Energy Vault (NRGV) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-39982
Entity Registrant Name	ENERGY VAULT HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3230987
Entity Address, Address Line One	4360 Park Terrace Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	852-0000
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NRGV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,856,638
Entity Central Index Key	0001828536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 107,049	$ 203,037
Restricted cash	57,988	83,145
Accounts receivable, net of allowance for credit losses of $12 and $— as of June 30, 2023 and December 31, 2022, respectively	5,114	37,460
Contract assets, net of allowance for credit losses of $1,318 and $— as of June 30, 2023 and December 31, 2022, respectively	62,434	28,978
Inventory	4	4,378
Customer financing receivable, current portion, net of allowance for credit losses of $187 and $— as of June 30, 2023 and December 31, 2022, respectively	1,313	1,500
Advances to suppliers	82,865	24,327
Prepaid expenses and other current assets	5,209	7,242
Total current assets	321,976	390,067
Property and equipment, net	23,909	3,044
Operating lease right-of-use assets	1,330	1,442
Customer financing receivable, long-term portion, net of allowance for credit losses of $1,087 and $— as of June 30, 2023 and December 31, 2022, respectively	7,609	8,260
Other assets	20,511	13,900
Total Assets	375,335	416,713
Current Liabilities
Accounts payable	7,574	60,315
Accrued expenses	27,577	14,749
Contract liabilities, current portion	88,364	49,434
Lease liabilities, current portion	862	825
Total current liabilities	124,377	125,323
Deferred pension obligation	965	890
Asset retirement obligation	376	560
Contract liabilities, long-term portion	1,500	1,500
Other long-term liabilities	554	727
Total liabilities	127,772	129,000
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued	0	0
Common stock, $0.0001 par value; 500,000 shares authorized, 142,703 issued and outstanding at June 30, 2023; 138,530 issued and outstanding at December 31, 2022	14	14
Additional paid-in capital	455,283	435,852
Accumulated deficit	(206,958)	(147,265)
Accumulated other comprehensive loss	(776)	(888)
Total stockholders’ equity	247,563	287,713
Total Liabilities and Stockholders’ Equity	$ 375,335	$ 416,713

