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[8-K] Energy Vault Holdings, Inc. Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Energy Vault (NRGV) filed an 8-K disclosing that its subsidiary, Cross Trails Energy Storage Project, LLC, entered into a $17.8 million senior secured term-loan with Wilmington Trust and a lending syndicate on 23 Jul 2025. The single-draw facility was fully funded at closing and will be used to cover project capex, operating costs, required reserves and permitted sponsor distributions for the Cross Trails battery-storage project.

The loan bears interest at 5.0% (ABR) or 6.0% (SOFR), subject to 200 bp step-ups/step-downs, amortises on a pre-agreed schedule and matures 23 Jul 2032. It is secured by a first-priority lien on substantially all project assets and membership interests. Covenants include restrictions on additional debt, liens and distributions, plus a minimum DSCR of 1.10×. Voluntary prepayment is allowed with make-whole premium; mandatory prepayment events cover insurance proceeds, asset sales, non-permitted debt/equity and other customary triggers. The company issued a press release on 24 Jul 2025 announcing the transaction (Exhibit 99.1).

Energy Vault (NRGV) ha presentato un modulo 8-K comunicando che la sua controllata, Cross Trails Energy Storage Project, LLC, ha stipulato un prestito a termine senior garantito da 17,8 milioni di dollari con Wilmington Trust e un sindacato di finanziatori il 23 luglio 2025. La linea di credito a erogazione unica è stata interamente erogata alla chiusura e sarà utilizzata per coprire il capex del progetto, i costi operativi, le riserve obbligatorie e le distribuzioni consentite agli sponsor per il progetto di accumulo a batteria Cross Trails.

Il prestito prevede un tasso d'interesse del 5,0% (ABR) o 6,0% (SOFR), soggetto a variazioni di 200 punti base verso l'alto o verso il basso, si ammortizza secondo un piano prestabilito e scade il 23 luglio 2032. È garantito da un pegno di prima priorità su quasi tutti i beni del progetto e sulle quote societarie. Le clausole includono restrizioni su debiti aggiuntivi, pegni e distribuzioni, oltre a un rapporto minimo DSCR di 1,10×. È consentito il rimborso anticipato volontario con premio make-whole; gli eventi di rimborso obbligatorio includono proventi assicurativi, vendite di beni, debito o capitale non consentiti e altri trigger consueti. La società ha emesso un comunicato stampa il 24 luglio 2025 per annunciare la transazione (Allegato 99.1).

Energy Vault (NRGV) presentó un formulario 8-K informando que su subsidiaria, Cross Trails Energy Storage Project, LLC, celebró un préstamo a plazo senior garantizado de 17,8 millones de dólares con Wilmington Trust y un sindicato de prestamistas el 23 de julio de 2025. La facilidad de un solo desembolso fue financiada completamente al cierre y se utilizará para cubrir el capex del proyecto, costos operativos, reservas requeridas y distribuciones permitidas a los patrocinadores para el proyecto de almacenamiento de baterías Cross Trails.

El préstamo tiene un interés del 5,0% (ABR) o 6,0% (SOFR), sujeto a incrementos o decrementos de 200 puntos base, se amortiza según un calendario preacordado y vence el 23 de julio de 2032. Está garantizado por un gravamen de primera prioridad sobre prácticamente todos los activos del proyecto y las participaciones societarias. Los convenios incluyen restricciones sobre deuda adicional, gravámenes y distribuciones, además de un DSCR mínimo de 1,10×. Se permite el prepago voluntario con prima make-whole; los eventos de prepago obligatorio incluyen ingresos por seguros, ventas de activos, deuda/capital no permitidos y otros desencadenantes habituales. La empresa emitió un comunicado de prensa el 24 de julio de 2025 anunciando la transacción (Exhibición 99.1).

Energy Vault (NRGV)� 자회사인 Cross Trails Energy Storage Project, LLC가 2025� 7� 23� Wilmington Trust � 대� 컨소시엄� 1,780� 달러 규모� 선순� 담보 대� 계약� 체결했다� 8-K 보고서를 통해 공개했습니다. 단일 인출 방식� � 대출은 종료 시점� 전액 자금� 제공되었으며, Cross Trails 배터� 저� 프로젝트� 자본� 지�, 운영 비용, 필수 준비금 � 허용� 스폰� 배분� 사용� 예정입니�.

