Energy Vault claims geographic diversity helps offset US-China tariff risk

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Backlog stands at US$648 million of bookings. The company claimed that 90% of that comprises orders from customers in Australia, revenues from licensing agreements for its technologies and a recently implemented build, own operate (BOO) business model.

This, Energy Vault claimed, shields the order book’s revenues to be accrued from risks posed by the ongoing US-China trade tariff situation.

The announcement came on the day that US-China trade discussions in fact appeared to have yielded some signs of progress toward lowering of mutually applied import tariffs. China tariff rates of 145% imposed by US president Donald Trump were ratcheted down to 30% plus other applicable tariffs for a 90-day period.

Energy Vault said in its results announcement that while it was too early to take for granted as a done deal, cooling of the trade war could mean upside from the US market, which is currently heavily dependent on imported batteries and other components and materials from China.

Overall, however, it was a quarter of continued losses for the technology provider, which first came to prominence as the developer and IP holder of a novel gravity-based energy storage technology that has since diversified into the lithium-ion battery energy storage system (BESS) and long-duration hydrogen storage sectors.

Despite a 10% rise in Q1 revenue year-on-year to US$8.5 million in 2025, driven by a project in Australia and a technology licensing deal in India, a US$17 million increase in cash at hand and a more than doubling of GAAP gross margin to 57.1% from 26.7%, net loss was US$-21.1 million and adjusted EBITDA US$-11.3 million—albeit this was a 22% improvement from US$-14.5 million reported in the same period of 2024.   

Energy Vault has struggled to retain its share value since listing via a special purpose acquisition company (SPAC) merger in April 2021. It has received multiple notices from the New York Stock Exchange (NYSE) that the average share price was below the US$1 threshold required, most recently in mid-April.  

When markets closed yesterday, the price hovered just above that, at US$1.07, a far cry from the US$18.32 high it hit in April 2022, a year after the shares listed.

Battery recycling firm Livium, via its wholly owned subsidiary, Envirostream Australia, has broadened its recycling deal with BYD Australia to include battery energy storage systems (BESS).

Uncertainty over trade tariffs has caused Fluence to lower its revenue and EBITDA guidance, although CEO Julian Nebreda said the company is “optimistic about the future of energy storage.”

AEMO Services has launched the latest tender for long-duration energy storage (LDES) in New South Wales, seeking 1GW of energy storage.

Developer ACEnergy has seen its 350MW/770MWh Little River battery energy storage system (BESS) fast-tracked by the Victoria government in Australia.

ZEBRE, a joint venture (JV) between HDRE and ZEN Energy, has acquired a 333MWh battery energy storage system (BESS) in South Australia.