Energy Vault Holdings, Inc. closed a $135.5 million financing on February 18, 2026, and announced the transaction the following day. The proceeds, after deducting initial purchaser commissions, will be used to fund the company’s “Own & Operate” asset‑ownership strategy, which is designed to generate predictable, high‑margin recurring revenue streams.
The financing is part of a broader set of commercial and strategic wins highlighted in the company’s preview of its Q4 2025 results. The capital raise will support the development and construction of long‑duration energy‑storage projects in the United States, Australia, and Europe, and will help the company build a pipeline of projects that can be monetized through tolling agreements.
Financially, the deal strengthens Energy Vault’s balance sheet. Cash reserves are expected to exceed $100 million at the end of 2025, a more than 300 % year‑over‑year increase. The infusion also positions the company to pursue its first positive adjusted EBITDA in Q4 2025, a turnaround from a $13.4 million loss in Q4 2024.
Strategically, the company has entered the high‑margin AI‑infrastructure market through a partnership with Crusoe. The partnership gives Energy Vault exclusive global market‑entry rights for next‑generation sodium‑ion battery technology and is expected to deliver EBITDA per megawatt that is 10‑20 times higher than traditional battery storage. The company said, “Own & Operate strategy is developed to generate predictable, recurring and high‑margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market.”
Investors have focused on dilution concerns from the convertible notes offering, but the company’s strong operational progress and strategic expansion into AI infrastructure have been noted as positive tailwinds. The financing is a material event that supports Energy Vault’s long‑term growth trajectory.
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