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.

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