대� 금리� 5.0% (ABR) 또는 6.0% (SOFR)이며, 200bp� 증감 조정� 가능하�, 사전 합의� 일정� 따라 상환되며 2032� 7� 23� 만기가 도래합니�. � 대출은 프로젝트 자산 � 회원 지� 대부분에 대� 최우� 담보�으로 담보되어 있습니다. 계약 조건에는 추가 부�, 담보� � 배분 제한� 함께 최소 DSCR 1.10�가 포함됩니�. 자발� 조기 상환은 메이크홀 프리미엄� 함께 허용되며, 보험� 수령, 자산 매각, 허용되지 않은 부�/지� � 기타 일반적인 조건 발생 � 의무 상환� 요구됩니�. 회사� 2025� 7� 24� � 거래� 발표하는 보도자료� 발표했습니다(첨부 99.1).

Energy Vault (NRGV) a déposé un formulaire 8-K révélant que sa filiale, Cross Trails Energy Storage Project, LLC, a conclu un prêt à terme senior garanti de 17,8 millions de dollars avec Wilmington Trust et un syndicat de prêteurs le 23 juillet 2025. La facilité à tirage unique a été entièrement financée à la clôture et sera utilisée pour couvrir les dépenses d'investissement du projet, les coûts d'exploitation, les réserves requises et les distributions autorisées aux sponsors pour le projet de stockage de batteries Cross Trails.

Le prêt porte un intérêt de 5,0 % (ABR) ou 6,0 % (SOFR), soumis à des ajustements de 200 points de base à la hausse ou à la baisse, s'amortit selon un calendrier préétabli et arrive à échéance le 23 juillet 2032. Il est garanti par un nantissement de premier rang sur pratiquement tous les actifs du projet et les parts sociales. Les clauses restrictives comprennent des limitations sur la dette supplémentaire, les nantissements et les distributions, ainsi qu'un ratio DSCR minimum de 1,10×. Le remboursement anticipé volontaire est autorisé avec une prime make-whole ; les événements de remboursement obligatoire couvrent les produits d'assurance, les ventes d'actifs, les dettes/capitaux non autorisés et d'autres déclencheurs habituels. La société a publié un communiqué de presse le 24 juillet 2025 annonçant la transaction (Exhibit 99.1).

Energy Vault (NRGV) meldete in einem 8-K, dass seine Tochtergesellschaft Cross Trails Energy Storage Project, LLC am 23. Juli 2025 einen vorrangig besicherten Terminkredit über 17,8 Millionen US-Dollar mit Wilmington Trust und einem Kreditgeber-Syndikat abgeschlossen hat. Die Einmalabruf-Fazilität wurde bei Abschluss vollständig ausgezahlt und dient zur Deckung der Projektinvestitionen, Betriebskosten, erforderlichen Rücklagen und zulässigen Sponsorenausschüttungen für das Cross Trails Batteriespeicherprojekt.

Der Kredit trägt einen Zinssatz von 5,0 % (ABR) oder 6,0 % (SOFR), unterliegt Anpassungen um 200 Basispunkte nach oben oder unten, wird nach einem vorab vereinbarten Plan amortisiert und läuft am 23. Juli 2032 ab. Er ist durch eine vorrangige Grundschuld auf nahezu alle Projektvermögenswerte und Mitgliedschaftsanteile besichert. Die Auflagen umfassen Beschränkungen für zusätzliche Schulden, Grundschulden und Ausschüttungen sowie eine mindestens 1,10× DSCR. Freiwillige Vorfälligkeit ist mit Make-Whole-Prämie erlaubt; verpflichtende Vorfälligkeitsereignisse umfassen Versicherungszahlungen, Vermögensverkäufe, nicht genehmigte Schulden/Eigenkapital und andere übliche Auslöser. Das Unternehmen gab am 24. Juli 2025 eine Pressemitteilung zur Bekanntgabe der Transaktion heraus (Anlage 99.1).

Positive
  • $17.8 million fully funded term-loan secures capital for Cross Trails project without issuing additional equity
  • Seven-year tenor with voluntary prepay rights allows refinancing flexibility if rates fall
  • Lenient 1.10× DSCR provides covenant headroom during project ramp-up
Negative
  • Adds secured debt, increasing leverage and potential subordination for existing unsecured creditors
  • Interest can step up by 200 bp, raising cost of capital if performance thresholds are missed
  • Mandatory prepayment triggers could force liquidity outflows under adverse scenarios

Insights

TL;DR: Financing secures capital for storage build-out; leverage rises but terms are standard and covenant headroom looks manageable.

