Why Energy Vault Stock Exploded 40% Higher This Morning
Shares of California-based renewable energy storage (i.e., batteries) start-up Energy Vault Holdings (NYSE: NRGV) gained as much as 40% in morning trading on Wednesday -- before giving back most of those gains. Analysts thought the company would lose about $0.15 per share on $118.6 million in sales in its Q3 earnings report, which came out last night. In fact, Energy Vault lost only $0.13 per share -- and its sales were $172.2 million for the quarter.
As of 10:35 a.m. ET, Energy Vault shares are still up 10.5%.
"Multiple energy storage deployments" in the U.S. drove the Q3 sales outperformance, as management explained. In addition, the company said it is working on five new gravity energy storage projects that will use energy to move water uphill so it can generate energy later as gravity pulls it back down.
Source Fool.com