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable allowance for credit loss	$ 12	$ 0
Contract assets allowance for credit loss	1,318	0
Customer financing receivable, current portion, allowance for credit loss	187	0
Customer financing receivable, long-term portion, allowance for credit loss	$ 1,087	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	142,703,000	138,530,000
Common stock outstanding (in shares)	142,703,000	138,530,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 39,680,000	$ 977,000	$ 51,102,000	$ 43,861,000
Cost of revenue	35,733,000	571,000	44,736,000	571,000
Gross profit	3,947,000	406,000	6,366,000	43,290,000
Operating expenses:
Sales and marketing	4,852,000	1,949,000	9,426,000	4,529,000
Research and development	10,218,000	8,632,000	21,396,000	17,114,000
General and administrative	17,012,000	10,613,000	36,412,000	20,380,000
Depreciation and amortization	226,000	1,186,000	435,000	2,404,000
Loss from operations	(28,361,000)	(21,974,000)	(61,303,000)	(1,137,000)
Other income (expense):
Interest expense	0	0	(1,000)	(1,000)
Change in fair value of warrant liability	0	15,592,000	0	(4,645,000)
Transaction costs	0	0	0	(20,586,000)
Other income, net	2,203,000	249,000	3,979,000	285,000
Loss before income taxes	(26,158,000)	(6,133,000)	(57,325,000)	(26,084,000)
Provision for income taxes	4,000	45,000	4,000	173,000
Net loss	$ (26,162,000)	$ (6,178,000)	$ (57,329,000)	$ (26,257,000)
Net loss per share — basic (in dollars per share)	$ (0.18)	$ (0.05)	$ (0.41)	$ (0.24)
Net loss per share — diluted (in dollars per share)	$ (0.18)	$ (0.05)	$ (0.41)	$ (0.24)
Weighted average shares of outstanding — basic (in shares)	142,756	133,777	141,129	107,509
Weighted average shares of outstanding — diluted (in shares)	142,756	133,777	141,129	107,509
Other comprehensive income (loss) — net of tax
Actuarial gain (loss) on pension	$ (218,000)	$ 282,000	$ (54,000)	$ 560,000
Foreign currency translation gain (loss)	45,000	(261,000)	166,000	(355,000)
Total other comprehensive income (loss)	(173,000)	21,000	112,000	205,000
Total comprehensive loss	$ (26,335,000)	$ (6,157,000)	$ (57,217,000)	$ (26,052,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Convertible Preferred Stock Convertible Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021				85,741
Beginning balance at Dec. 31, 2021				$ 182,709
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization (in shares)				(85,741)
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization				$ (182,709)
Ending balance (in shares) at Jun. 30, 2022				0
Ending balance at Jun. 30, 2022				$ 0
Beginning balance (in shares) at Dec. 31, 2021			20,432
Beginning balance at Dec. 31, 2021	$ (68,666)		$ 0		$ 713	$ (68,966)		$ (413)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization (in shares)			85,741
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization	182,709		$ 9		182,700
Issuance of common stock upon the reverse recapitalization, net of transaction costs (in shares)			27,553
Issuance of common stock upon the reverse recapitalization, net of transaction costs	191,859		$ 3		191,856
Exercise of stock option (in shares)			32
Exercise of stock option	36		$ 1		35
Exercise of warrants (in shares)			683
Exercise of warrants	10,837				10,837
Stock based compensation	15,863				15,863
Net loss	(26,257)					(26,257)
Actuarial (loss) gain on pension	560							560
Foreign currency translation gain (loss)	(355)							(355)
Ending balance (in shares) at Jun. 30, 2022			134,441	0
Ending balance at Jun. 30, 2022	306,586		$ 13	$ 0	402,004	(95,223)		(208)
Beginning balance (in shares) at Dec. 31, 2021				85,741
Beginning balance at Dec. 31, 2021				$ 182,709
Beginning balance (in shares) at Dec. 31, 2021			20,432
Beginning balance at Dec. 31, 2021	$ (68,666)		$ 0		713	(68,966)		(413)
Ending balance (in shares) at Dec. 31, 2022	138,530		138,530
Ending balance at Dec. 31, 2022	$ 287,713	$ (2,364)	$ 14		435,852	(147,265)	$ (2,364)	(888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13
Ending balance (in shares) at Jun. 30, 2022				0
Ending balance at Jun. 30, 2022				$ 0
Beginning balance (in shares) at Mar. 31, 2022			133,633	93
Beginning balance at Mar. 31, 2022	$ 295,328		$ 13	$ 675	383,821	(89,045)		(229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization (in shares)			93	(93)
Conversion of convertible preferred stock into common stock in connection with reverse recapitalization	(93)		$ 0	$ (675)	675
Exercise of stock option (in shares)			32
Exercise of stock option	10				10
Exercise of warrants (in shares)			683
Exercise of warrants	10,837				10,837
Stock based compensation	6,661				6,661
Net loss	(6,178)					(6,178)
Actuarial (loss) gain on pension	282							282
Foreign currency translation gain (loss)	(261)							(261)
Ending balance (in shares) at Jun. 30, 2022			134,441	0
Ending balance at Jun. 30, 2022	$ 306,586		$ 13	$ 0	402,004	(95,223)		(208)
Beginning balance (in shares) at Dec. 31, 2022	138,530		138,530
Beginning balance at Dec. 31, 2022	$ 287,713	$ (2,364)	$ 14		435,852	(147,265)	$ (2,364)	(888)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock option (in shares)	141		141
Exercise of stock option	$ 113				113
Stock based compensation	23,809				23,809
Vesting of RSUs, net of shares withheld for payroll taxes (in shares)			4,032
Vesting of RSUs, net of shares withheld for payroll taxes	(4,491)				(4,491)
Net loss	(57,329)					(57,329)
Actuarial (loss) gain on pension	(54)							(54)
Foreign currency translation gain (loss)	$ 166							166
Ending balance (in shares) at Jun. 30, 2023	142,703		142,703
Ending balance at Jun. 30, 2023	$ 247,563		$ 14		455,283	(206,958)		(776)
Beginning balance (in shares) at Mar. 31, 2023			141,392
Beginning balance at Mar. 31, 2023	264,485		$ 14		445,870	(180,796)		(603)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock option (in shares)			98
Exercise of stock option	78				78
Stock based compensation	10,093				10,093
Vesting of RSUs, net of shares withheld for payroll taxes (in shares)			1,213
Vesting of RSUs, net of shares withheld for payroll taxes	(758)				(758)
Net loss	(26,162)					(26,162)
Actuarial (loss) gain on pension	(218)							(218)
Foreign currency translation gain (loss)	$ 45							45
Ending balance (in shares) at Jun. 30, 2023	142,703		142,703
Ending balance at Jun. 30, 2023	$ 247,563		$ 14		$ 455,283	$ (206,958)		$ (776)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net loss	$ (57,329)	$ (26,257)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	435	2,404
Non-cash interest income	(681)	(109)
Stock based compensation	23,809	15,863
Change in fair value of warrant liability	0	4,645
Change in pension obligation	1	15
Change in asset retirement obligation	(196)	37
Provision for credit losses	240	0
Foreign exchange gains and losses	258	33
Change in operating assets	(50,857)	(30,504)
Change in operating liabilities	(7,504)	7,019
Net cash used in operating activities	(91,824)	(26,854)
Cash Flows From Investing Activities
Purchase of property and equipment	(18,817)	(333)
Purchase of equity securities	(6,000)	0
Purchase of convertible notes	0	(2,000)
Net cash used in investing activities	(24,817)	(2,333)
Cash Flows From Financing Activities
Proceeds from exercise of stock options	113	36
Proceeds from reverse recapitalization and PIPE financing, net	0	235,940
Proceeds from exercise of warrants	0	7,854
Payment of transaction costs related to reverse recapitalization	0	(20,651)
Payment of taxes related to net settlement of equity awards	(4,562)	0
Payment of finance lease obligations	(21)	(19)
Net cash provided by (used in) financing activities	(4,470)	223,160
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(34)	(35)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(121,145)	193,938
Cash, cash equivalents, and restricted cash  –  beginning of the period	286,182	105,125
Cash, cash equivalents, and restricted cash –  end of the period	165,037	299,063
Less: Restricted cash at end of period	57,988	0
Cash and cash equivalents - end of period	107,049	299,063
Supplemental Disclosures of Cash Flow Information:
Income taxes paid	46	1
Cash paid for interest	1	1
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of redeemable preferred stock into common stock in connection with the reverse recapitalization	0	182,034
Warrants assumed as part of reverse recapitalization	0	19,838
Actuarial gain (loss) on pension	(54)	560
Property and equipment financed through accounts payable and accrued expenses	$ 6,108	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Energy Vault Holdings, Inc., which together with its subsidiaries is referred to herein as “Energy Vault” or the “Company”, is a grid-scale energy storage company that is driving a faster transition to more pervasive renewable power by solving the intermittence issues that are inherent to the most prevalent forms of renewable power, solar and wind. The Company’s mission is to provide energy storage solutions to accelerate the global transition to renewable energy. Energy Vault was originally incorporated under the name Novus Capital Corporation II (“Novus”) as a special purpose acquisition company in the state of Delaware in September 2020 with the purpose of effecting a merger with one or more operating businesses. On September 8, 2021, Novus announced that it had entered into a definitive agreement for a business combination (the “Merger Agreement”) with Energy Vault, Inc. (“Legacy Energy Vault”) that would result in Legacy Energy Vault becoming a wholly owned subsidiary of Novus (the “Merger”). Upon the closing of the Merger on February 11, 2022 (the “Closing”), Novus was immediately renamed to “Energy Vault Holdings, Inc.” The Merger between Novus and Legacy Energy Vault was accounted for as a reverse recapitalization in accordance with United States Generally Accepted Accounting Principles (“GAAP”). See Note 3 - Reverse Capitalization for more information. Throughout the notes to the consolidated condensed financial statements, unless otherwise noted, the “Company,” “we,” “us,” or “our” and similar terms refer to Legacy Energy Vault and its subsidiaries prior to the consummation of the Merger, and Energy Vault and its subsidiaries after the consummation of the Merger.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared on an accrual basis of accounting in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2022. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the consolidated financial statements of the Company as of that date. These unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary to present fairly the Company’s financial position as of June 30, 2023 and the Company’s results of operations and comprehensive loss, convertible preferred stock and stockholders’ equity activities, and the cash flows for the three and six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any interim period or for any other future year. Principles of Consolidation These unaudited interim condensed consolidated financial statements include Energy Vault Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. If the Company has a variable interest in an entity, an assessment is performed to determine if that entity is a variable interest entity (“VIE”), and if so, if the Company is the primary beneficiary of the VIE. The assessment of whether an entity is a VIE requires an evaluation of qualitative factors and, where applicable, quantitative factors. These factors include: (i) determining whether the entity has sufficient equity at risk, (ii) evaluating whether the equity holders, as a group, lack the ability to make decisions that significantly affect the economic performance of the entity, and (iii) determining whether the entity is structured with disproportionate voting rights in relation to their equity interests. The Company has determined that it is not the primary beneficiary of any VIEs in which it has a variable interest as of June 30, 2023. Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of the condensed consolidated financial statements, in conformity with GAAP requires management to make estimates an d assumptions that affect the amounts reported in the unaudited interim condensed consolidated financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. Significant estimates made by management include, among others, revenue recognition, stock-based compensation, and valuation of warrant liability. Due to the inherent uncertainty invol ved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated financial condition and results of operations. Segment Reporting The Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker, which is our chief executive officer, reviews our operating results on a consolidated basis and uses that consolidated financial information to make operating decisions, assess financial performance, and allocate resources. Concentration of Credit Risk Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, and customer financings receivable. Risks associated with cash and cash equivalents and restricted cash are mitigated by banking with creditworthy institutions. Such balances with any one institution may, at times, be in excess of federally insured amounts. As of June 30, 2023, three customers accounted for 61%, 21%, and 18% of accou nts receivable, respectively. As of December 31, 2022, two customers accounted for 78% and 16% of accounts receivable, respectively. As of June 30, 2023 and December 31, 2022 , one custo mer accounted for 100% of the customer financing receivable. Revenue from one customer accounted for 90% of total revenue for the three months ended June 30, 2023 and revenue from two different customers accounted for 80% and 14% of total revenue, respectively, for the six months ended June 30, 2023. R evenue from one customer accounted for 100% of total revenue for the three and six months ended June 30, 2022. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the notes to the consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K filed with the SE C on April 13, 2023. The re have been no significant changes to these policies during the six months ended June 30, 2023, except as described below under the heading, “Recently Adopted Accounting Pronouncements.” Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amended the impairment model to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets. This standard replaces the previous incurred loss impairment model that recognized losses when a probable threshold was met, with a requirement to recognize lifetime expected credit

