale AI data‑center projects, including a 1.2 GW‑scale facility in Abilene, Texas. The company’s Spark modular AI factory units are designed for high‑density compute and are powered by renewable energy sources, reinforcing the sustainability focus of both partners. Crusoe’s technology stack includes advanced cooling solutions that reduce energy consumption, further enhancing the profitability of the joint deployments.
Robert Piconi, CEO and Chairman of Energy Vault, said the partnership “marks an important milestone for Energy Vault as we establish a commercial platform in AI infrastructure to complement our Asset Vault platform while expanding our build‑own‑operate strategy into a new, high‑growth segment.” Cully Cavness, Co‑Founder, President and Chief Strategy Officer of Crusoe, highlighted the potential for modular AI factories to accelerate deployment across diverse applications. Together, the leaders emphasize a shared vision of delivering scalable, energy‑efficient AI compute solutions that meet the growing demand of data‑center operators.
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