Energy Vault Holdings, Inc. (NRGV) has amended its securities purchase agreement with investor YA II PN, Ltd. to issue an additional $38.0 million in senior secured convertible debentures. This transaction increases the total outstanding principal to $80.0 million and doubles the total facility size from $75.0 million to $150.0 million. The company stated the upsized financing was driven by a material increase in its commercial sales backlog since March 31, 2026.
Key Details
- Upsized Financing: The company issued an additional $38.0 million in convertible debentures, receiving net proceeds of approximately $34.6 million after discounts and fees.
- Amended Agreement Terms: The total size of the purchase agreement was increased to $150.0 million. The debentures bear 7.50% annual interest, with a maturity date extended to July 1, 2027, and a conversion floor price of $1.19 per share.
- Business Justification: The company cited a material increase in its sales backlog, which was previously reported at $1.3 billion as of March 31, 2026, as the reason for the increased capital need.
- Subsidiary Debt Amendments: The filing also discloses amendments to credit agreements for its subsidiaries, Calistoga Resiliency Center and Cross Trails Energy Storage, providing waivers and deferrals for certain debt service coverage ratio covenants.