Seasoned financial executive to bring decades
of experience in the energy, tech and transportation sectors to
leading global energy storage company
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the
“Company”), a leader in sustainable grid-scale energy storage
solutions, announced today the appointment of Michael Beer as Chief
Financial Officer. Beer will replace Jan Kees van Gaalen, who has
served in the role since November 2022 and plans to retire. The
appointment is effective April 15, 2024.
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Energy Vault Appoints Michael Beer as
Chief Financial Officer (Photo: Business Wire)
Prior to Energy Vault, Beer served as Chief Financial Officer
for FreeWire Technologies, Inc. (FreeWire), an industry leader in
ultra-fast EV charging, battery storage and energy management
solutions, since 2021. Prior to FreeWire, he served as Head of
Financial Strategy & Investor Relations at Luminar
Technologies, Inc (Nasdaq: LAZR), culminating in the company’s
public listing. Before Luminar, Beer spent seven years at Citigroup
Inc., serving as a Senior Research Analyst in Hong Kong and
Singapore, covering the transportation, logistics and
infrastructure space across Asia. Previously, he covered the North
American transportation sector at Bear Stearns and Wolfe Research
in New York. Beer also currently serves on the Board of Directors
at UK-based venture builder, Cambridge Future Tech Ltd. (CFT) and
is a Partner at Vest Coast Capital.
“We’re very pleased to welcome Michael, whose depth of
experience overseeing capital markets, financial operations and
investor relations for high growth technology and sustainability
companies will be critical to Energy Vault moving forward,” said
Robert Piconi, Chairman and Chief Executive Officer, Energy Vault.
“Michael brings a strong track record of financial leadership and
management for companies introducing new and disruptive
technologies at large scale, and we look forward to welcoming him
as we continue deployments of our innovative energy storage
solutions around the globe. On behalf of the entire Energy Vault
team, I would also like to thank Jan Kees van Gaalen for his
valuable service during a transformational period for the company,
as well as wish him a happy retirement.”
“I am honored to join the Energy Vault leadership team during
such an exciting and pivotal growth period for the company,” said
Michael Beer. “The company is well positioned to capitalize on the
ever-growing demand for reliable, cost-effective and sustainable
energy storage infrastructure. Energy Vault has a comprehensive and
highly differentiated approach, offering a variety of energy
storage solutions. I look forward to working alongside the
leadership team to continue to execute on Energy Vault’s exciting
growth trajectory.”
Beer holds an MBA from the Wharton School (University of
Pennsylvania) and undergraduate degrees in Finance and
Entrepreneurship from the Eller College of Management (University
of Arizona). He is a frequent contributor to a variety of media
outlets, including CNBC, Nasdaq TradeTalks, The Wall Street
Journal, the Financial Times and Barron's.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage
solutions designed to transform the world's approach to sustainable
energy storage. The Company's comprehensive offerings include
proprietary gravity-based storage, battery storage, and green
hydrogen energy storage technologies. Each storage solution is
supported by the Company’s hardware technology-agnostic energy
management system software and integration platform. Unique to the
industry, Energy Vault’s innovative technology portfolio delivers
customized short and long duration energy storage solutions to help
utilities, independent power producers, and large industrial energy
users significantly reduce levelized energy costs while maintaining
power reliability. Utilizing eco-friendly materials with the
ability to integrate waste materials for beneficial reuse, Energy
Vault’s EVx™ gravity-based energy storage technology is
facilitating the shift to a circular economy while accelerating the
global clean energy transition for its customers. Please visit
www.energyvault.com for more information.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans, and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our awards, bookings and
backlogs equating to future revenue; the lack of assurance that
non-binding letters of intent and other indication of interest can
result in binding orders or sales; the possibility of our products
to be or alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics, on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 13, 2024, as such factors may be updated from time
to time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov. New risks emerge from time to time, and it
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
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Investors: energyvaultIR@icrinc.com
Media: media@energyvault.com
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