Energy Vault, a US-based grid-scale energy storage solutions provider with a project called Miniera d’Energia in Sardinia, Italy, announced its financial results for the first quarter of 2025. The company reported a robust 49% growth in contracted revenue backlog since the beginning of the year, reaching a total of US$648 million. This growth was attributed to diversification into new geographies and business models, shielding its orders from potential risks posed by the ongoing US-China trade tariff situation. Energy Vault highlighted that 90% of its backlog consists of orders from customers in Australia, revenues from licensing agreements, and a new build, own operate (BOO) business model. Although facing continued losses, Energy Vault managed to achieve a 10% increase in revenue year-on-year in Q1 2025, reaching US$8.5 million. The company also secured a technology licensing deal in India and saw a significant improvement in its cash position and gross margin. Despite a net loss of US$-21.1 million and an adjusted EBITDA of US$-11.3 million in the quarter, an improvement from the previous year was noted. Energy Vault expressed optimism about potential market benefits from the easing US-China trade tensions. Since its listing through a special purpose acquisition company (SPAC) merger in 2021, Energy Vault has faced challenges with its share value, having received warnings from the New York Stock Exchange (NYSE) for falling below the required threshold. However, the stock price showed a slight recovery, hovering slightly above US$1 at the latest market close. The company remains hopeful about future opportunities and market performance amidst uncertainties surrounding trade tariffs and global market dynamics.