The $17.8 mm facility gives Energy Vault non-recourse, asset-level funding with a seven-year tenor, aligning debt service with project cash flows. Pricing (SOFR+�350 bp vs. current risk-free) is competitive for an early-stage storage asset, suggesting lender confidence in revenue visibility. The 1.10× DSCR is lenient, providing cushion during ramp-up. Step-up provisions guard lenders if performance lags, while voluntary prepay rights let the sponsor refinance if returns improve. Security package and negative covenants are typical; no parent guarantee limits contagion risk to NRGV’s balance-sheet. Overall impact is moderately positive: project advances without diluting equity, though secured debt increases structural subordination for corporate creditors.

TL;DR: Small, accretive funding round supports pipeline; equity impact limited given modest size.

The loan equals roughly one quarter of NRGV’s 2024 revenue base, so balance-sheet leverage edges higher but remains below peers. Because proceeds fund a revenue-generating asset, EBITDA should rise ahead of debt service, mitigating dilution. However, interest rate step-ups could pressure returns if DSCR tightens or SOFR resets higher. Investors should monitor covenant compliance and project execution milestones; failure would trigger costly mandatory prepayments. Net, the deal de-risks project delivery and demonstrates bankability of Energy Vault’s technology, offering a small positive signal to the equity story.

Energy Vault (NRGV) ha presentato un modulo 8-K comunicando che la sua controllata, Cross Trails Energy Storage Project, LLC, ha stipulato un prestito a termine senior garantito da 17,8 milioni di dollari con Wilmington Trust e un sindacato di finanziatori il 23 luglio 2025. La linea di credito a erogazione unica è stata interamente erogata alla chiusura e sarà utilizzata per coprire il capex del progetto, i costi operativi, le riserve obbligatorie e le distribuzioni consentite agli sponsor per il progetto di accumulo a batteria Cross Trails.

Il prestito prevede un tasso d'interesse del 5,0% (ABR) o 6,0% (SOFR), soggetto a variazioni di 200 punti base verso l'alto o verso il basso, si ammortizza secondo un piano prestabilito e scade il 23 luglio 2032. È garantito da un pegno di prima priorità su quasi tutti i beni del progetto e sulle quote societarie. Le clausole includono restrizioni su debiti aggiuntivi, pegni e distribuzioni, oltre a un rapporto minimo DSCR di 1,10×. È consentito il rimborso anticipato volontario con premio make-whole; gli eventi di rimborso obbligatorio includono proventi assicurativi, vendite di beni, debito o capitale non consentiti e altri trigger consueti. La società ha emesso un comunicato stampa il 24 luglio 2025 per annunciare la transazione (Allegato 99.1).

Energy Vault (NRGV) presentó un formulario 8-K informando que su subsidiaria, Cross Trails Energy Storage Project, LLC, celebró un préstamo a plazo senior garantizado de 17,8 millones de dólares con Wilmington Trust y un sindicato de prestamistas el 23 de julio de 2025. La facilidad de un solo desembolso fue financiada completamente al cierre y se utilizará para cubrir el capex del proyecto, costos operativos, reservas requeridas y distribuciones permitidas a los patrocinadores para el proyecto de almacenamiento de baterías Cross Trails.

El préstamo tiene un interés del 5,0% (ABR) o 6,0% (SOFR), sujeto a incrementos o decrementos de 200 puntos base, se amortiza según un calendario preacordado y vence el 23 de julio de 2032. Está garantizado por un gravamen de primera prioridad sobre prácticamente todos los activos del proyecto y las participaciones societarias. Los convenios incluyen restricciones sobre deuda adicional, gravámenes y distribuciones, además de un DSCR mínimo de 1,10×. Se permite el prepago voluntario con prima make-whole; los eventos de prepago obligatorio incluyen ingresos por seguros, ventas de activos, deuda/capital no permitidos y otros desencadenantes habituales. La empresa emitió un comunicado de prensa el 24 de julio de 2025 anunciando la transacción (Exhibición 99.1).

Energy Vault (NRGV)� 자회사인 Cross Trails Energy Storage Project, LLC가 2025� 7� 23� Wilmington Trust � 대� 컨소시엄� 1,780� 달러 규모� 선순� 담보 대� 계약� 체결했다� 8-K 보고서를 통해 공개했습니다. 단일 인출 방식� � 대출은 종료 시점� 전액 자금� 제공되었으며, Cross Trails 배터� 저� 프로젝트� 자본� 지�, 운영 비용, 필수 준비금 � 허용� 스폰� 배분� 사용� 예정입니�.