REVERSE RECAPITALIZATION

REVERSE RECAPITALIZATION	6 Months Ended
	Jun. 30, 2023
Reverse Recapitalization [Abstract]
REVERSE RECAPITALIZATION	REVERSE RECAPITALIZATION On February 11, 2022, in connection with the Merger, the Company raised gross proceeds of $235.9 million , including the contribution of $40.9 million of cash, net of redemptions, held in Novus’ trust account from its initial public offering and an aggregate purchase price of $195.0 million from the sale and issuance of common shares in a private placement (“Private Investment in Public Equity” or “PIPE”) at $10.00 per share. The Company and Novus incurred in aggregate approximately $44.8 million in transaction costs, consisting of underwriting, legal, and other professional fees, of which $24.2 million was recorded to additional paid-in-capital as a reduction of proceeds and the remaining $20.6 million was expensed immediately upon the Closing. The aggregate consideration paid to Legacy Energy Vault stockholders in connection with the Merger (excluding any potential Earn-Out Shares), was 106.2 million shares of the Company’s common stock, par value $0.0001 after giving effect to the exchange ratio of 6.7735 (the “Exchange Ratio”). The total net cash proceeds to the Company were $191.1 million. The following transactions were completed as part of the Merger: • All issued and outstanding shares of Legacy Energy Vault convertible preferred stock were canceled and c onverted into a total of 85.7 million shares of Energy Vault common stock; • Each issued and outstanding share of Legacy Energy Vault common stock was canceled and converted into a total of 20.4 million shares of Energy Vault common stock; • Each outstanding vested and unvested Legacy Energy Vault common stock option was converted into options exercisable for shares of Energy Vault common stock with the same terms except for the number of shares exercisable and the exercise price, each of which was adjusted by the Exchange Ratio; • Each outstanding and unvested Legacy Energy Vault restricted stock unit (“RSU”) was converted into RSUs for shares of Energy Vault common stock with the same terms except for the number of shares, each of which was adjusted by the Exchange Ratio; and • Each outstanding vested and unvested Legacy Energy Vault restricted stock award (“RSA”) was converted into RSAs for shares of Energy Vault common stock with the same terms except for the number of shares, each of which was adjusted by the Exchange Ratio. The Merger was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Novus was treated as the acquired company for financial reporting purposes. The reverse recapitalization accounting treatment was primarily determined based on the shareholders of Legacy Energy Vault having a relative majority of the voting power of Energy Vault and having the ability to nominate the majority of the members of the Energy Vault Board, senior management of Legacy Energy Vault comprise the senior management of Energy Vault, and the operations of Legacy Energy Vault prior to the Merger comprise the ongoing operations of Energy Vault. Accordingly, for accounting purposes, the financial statements of the combined entity upon completion of the Merger represent a continuation of the financial statements of Legacy Energy Vault with the Merger being treated as the equivalent of Legacy Energy Vault issuing shares for the net assets of Novus, accompanied by a recapitalization. The net assets of Novus were recognized at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are presented as those of Legacy Energy Vault and the accumulated deficit of Legacy Energy Vault has been carried forward after Closing. All periods prior to the Merger have been retroactively adjusted using the Exchange Ratio for the equivalent number of shares outstanding immediately after the Closing to effect the reverse recapitalization. The number of shares of common stock issued following the consummation of the Merger was as follows (in thousands): Shares Legacy Energy Vault stock (1) 106,172 Novus public shares (2) 4,079 Novus sponsor shares (3) 3,975 PIPE shares 19,500 Total shares of Energy Vault common stock issued as part of the Merger 133,726 __________________ (1) Excludes 9.0 million common shares issuable in earn-out arrangements as they are not issuable until 90 days after the Closing and are contingently issuable based upon the Company’s share price meeting certain thresholds. (2) Excludes 14.7 million warrants issued and outstanding as of the Closing of the Merger which includes 9.6 million public warrants and 5.2 million private warrants held by the Novus Sponsor.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company recognized revenue for the product and service categories as follows for the three and six months ended June 30, 2023 and 2022 (amounts in thousands). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Build and transfer energy storage products $ 39,531 $ — $ 50,804 $ — Licensing of intellectual property — — — 42,884 Other (1) 149 977 298 977 Total revenue $ 39,680 $ 977 $ 51,102 $ 43,861 _________________ (1) Includes revenue related to the amortization of deferred revenue and cost reimbursements from providing construction support services. Remaining Performance Obligations Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed. As of June 30, 2023, the amount of the Company’s remaining performance obligations was $281.5 million . The Company generally expects to recognize the majority of the remaining performance obligations as revenue within the next twelve months. Contract Balances The following table provides information about contract assets and contract liabilities from contracts with customers. June 30, December 31, Refundable contribution $ 25,000 $ 25,000 Unbilled receivables 33,390 531 Retainage 5,362 3,447 Less allowance for credit losses (1,318) — Contract assets, net of allowance for credit losses $ 62,434 $ 28,978 Contract liabilities, current portion $ 88,364 $ 49,434 Contract liabilities, long-term portion 1,500 1,500 Total contract liabilities $ 89,864 $ 50,934 Contract assets consist of a refundable contribution, unbilled receivables, and retainage. Refundable contribution represents the contribution the Company made to a customer to be used during the construction of its first gravity energy storage system (“GESS”), which will be refunded to the Company upon the customer’s first GESS obtaining substantial completion, subject to adjustment for potential liquidated damages if certain performance metrics are not met. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. Retainage is not considered to be a significant financing component because the intent is to protect the customer.

