Despite improvements in various metrics, Eos, ESS Inc and Energy Vault have not provided guidance as to when they expect to become profitable on a sequential basis. Despite these improvements, stock prices continue to remain low. The Swiss-US technology company behind a novel gravity-based energy storage system (ESS), Energy Vault, reported full-year 2023 (FY 2023) revenue of US$341.5 million, an increase of 134% year-on-year and within its annual guidance range, while its cash position at the end of the year stood at US$146 million with no debts. However, adjusted non-GAAP EBITDA was -US$62.1 million for the full year 2023, compared to -US11.36 million for 2022, net loss (GAAP) was US$98.4 million, increased from US$78.3 million as of 2022. Energy Vault has also diversified its offerings to include lithium-ion battery storage, green hydrogen, and software-as-a-service (SAAS). The company also announced its first multi-megawatt gravity energy storage project in China and is working on three more in the country.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