대� 금리� 5.0% (ABR) 또는 6.0% (SOFR)이며, 200bp� 증감 조정� 가능하�, 사전 합의� 일정� 따라 상환되며 2032� 7� 23� 만기가 도래합니�. � 대출은 프로젝트 자산 � 회원 지� 대부분에 대� 최우� 담보�으로 담보되어 있습니다. 계약 조건에는 추가 부�, 담보� � 배분 제한� 함께 최소 DSCR 1.10�가 포함됩니�. 자발� 조기 상환은 메이크홀 프리미엄� 함께 허용되며, 보험� 수령, 자산 매각, 허용되지 않은 부�/지� � 기타 일반적인 조건 발생 � 의무 상환� 요구됩니�. 회사� 2025� 7� 24� � 거래� 발표하는 보도자료� 발표했습니다(첨부 99.1).

Energy Vault (NRGV) a déposé un formulaire 8-K révélant que sa filiale, Cross Trails Energy Storage Project, LLC, a conclu un prêt à terme senior garanti de 17,8 millions de dollars avec Wilmington Trust et un syndicat de prêteurs le 23 juillet 2025. La facilité à tirage unique a été entièrement financée à la clôture et sera utilisée pour couvrir les dépenses d'investissement du projet, les coûts d'exploitation, les réserves requises et les distributions autorisées aux sponsors pour le projet de stockage de batteries Cross Trails.

Le prêt porte un intérêt de 5,0 % (ABR) ou 6,0 % (SOFR), soumis à des ajustements de 200 points de base à la hausse ou à la baisse, s'amortit selon un calendrier préétabli et arrive à échéance le 23 juillet 2032. Il est garanti par un nantissement de premier rang sur pratiquement tous les actifs du projet et les parts sociales. Les clauses restrictives comprennent des limitations sur la dette supplémentaire, les nantissements et les distributions, ainsi qu'un ratio DSCR minimum de 1,10×. Le remboursement anticipé volontaire est autorisé avec une prime make-whole ; les événements de remboursement obligatoire couvrent les produits d'assurance, les ventes d'actifs, les dettes/capitaux non autorisés et d'autres déclencheurs habituels. La société a publié un communiqué de presse le 24 juillet 2025 annonçant la transaction (Exhibit 99.1).

Energy Vault (NRGV) meldete in einem 8-K, dass seine Tochtergesellschaft Cross Trails Energy Storage Project, LLC am 23. Juli 2025 einen vorrangig besicherten Terminkredit über 17,8 Millionen US-Dollar mit Wilmington Trust und einem Kreditgeber-Syndikat abgeschlossen hat. Die Einmalabruf-Fazilität wurde bei Abschluss vollständig ausgezahlt und dient zur Deckung der Projektinvestitionen, Betriebskosten, erforderlichen Rücklagen und zulässigen Sponsorenausschüttungen für das Cross Trails Batteriespeicherprojekt.

Der Kredit trägt einen Zinssatz von 5,0 % (ABR) oder 6,0 % (SOFR), unterliegt Anpassungen um 200 Basispunkte nach oben oder unten, wird nach einem vorab vereinbarten Plan amortisiert und läuft am 23. Juli 2032 ab. Er ist durch eine vorrangige Grundschuld auf nahezu alle Projektvermögenswerte und Mitgliedschaftsanteile besichert. Die Auflagen umfassen Beschränkungen für zusätzliche Schulden, Grundschulden und Ausschüttungen sowie eine mindestens 1,10× DSCR. Freiwillige Vorfälligkeit ist mit Make-Whole-Prämie erlaubt; verpflichtende Vorfälligkeitsereignisse umfassen Versicherungszahlungen, Vermögensverkäufe, nicht genehmigte Schulden/Eigenkapital und andere übliche Auslöser. Das Unternehmen gab am 24. Juli 2025 eine Pressemitteilung zur Bekanntgabe der Transaktion heraus (Anlage 99.1).

