NRGV

Energy Vault ($NRGV) CEO Continues 'Consecutive Buying' Amid 3x Stock Surge... $300M Investment and Business Model Shift in Focus

09/19/2025 16:40

Energy Vault ($NRGV) CEO Robert Piconi and management team have been making consecutive large-scale purchases in August-September this year, drawing significant investor attention. The dramatic shift from persistent selling throughout the first half of 2024 to aggressive buying suggests a potential turning point for this small-cap energy storage company. Energy Vault is a renewable energy storage solutions company that has gained attention for its innovative technology combining gravity-based storage with battery systems. Headquartered in Westlake Village, California, the company serves utilities, independent power producers, and large industrial customers with diverse energy storage technologies including B-Vault (electrochemical batteries), G-Vault (gravity-based systems), and H-Vault (hydrogen/hybrid solutions). Since its founding in 2017, the company has expanded globally across the US, Australia, India, Switzerland, and other markets. The most striking change is in management's trading patterns. From June through September 2024, CEO Piconi and all major executives consistently sold shares. Particularly notable was June 7th, when all executives sold in unison, disposing of over 133,000 shares total at around $1.16 per share. However, starting September 13, 2024, a completely different picture emerged. CEO Piconi began with purchasing 300,000 shares at $0.87, followed by an additional 150,000 shares at $1.57 in November. This year has seen even more aggressive buying: 55,000 shares on August 28th ($1.71), 22,500 shares on August 29th ($1.92), 25,000 shares on September 16th ($2.21), 50,000 shares on September 17th ($2.30), and most recently, 17,500 shares on September 19th at $3.02 per share - a notably high price. This represents a strong signal of the CEO's confidence in his company's prospects. Other executives have joined the buying spree. COO Christopher Wiese purchased 6,200 shares at $1.59 on August 21st, while directors Theresa Fariello, Dylan Hixon, and Mary Mandanas also made consecutive purchases throughout August-September. Notably, these purchases occurred as the stock price climbed from the $0.80 range to $1.50-$2.30, indicating confidence even at higher valuations. Underlying this management behavior shift is a fundamental business transformation. Energy Vault is transitioning from a technology licensing focus to a 'Build-Own-Operate' model, directly owning and operating energy storage facilities to generate stable recurring revenues. The company currently has seven projects underway and plans to generate approximately $30 million in annual recurring EBITDA from this portfolio. Financials are showing positive trends. Q1 2025 gross margins improved dramatically from 26% to 57% year-over-year, while cash holdings increased 57% quarter-over-quarter to $47.2 million. Most significantly, the company secured $300 million in preferred equity investment for its Asset Vault subsidiary in August, funding that will accelerate execution of 1.5GW of global energy storage projects. International expansion is yielding tangible results. The company signed a 10-year, 30GWh licensing agreement with India's SPML Infra, with initial 500MWh capacity worth approximately $100 million scheduled for delivery within 12 months. In Australia, Energy Vault is developing a $350 million, 1GWh battery storage project with Enervest. The stock price reflects these changes. Starting at $1.19 in June last year, shares fell to $0.65 in April but have rallied sharply since July, reaching $2.36 on September 17th. The one-year return of 184% demonstrates growing investor interest. However, significant risks remain for investors to consider. The company continues to post substantial losses, with trailing twelve-month net losses of $144.45 million and Q2 losses of $34.9 million. The price-to-sales ratio of 7.95x significantly exceeds the industry average of 3-5x, suggesting high expectations are already priced in. Additionally, small-cap volatility risks and intensifying competition in energy storage technology markets pose challenges. Changes in tariff policies on Chinese batteries or renewable energy regulations could directly impact operations. Nevertheless, management's consecutive buying represents a strong positive signal. The CEO's continued purchases during the stock's upward trajectory suggests belief in further upside potential even at current levels. Whether the $300 million investment, business model transition, and global project expansion translate into actual profit improvement will be key to future stock performance. Investors should closely monitor quarterly earnings for continued revenue growth and loss reduction. The timing and profitability of Build-Own-Operate projects, along with any additional management purchases, will serve as important indicators for investment decisions.