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	ALLOWANCE FOR CREDIT LOSSES Activity in the allowance for credit losses was as follows for the three and six months ended June 30, 2023 (amounts in thousands): Three Months Ended June 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ 10 $ 1,094 $ 1,246 $ 2,350 Provision for credit losses 2 224 28 254 Allowance for credit losses, end of period $ 12 $ 1,318 $ 1,274 $ 2,604 Six Months Ended June 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ — $ — $ — $ — Addition due to adoption of ASU 2016-13 81 1,063 1,220 2,364 Provision (benefit) for credit losses (69) 255 54 240 Allowance for credit losses, end of period $ 12 $ 1,318 $ 1,274 $ 2,604 The Company did not have allowance or a provision for credit losses during the three and six months ended June 30, 2022. The Company utilizes a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses for each customer by type of financial asset. Due to the Company’s limited operating history and lack of loss history, the Company derived its PD and LGD rates using average historical rates for corporate bonds as published by Moody’s. The Company uses PD and LGD rates that correspond to the customer’s credit rating and period of time in which the financial asset is expected to remain outstanding.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Carrying amounts of certain financial instruments, including cash, accounts payable, and accrued liabilities approximate their fair value due to their relatively short maturities and market interest rates, if applicable. The Company categorizes assets and liabilities recorded or disclosed at fair value on the consolidated balance sheet based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows: • Level 1 —Inputs which included quoted prices in active markets for identical assets and liabilities. • Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows as of June 30, 2023 and December 31, 2022, respectively (amounts in thousands): Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 1,025 $ 1,025 Warrant liability (2) — — (2) (2) __________________ (1) Refer to Note 8 - Convertible Note Receivable for further information. (2) Refer to Note 12 - Warrants for further information.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In May 2019, the Company received a $1.5 million deposit for a gravity based system from a customer that was owned by one of its primary shareholders; the order remains outstanding as of June 30, 2023. The deposit and order were received before the owner of the customer became one of the Company’s primary shareholders and before it was represented on the Company’s board of directors. This deposit is recognized in the line item, contract liabilities, long-term portion, in the condensed consolidated balance sheets. During the three and six months ended June 30, 2023 , the Company paid contracted engineering, design, and civil tolerance code calculation support fees of $49 thousand and $0.1 million respectively, to an immediate family member of an executive officer. During the three and six months ended June 30, 2022, the C ompany paid $0.1 million and $0.2 million respectively. The Company retains all intellectual property as part of these services. During the three and six months e nded June 30, 2023, the Company paid construction labor costs of $0.1 million and $0.2 million respectively, for EV1 tower dismantl ement and EVx test bed construction to a local company owned by an immediate family member of an employee. During the three and six months ended June 30, 2022, the Company paid $0.2 million and $0.3 million, respectively. During the six months ended June 30, 2023, the Company paid $0.1 million, re spectively, in primary market research and business development consulting costs to a company owned by an officer of the Company. During the three and six months ended June 30, 2022, the Company paid $0.1 million. During the three and six months ended June 30, 2023, the Company paid $0.4 million and $0.8 million, respectively in marketing and sales costs to a company owned by family of an officer of the Company. During the three and six months ended June 30, 2022, the Company paid $0.2 million and $0.5 million, respectively.