0001828536FALSE00018285362025-07-232025-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2025
Energy Vault Holdings, Inc.
(Exact name of registrant as specified in its charter)

Delaware    001-39982    85-3230987
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
4165 East Thousand Oaks Blvd., Suite 100
Westlake Village, California
    91362
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (805) 852-0000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class    Trading symbol    Name of each exchange
on which registered
Common Stock, par value $0.0001 per shareNRGVNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  




Item 1.01 Entry into a Material Definitive Agreement.
On July 23, 2025, Cross Trails Energy Storage Project, LLC (the “Borrower”), a subsidiary of Energy Vault Holdings, Inc. (“Energy Vault“ or the “Company“), entered into a credit agreement (the “Credit Agreement”) with Wilmington Trust, National Association, as administrative agent and 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 accounts, payment of fees and expenses related to the transaction, and making certain distributions to the project sponsor or its designee at closing. The facility is structured as a single-draw term loan, with the full amount funded on July 23, 2025. Loans under the facility bear interest at a rate per annum equal to 5.00% for loans bearing interest at the alternate base rate (“ABR”) and 6.00% for loans bearing interest at the secured overnight financing rate (“SOFR”). The interest rate is subject to step-ups (and step-downs) of 2.00% per annum in certain circumstances. The term loan matures on July 23, 2032, with principal amortization in accordance with a pre-agreed schedule. The Borrower may prepay the loans at any time, subject to payment of accrued interest, breakage costs and a repayment premium. Mandatory prepayments are required upon the occurrence of certain customary events, including the receipt of insurance or condemnation proceeds (subject to customary reinvestment rights), asset sales above specified thresholds, the incurrence of additional non-permitted indebtedness, or the non-permitted issuance of new equity interests by the Borrower, and are subject to the payment of accrued interest, breakage costs and a repayment premium. The obligations of the Borrower under the Credit Agreement are secured by a first priority security interest in substantially all of the assets of the Borrower, including the project assets, accounts, and related collateral. as well as the membership interests in the Borrower. The Credit Agreement contains customary affirmative and negative covenants for a project financing of this type, including limitations on additional indebtedness, liens, asset sales, investments, affiliate transactions, and distributions. The Borrower is also required to maintain certain financial ratios, including a minimum debt service coverage ratio of 1.10:1.00, and maintain insurance, deliver certain financial and other reports, and comply with applicable laws and permits. The Credit Agreement also includes customary representations and warranties, indemnification provisions and requirements for the maintenance of insurance and compliance with applicable laws and permits.
The foregoing description of the Credit Agreement does not purport to be complete. The description of the Credit Agreement herein is qualified by reference to the copy of the Credit Agreement attached as Exhibit 10.1, which is incorporated by reference into this Current Report on Form 8-K in its entirety.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 8.01 Other Events.
On July 24, 2025, the Company issued a press release announcing the entry into the Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information furnished with this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:



Exhibit
No.
    Description
10.1*#
Credit Agreement, dated as of July 23, 2025, by and among Cross Trails Energy Storage Project, LLC, Wilmington Trust, National Association, as administrative agent and collateral agent, and each of the lenders party thereto.
99.1
Press Release dated as of July 24, 2025
104
Cover page from this Current Report on Form 8-K, formatted in Inline XBRL
*           Pursuant to Item 601(a)(5) of Regulation S-K, certain schedules and similar attachments have been omitted. The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the Securities and Exchange Commission upon request.
#           Pursuant to Item 601(b)(10)(iv) of Regulation S-K promulgated by the Securities and Exchange Commission, certain portions of this exhibit have been redacted because the Company customarily and actually treats such omitted information as private or confidential and because such omitted information is not material.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ENERGY VAULT HOLDINGS, INC.
 
Date: July 28, 2025
By:/s/ Brad Eastman
 Name: Brad Eastman
 Chief Legal Officer

FAQ

What did Energy Vault (NRGV) announce in its July 2025 8-K?

A subsidiary entered into a $17.8 million senior secured term-loan to fund the Cross Trails energy storage project.

What are the key terms of the new Energy Vault loan?

Interest: 5.0% ABR / 6.0% SOFR; maturity: 23 Jul 2032; first-priority lien on project assets; minimum DSCR: 1.10×.

How will the loan proceeds be used by Energy Vault?

Funds cover project capex, operating costs, reserve accounts, fees and permitted sponsor distributions at closing.

Can Energy Vault prepay the Cross Trails loan?

Yes, voluntary prepayment is allowed anytime with accrued interest, breakage costs and a repayment premium.

What events trigger mandatory prepayment of the facility?

Insurance or condemnation proceeds, large asset sales, non-permitted debt or equity issuances and similar customary events.

Does the loan impact Energy Vault's corporate balance sheet?

Obligations are at the project-level; no parent guarantee was disclosed, limiting direct impact on corporate debt.
ENERGY VAULT HOLDINGS INC

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