Energy Vault Holdings, Inc., a leader in sustainable, grid-scale energy storage solutions, today announced the publication of its 2024 Sustainability Report. The report demonstrates Energy Vault’s commitment to providing transparency and progress on material non-financial sustainability & Environmental, Social, and Governance metrics.
In its third annual Corporate Sustainability Report, Energy Vault shares a new Double Materiality Assessment conducted in 2024, sustainability updates related to projects and partnerships, and the Company’s strong progress against 2023 activations of newly established sustainability infrastructure, systems, protocols, standards, and metrics. The report also previews plans to update the Company’s science-based targets (SBTs) and set long-term SBTs with the Science Based Targets Initiative (SBTi).
Robert Piconi, Chairman and CEO, Energy Vault, said in a statement, “As the world grapples with the increasing challenges of climate change, the transition to renewable energy remains our greatest tool for turning the tide. The clean energy transition is facing challenges to meet demand brought on by an explosive growth in AI, data centers, and industrial electrification. Energy Vault’s diverse technology portfolio offers unparalleled flexibility to couple with the wide range of energy generation sources that are required to meet the growing power demand, including fossil fuel hybrid solutions, to minimize environmental impact.”
He further added, “Core to our efforts to lead in the energy storage sector is our focus on sustainability and we’re thrilled to become the highest-ranking energy storage company in our industry as measured by S&P Global Ratings ESG score. This recognition makes clear that the efforts of Energy Vault’s Sustainability team are bringing success not only to the Company, but also to the world as we collectively work to address climate change.”
As a testament to the Company’s deep commitment to prioritizing sustainability throughout its operations, in 2024 Energy Vault’s S&P Global Ratings ESG score increased by 37% from 2023, placing Energy Vault in the 98th percentile of its reporting industry and making Energy Vault the highest ranked energy storage company in the IEQ industry. Energy Vault’s strong performance was featured in S&P Global’s Sustainability Yearbook where the Company received the “Industry Mover” designation for the strongest year-over-year improvement in the industry.
Michael Van Parys, Director of Sustainability, Energy Vault, mentioned, “Sustainability is engrained in everything we do at Energy Vault, and we are committed to both pushing the limits of sustainability in the energy storage space and continuing our corporate mission to accelerate the transition to renewable energy. We are fortunate to have the top-down and bottom-up combination of an executive management team that prioritizes sustainability and a workforce that truly cares about making a positive impact on the world, and we’re looking forward to continuing the important progress we’ve made over the past three years.”
Energy Vault’s sustainability directive is to enable a renewable world through the implementation of sustainable innovation and business practices that will ultimately yield a positive impact on the environment. By implementing a Triple Bottom Line framework to develop the Company’s product life cycle strategies, Energy Vault maintains a broad perspective of business value, considering all potential financial, social, and environmental value for the Company’s energy storage and management solutions.
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