CONVERTIBLE NOTE RECEIVABLE

CONVERTIBLE NOTE RECEIVABLE	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
CONVERTIBLE NOTE RECEIVABLE	CONVERTIBLE NOTE RECEIVABLE In October 2021, the Company entered into a convertible promissory note purchase agreement with DG Fuels, LLC (“DG Fuels”) and purchased a promissory note with a principal balance of $1.0 million (“DG Fuels Tranche 1 Note”). In April 2022, the Company purchased an additional promissory note from DG Fuels with a principal balance of $2.0 million. (“DG Fuels Tranche 2 Note”) (collectively, the “DG Fuels Note”). The convertible promissory note is recorded in other assets in the condensed consolidated balance sheets. The maturity date of the DG Fuels Note is the earlier of (i) 30 days after a demand for payment is made by the Company at any time after the two year anniversary of the date of issuance of the note; (ii) the four year anniversary of the date of issuance of the note; (iii) five days following a Financial Close (“Financial Close” means a project finance style closing by DG Fuels or its subsidiary of debt and equity capital to finance the construction of that certain biofuel facility currently under development by DG Fuels), or (iv) upon an event of default determined at the discretion of the Company. The DG Fuels Note has an annual interest rate of 10.0%. The Company intends to hold and convert the DG Fuels Note into the equity securities issued by DG Fuels in its next equity financing round that is greater than $20.0 million at a 20% discount to the issuance price. The principal balance and unpaid accrued interest on the DG Fuels Note will, at the option of the Company, convert into equity securities upon the closing of such next equity financing round. The discounted conversion rate in the DG Fuels Note is considered a redemption feature that is an embedded derivative, which requires bifurcation and separate accounting at its estimated fair value under ASC 815 – Derivative and Hedging . The embedded derivative upon the purchase of the DG Fuels Tranche 1 Note was an asset of $0.4 million and the embedded derivative upon the purchase of the DG Fuels Tranche 2 note was an asset of $0.7 million. The estimated fair value of the derivative instruments was recognized as a derivative asset on the condensed consolidated balance sheets, with an offsetting discount to the DG Fuels Note. The Company amortizes the discount on the Note into interest income using the effective interest method. The Company recognized interest income from the DG Fuels Note of $0.1 million and $0.2 million for the three and six months ended June 30, 2023 and $0.1 million for the three and six months ended June 30, 2022. Interest income related to the amortization of the debt discount was $50 thousand and $0.1 million for the three and six months ended June 30, 2023 and $22 thousand and $30 thousand for the three and six months ended June 30, 2022, respectively. At each reporting period, the Company remeasures this derivative financial instrument to its estimated fair value. The change in the estimated fair value is recorded in other income, net in the consolidated statement of operations and comprehensive loss. For the three and six months ended June 30, 2023 and 2022, ther e was no change in the fair value of th e embedded derivative. A reconciliation of the beginning and ending asset balance for the embedded derivative in the DG Fuels Note is as follows (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning of period $ 1,025 $ 350 $ 1,025 $ 350 Additions — 675 — 675 Change in fair value — — — — End of period $ 1,025 $ 1,025 $ 1,025 $ 1,025 The Company has determined that DG Fuels is a variable interest entity and that the Company has a variable interest in it through the DG Fuels note. The Company is not the primary beneficiary of DG Fuels, and thus is not required to consolidate DG Fuels. The Company’s maximum exposure to loss related to DG Fuels is limited to the Company’s investment of $3.0 million.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET As of June 30, 2023 and December 31, 2022, property and equipment, net consisted of the following (amounts in thousands): June 30, December 31, Buildings $ 774 $ — Machinery and equipment 7,558 657 Finance lease right-of-use assets – vehicles 183 178 Furniture and IT equipment 1,241 815 Leasehold improvements 667 529 Construction in progress 14,437 1,268 Total property and equipment 24,860 3,447 Less: accumulated depreciation and amortization (951) (403) Property and equipment, net $ 23,909 $ 3,044 For the three and six months ended June 30, 2023, depreciation and amortization related to property and equipment was $0.2 million and $0.4 million, respectively. Depreciation and amortization related to property and equipment was $1.2 million and $2.4 million for the three and six months ended June 30, 2022, respectively. The increases in machinery and equipment and construction in progress primarily relate to the energy storage systems being constructed in Snyder, Texas and Calistoga, California.

SUPPLEMENTAL BALANCE SHEETS DET

SUPPLEMENTAL BALANCE SHEETS DETAIL	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL BALANCE SHEETS DETAIL	SUPPLEMENTAL BALANCE SHEETS DETAIL (amounts in thousands) June 30, December 31, Other assets: Investment in equity securities (1) $ 15,000 $ 9,000 Convertible note receivable 2,175 2,080 Derivative asset —  conversion option 1,025 1,025 Other 2,311 1,795 Total $ 20,511 $ 13,900 Lease liabilities, current portion: Operating leases $ 841 $ 787 Finance leases 21 38 Total $ 862 $ 825 Other long-term liabilities: Operating leases $ 538 $ 709 Finance leases 14 16 Warrant liability 2 2 Total $ 554 $ 727 __________________ (1) These equity securities do not have a readily determinable fair value and are recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. As of June 30, 2023 and December 31, 2022, the carrying value of these equity securities was equal to its cost basis.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY On February 11, 2022, in connection with the reverse recapitalization treatment of the Merger, the Company effectively issued 27.6 million new shares of common stock. Additionally, as part of the Merger, the Company converted all 3.0 million issued and outstanding common stock and all 12.7 million issued and outstanding convertible preferred stock of Legacy Energy Vault into 106.2 million new shares of common stock using an exchange ratio of 6.7735.

WARRANTS

WARRANTS	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
WARRANTS	WARRANTS Upon the Closing of the Merger, the Company assumed 9.6 million Public Warrants and 5.2 million Private Warrants. Each whole warrant entitled the holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share, subject to adjustments. The warrants became exercisa ble on March 13, 2022, and at that time were scheduled to expire on February 11, 2027, which represents five years after the Closing. The Company filed a Registration Statement on Form S-1 on March 8, 2022, related to the issuance of an aggregate of up to approximately 14.7 million shares of common stock issuable upon the exercise of the Public and Private Warrants, which was declared effective by the SEC on May 6, 2022. All Public Warrants were exercised or redeemed during 2022. There were no Public Warrants outstanding as of June 30, 2023 and December 31, 2022. There has not been any Private Warrant activity since the Closing of the Merger and there were 5.2 million Private Warrants outstanding as of June 30, 2023, December 31, 2022, and June 30, 2022. The following table summarizes the Public Warrant activity for the three and six months ended June 30, 2022 (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Number of Public Warrants at beginning of period 9,583 — Warrants assumed upon Closing of Merger — 9,583 Warrants exercised (683) (683) Number of Public Warrants at end of period 8,900 8,900 The Public Warrants were classified as Level 1 measurements from the Closing of the Merger through the date they were redeemed as the Public Warrants had an adequate trading volume to provide reliable indication of value. The Private Warrants were classified as Level 2 from the Closing of the Merger through the Public Warrant redemption date of August 1, 2022 because the Private Warrants had similar terms to the Public Warrants. Upon the ceasing of trading of the Public Warrants on August 1, 2022, the fair value measurement of the Private Warrants transferred from Level 2 to Level 3 and the Company uses a Black Scholes model to determine the fair value of the Private Warrants. The primary significant unobservable input used to evaluate the fair value measurement of the Company’s Private Warrants is the expected volatility. A significant increase in the expected volatility in isolation would result in a significantly higher fair value measurement. The Private Warrants were val ued at less than $0.01 per warrant a s of June 30, 2023. As of June 30, 2023 and December 31, 2022, the Company’s warrant liability for its Private Warrants was $2 thousand. The following table presents the changes in the fair value of the Company’s warrant liability for the three months and six months ended June 30, 2022 (amounts in thousands): Three Months Ended June 30, 2022 Public Warrants Private Warrants Total Warrants Warrant liability at beginning of period $ 25,875 $ 14,200 $ 40,075 Warrants exercised (2,984) — (2,984) Change in fair value (9,452) (6,140) (15,592) Warrant liability at end of period $ 13,439 $ 8,060 $ 21,499 Six Months Ended June 30, 2022 Public Warrants Private Warrants Total Warrants Warrant liability at beginning of period $ — $ — $ — Warrant liability assumed upon Closing of the Merger 12,938 6,900 19,838 Warrants exercised (2,984) — (2,984) Change in fair value 3,485 1,160 4,645 Warrant liability at end of period $ 13,439 $ 8,060 $ 21,499

