Energy Vault, a utility-scale energy storage project developer, announced the closing of an upsized $150 million financing in convertible senior notes against the initially announced $125 million offering.
According to the company, the transaction enhances liquidity and financial flexibility while supporting the Company’s strategic expansion into higher-margin infrastructure verticals.
In connection with the closing of the notes, the company used a portion of the proceeds to repay principal outstanding under its Yorkville convertible debenture arrangements. On February 19, 2026, Energy Vault redeemed approximately $45 million in aggregate principal amount of senior unsecured convertible debentures previously issued to YA II PN, an affiliate of Yorkville Advisors Global.
Energy Vault also executed a capped call derivative transaction set at a 100% premium to the pre-announcement closing share price of $4.06, resulting in an effective future conversion price of $8.12 per share. This structure is intended to limit potential share dilution.
“The team at Energy Vault continues to demonstrate strong customer deployment capabilities across all priority growth markets, achieving above market operational gross margins while announcing transformational growth and technology wins in the AI compute infrastructure space with Crusoe and Peak Energy, and continued expansions of our long duration energy storage footprint in Australia,” said Robert Piconi, Chairman of the Board and CEO of Energy Vault.
In October 2025, the company announced the acquisition and planned development of the SOSA Energy Center, a 150 MW/300 MWh battery energy storage system located in Madison County, Texas, with commercial operation scheduled for the first quarter of 2027.
According to Mercom’s Annual and Q4 2025 Funding and M&A for Energy Storage report, announced debt and public market financing for Energy Storage companies in 2025 decreased 30% YoY, with $11.4 billion in 44 deals compared to $16.2 billion in 32 deals in 2024. Despite the lower capital raised, deal activity increased 38% YoY.
In November 2025, Eos Energy, a U.S.-based energy storage company that designs and manufactures long-duration zinc-based battery systems for grid and industrial applications, closed a previously announced $600 million convertible senior notes offering.
