Energy Vault Holdings, Inc. (NRGV): debt financing — Energy Vault closes $18M project financing for 57 MW/114 MWh Cross Trails BESS in Texas

Energy Vault Holdings, Inc.

$17.8M senior secured term loan facility with Wilmington Trust; matures July 2032 at 5-6% interest.
Cross Trails BESS reached commercial operation June 2025; 10-year offtake agreement with Gridmatic.
Expects $12M+ additional from ITC sale agreement this quarter; levered IRR ~15%.
Second project financing close following $28M Calistoga deal; part of 'Own & Operate' strategy.
Facility secured by substantially all assets of project subsidiary; includes mandatory prepayment provisions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Energy Vault Holdings, Inc. incurred term loan of approximately $17.8 million with Wilmington Trust, National Association, as administrative agent and collateral agent, and each of the lenders party thereto at 5.00% for loans bearing interest at the alternate base rate (“ABR”) and 6.00% fo maturing July 23, 2032.

Instrument: term loan
Principal: approximately $17.8 million
Counterparty: Wilmington Trust, National Association, as administrative agent and collateral agent, and each of the lenders party thereto
Rate: 5.00% for loans bearing interest at the alternate base rate (“ABR”) and 6.00% fo
Maturity: July 23, 2032
Event: incurrence

Exact text from the filing

collateral agent, and each of the lenders party thereto. The Credit Agreement provides for a senior secured term loan facility in an aggregate principal amount of approximately $17.8 million. The proceeds of the term loan facility are intended to support the Cross Trails energy storage project, including payment of operating costs, funding of required reserve

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Energy Vault Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001828536-25-000093

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