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Stock Incentive Plan In 2017, the Company adopted its 2017 Stock Incentive Plan (the “2017 Plan”) which provided for the granting of stock options, restricted stock, and RSUs to employees, directors, and consultants of the Company. Options granted under the 2017 Plan were either Incentive Stock Options (“ISOs”) or Nonqualified Stock Options (“NSOs”). Awards under the 2017 Plan were granted for periods of up to ten years. Under the terms of the 2017 Plan, awards were granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s Board of Directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs was not less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Awards generally vested over one 2020 Stock Incentive Plan In 2020, the Company adopted its 2020 Stock Incentive Plan (the “2020 Plan”). The 2020 Plan provided for the granting of stock options, restricted stock, and RSUs to employees, directors, and consultants of the Company. Options granted under the 2020 Plan were either ISOs or NSOs. Awards under the 2020 Plan were granted for periods of up to ten years. Under the terms of the 2020 Plan, awards were granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s Board of Directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs was not less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Awards generally vested over one 2022 Equity Incentive Plan In 2022, the Company adopted its 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides for the granting of stock options, stock appreciation rights (“SARs”), restricted stock, and RSUs to employees, non-employee directors, and consultants of the Company. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Plan. The initial number of shares of the Company’s common stock reserved for issuance under the 2022 Plan was approximately 15.5 million, plus up to approximately 8.3 million shares subject to awards granted under the 2017 and 2020 Plans. Beginning on March 1, 2022 and ending on (and including) March 31, 2031, the number of shares of the Company’s common stock that may be issued under the 2022 Plan increases by a number of shares equal to the lesser of (i) 4.0% of the outstanding shares on the last day of the immediately preceding month or (ii) such lesser number of shares (including zero) that the Company’s Board of Directors determines for the purposes of the annual increase for that fiscal year. 2022 Inducement Plan In 2022, the Company adopted its 2022 Inducement Plan, which provides for the granting of stock options, SARs, restricted stock, and RSUs to individuals who were not previously employees of Energy Vault, or following a bona fide period of non-employment, as inducement material to such individuals entering into employment with Energy Vault. Shares of common stock underlying awards that expire or are forfeited or canceled will again be available for issuance under the 2022 Inducement Plan. 8.0 million shares of the Company’s common stock are reserved for issuance under the 2022 Inducement Plan. Stock Option Activity Stock option activity for the six months ended June 30, 2023 was as follows (in thousands, except per share data): Options Outstanding Number of Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of December 31, 2022 1,093 $ 0.79 8.10 $ 2,551 Stock options granted 5,170 1.86 — — Stock options exercised (141) 0.80 — 221 Stock options forfeited, canceled, or expired (2) 0.80 — — Balance as of June 30, 2023 6,120 1.69 6.92 6,346 Options exercisable as of June 30, 2023 733 0.68 7.06 1,499 Options vested and expected to vest as of June 30, 2023 6,120 1.69 6.92 6,346 As of June 30, 2023, total unrecognized stock-based compensation expense related to unvested awards that are expected to vest was $7.3 million. The weighted-average period over which such stock-based compensation expense will be recognized is approximately 2.81 years. The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing stock price of the Company’s common stock on the NYSE as of June 30, 2023. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The following table summarizes the assumptions used for estimating the fair value of the stock options granted during the six months ended June 30, 2023: Common stock price $1.86 Expected term (in years) 4.5 Expected volatility 100.0 % Risk-free interest rate 3.9 % Expected dividend yield — Restricted Stock Units RSU activity for the six months ended June 30, 2023 was as follows (in thousands, except per share data): Number of RSUs Weighted Average Grant Date Fair Value per Share Nonvested balance as of December 31, 2022 23,799 $ 5.87 RSUs granted 5,787 2.55 RSUs forfeited (412) 5.69 RSUs vested (5,374) 7.47 Nonvested balance as of June 30, 2023 23,800 $ 4.71 As of June 30, 2023, unrecognized stock-based compensation expense related to these RSUs w as $96.4 million which is expected to be recognized over the remaining weighted-average vesting period of approximately 2.64 years. During the six months ended June 30, 2023, the Company granted RSUs to its CFO that vest based on market conditions. These RSUs will vest and convert to common stock subject to the Company’s stock price reaching certain price targets for 20 days in any 30 day trading window. The fair value of these RSUs will be recognized over the requisite service period regardless of whether or not the RSUs ultimately vest and convert to common stock. The fair value of these market-based RSUs were measured on the grant date using a Monte Carlo simulation model based on the following assumptions: Common stock price $3.46 Expected term (in years) 4.0 Expected volatility 90.0 % Risk-free interest rate 3.8 % Expected dividend yield — Stock-Based Compensation Expense Total stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Sales and marketing $ 1,727 $ 402 $ 3,676 $ 892 Research and development 2,785 3,011 5,934 6,792 General and administrative 5,581 3,248 14,199 8,179 Total stock-based compensation expense $ 10,093 $ 6,661 $ 23,809 $ 15,863

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized a tax provision of $4.0 thousand for the three and six months ended June 30, 2023 an d recognized a tax provision of $45 thousand and $0.2 million for the three and six months ended June 30, 2022, respectively. The Company has recorded a valuation allowance against substantially all of the Company’s net deferred tax assets. The Company provides for a valuation allowance when it is more likely than not that some portion of, or all of the Company’s deferred tax assets will not be realized. Due to the Company’s history of losses, the Company determined that it is not more likely than not to realize its deferred tax assets.

NET LOSS PER SHARE OF COMMON ST

NET LOSS PER SHARE OF COMMON STOCK	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE OF COMMON STOCK	NET LOSS PER SHARE OF COMMON STOCK Basic and diluted net loss per share attributable to common stockholders are calculated as follows (amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (26,162) $ (6,178) $ (57,329) $ (26,257) Weighted-average shares outstanding – basic and diluted 142,756 133,777 141,129 107,509 Net loss per share – basic and diluted $ (0.18) $ (0.05) $ (0.41) $ (0.24) There were no common share equivalents that were dilutive for th e three and six mo nths ended June 30, 2023 and 2022. Due to net losses during those periods, basic and diluted net loss per common share were the same, as the effect of potentially dilutive securities would have been anti-dilutive. The following outstanding balances of common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the for th e three and six mo nths ended June 30, 2023 and 2022 (amounts in thousands): Three and Six Months Ended June 30, 2023 June 30, 2022 Public and Private Warrants 5,167 14,067 Stock options 6,120 1,277 RSUs 23,800 8,246 Unvested Common Stock — 7 Total 35,087 23,597 9.0 million shares of common stock equivalents subject to the Earn-Out Shares are excluded from the anti-dilutive table above as of June 30, 2023, as the underlying shares remain contingently issuable as the Earn-Out Triggering Events have not been satisfied.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Our principal commitments as of June 30, 2023 consisted primarily of obligations under operating leases, finance leases, deferred pensions, and issued purchase orders. Our non-cancelable purchase obligations as of June 30, 2023 totaled approximately $20.1 million. In connection with one of the Company’s licensing agreements, the Company agreed to make a refundable contribution to a customer in the amount up to $25.0 million during the period in which the customer constructs its first GESS. As of June 30, 2023, t he Company has contributed all $25.0 million, which is included within the line item, contract assets, in the condensed consolidated balance sheets. The refundable contribution will be returned to the Company upon the customer’s first GESS reaching substantial completion, subject to adjustment for potential liquidated damages if certain performance metrics are not met. Other Commitments and Contingencies Letters of Credit: In the ordinary course of business and under certain contracts, the Company is required to post letters of credit for its customers, insurance carriers, and surety bond providers for project performance, and for its vendors for payment guarantees. Such letters of credit are generally issued by a bank or a similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. As of June 30, 2023, there was $79.7 million of letters of credit issued through the Company’s credit relationships. The Company is not aware of any material claims relating to its outstanding letters of credit. The Company’s restricted cash balance of $58.0 million as of June 30, 2023 primarily consists of cash held by banks as collateral for the Company’s letters of credit. Performance and Payment Bonds: In the ordinary course of business, Energy Vault is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of June 30, 2023, there were $197.2 million outstanding performance and payment bonds. Other Bonds : In the ordinary course of business, Energy Vault is required to obtain other bonds, such as for insurance and government payments. These bonds provide a guarantee that the Company will post the necessary reserves as required by banks and tax or licensing authorities. Additionally, bonds are issued to banks as support for letters of credit provided by those banks. As of June 30, 2023, there were $28.8 million of outstanding other bonds.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared on an accrual basis of accounting in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2022. The condensed consolidated balance sheet as of December 31, 2022, included herein, was derived from the consolidated financial statements of the Company as of that date. These unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all adjustments necessary to present fairly the Company’s financial position as of June 30, 2023 and the Company’s results of operations and comprehensive loss, convertible preferred stock and stockholders’ equity activities, and the cash flows for the three and six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any interim period or for any other future year.
Principles of Consolidation	Principles of Consolidation These unaudited interim condensed consolidated financial statements include Energy Vault Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. If the Company has a variable interest in an entity, an assessment is performed to determine if that entity is a variable interest entity (“VIE”), and if so, if the Company is the primary beneficiary of the VIE. The assessment of whether an entity is a VIE requires an evaluation of qualitative factors and, where applicable, quantitative factors. These factors include: (i) determining whether the entity has sufficient equity at risk, (ii) evaluating whether the equity holders, as a group, lack the ability to make decisions that significantly affect the economic performance of the entity, and (iii) determining whether the entity is structured with disproportionate voting rights in relation to their equity interests. The Company has determined that it is not the primary beneficiary of any VIEs in which it has a variable interest as of June 30, 2023.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements, in conformity with GAAP requires management to make estimates an d assumptions that affect the amounts reported in the unaudited interim condensed consolidated financial statements and accompanying notes. The Company evaluates its assumptions on an ongoing basis. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. Significant estimates made by management include, among others, revenue recognition, stock-based compensation, and valuation of warrant liability. Due to the inherent uncertainty invol ved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated financial condition and results of operations.
Segment Reporting	Segment ReportingThe Company reports its operating results and financial information in one operating and reportable segment. Our chief operating decision maker, which is our chief executive officer, reviews our operating results on a consolidated basis and uses that consolidated financial information to make operating decisions, assess financial performance, and allocate resources.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, and customer financings receivable.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 amended the impairment model to improve financial reporting by requiring earlier recognition of credit losses on certain financial assets. This standard replaces the previous incurred loss impairment model that recognized losses when a probable threshold was met, with a requirement to recognize lifetime expected credit

REVERSE RECAPITALIZATION (Table

REVERSE RECAPITALIZATION (Tables)	6 Months Ended
	Jun. 30, 2023
Reverse Recapitalization [Abstract]
Schedule of Reverse Recapitalization	The number of shares of common stock issued following the consummation of the Merger was as follows (in thousands): Shares Legacy Energy Vault stock (1) 106,172 Novus public shares (2) 4,079 Novus sponsor shares (3) 3,975 PIPE shares 19,500 Total shares of Energy Vault common stock issued as part of the Merger 133,726 __________________ (1) Excludes 9.0 million common shares issuable in earn-out arrangements as they are not issuable until 90 days after the Closing and are contingently issuable based upon the Company’s share price meeting certain thresholds. (2) Excludes 14.7 million warrants issued and outstanding as of the Closing of the Merger which includes 9.6 million public warrants and 5.2 million private warrants held by the Novus Sponsor.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The Company recognized revenue for the product and service categories as follows for the three and six months ended June 30, 2023 and 2022 (amounts in thousands). Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Build and transfer energy storage products $ 39,531 $ — $ 50,804 $ — Licensing of intellectual property — — — 42,884 Other (1) 149 977 298 977 Total revenue $ 39,680 $ 977 $ 51,102 $ 43,861 _________________ (1) Includes revenue related to the amortization of deferred revenue and cost reimbursements from providing construction support services.
Schedule of Contract Assets and Contract Liabilities	The following table provides information about contract assets and contract liabilities from contracts with customers. June 30, December 31, Refundable contribution $ 25,000 $ 25,000 Unbilled receivables 33,390 531 Retainage 5,362 3,447 Less allowance for credit losses (1,318) — Contract assets, net of allowance for credit losses $ 62,434 $ 28,978 Contract liabilities, current portion $ 88,364 $ 49,434 Contract liabilities, long-term portion 1,500 1,500 Total contract liabilities $ 89,864 $ 50,934

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule of Activity in the Allowance for Credit Losses	Activity in the allowance for credit losses was as follows for the three and six months ended June 30, 2023 (amounts in thousands): Three Months Ended June 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ 10 $ 1,094 $ 1,246 $ 2,350 Provision for credit losses 2 224 28 254 Allowance for credit losses, end of period $ 12 $ 1,318 $ 1,274 $ 2,604 Six Months Ended June 30, 2023 Accounts Receivable Contract Assets Customer Financing Receivable Total Allowance for credit losses, beginning of period $ — $ — $ — $ — Addition due to adoption of ASU 2016-13 81 1,063 1,220 2,364 Provision (benefit) for credit losses (69) 255 54 240 Allowance for credit losses, end of period $ 12 $ 1,318 $ 1,274 $ 2,604

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities at Fair Value on a Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows as of June 30, 2023 and December 31, 2022, respectively (amounts in thousands): Level 1 Level 2 Level 3 Total Assets (Liabilities): Derivative asset —  conversion option (1) $ — $ — $ 1,025 $ 1,025 Warrant liability (2) — — (2) (2) __________________ (1) Refer to Note 8 - Convertible Note Receivable for further information. (2) Refer to Note 12 - Warrants for further information.

CONVERTIBLE NOTE RECEIVABLE (Ta

CONVERTIBLE NOTE RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Reconciliation of Asset Balance for the Embedded Derivative	A reconciliation of the beginning and ending asset balance for the embedded derivative in the DG Fuels Note is as follows (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning of period $ 1,025 $ 350 $ 1,025 $ 350 Additions — 675 — 675 Change in fair value — — — — End of period $ 1,025 $ 1,025 $ 1,025 $ 1,025

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	As of June 30, 2023 and December 31, 2022, property and equipment, net consisted of the following (amounts in thousands): June 30, December 31, Buildings $ 774 $ — Machinery and equipment 7,558 657 Finance lease right-of-use assets – vehicles 183 178 Furniture and IT equipment 1,241 815 Leasehold improvements 667 529 Construction in progress 14,437 1,268 Total property and equipment 24,860 3,447 Less: accumulated depreciation and amortization (951) (403) Property and equipment, net $ 23,909 $ 3,044

SUPPLEMENTAL BALANCE SHEETS D_2

SUPPLEMENTAL BALANCE SHEETS DETAIL (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Balance Sheet Detail	(amounts in thousands) June 30, December 31, Other assets: Investment in equity securities (1) $ 15,000 $ 9,000 Convertible note receivable 2,175 2,080 Derivative asset —  conversion option 1,025 1,025 Other 2,311 1,795 Total $ 20,511 $ 13,900 Lease liabilities, current portion: Operating leases $ 841 $ 787 Finance leases 21 38 Total $ 862 $ 825 Other long-term liabilities: Operating leases $ 538 $ 709 Finance leases 14 16 Warrant liability 2 2 Total $ 554 $ 727 __________________ (1) These equity securities do not have a readily determinable fair value and are recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the same or similar securities, with unrealized gains and losses included in earnings. As of June 30, 2023 and December 31, 2022, the carrying value of these equity securities was equal to its cost basis.

WARRANTS (Tables)

WARRANTS (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Public and Private Warrants Activities	The following table summarizes the Public Warrant activity for the three and six months ended June 30, 2022 (in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Number of Public Warrants at beginning of period 9,583 — Warrants assumed upon Closing of Merger — 9,583 Warrants exercised (683) (683) Number of Public Warrants at end of period 8,900 8,900
Schedule of Public and Private Warrants Liabilities Fair Value	The following table presents the changes in the fair value of the Company’s warrant liability for the three months and six months ended June 30, 2022 (amounts in thousands): Three Months Ended June 30, 2022 Public Warrants Private Warrants Total Warrants Warrant liability at beginning of period $ 25,875 $ 14,200 $ 40,075 Warrants exercised (2,984) — (2,984) Change in fair value (9,452) (6,140) (15,592) Warrant liability at end of period $ 13,439 $ 8,060 $ 21,499 Six Months Ended June 30, 2022 Public Warrants Private Warrants Total Warrants Warrant liability at beginning of period $ — $ — $ — Warrant liability assumed upon Closing of the Merger 12,938 6,900 19,838 Warrants exercised (2,984) — (2,984) Change in fair value 3,485 1,160 4,645 Warrant liability at end of period $ 13,439 $ 8,060 $ 21,499

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the six months ended June 30, 2023 was as follows (in thousands, except per share data): Options Outstanding Number of Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of December 31, 2022 1,093 $ 0.79 8.10 $ 2,551 Stock options granted 5,170 1.86 — — Stock options exercised (141) 0.80 — 221 Stock options forfeited, canceled, or expired (2) 0.80 — — Balance as of June 30, 2023 6,120 1.69 6.92 6,346 Options exercisable as of June 30, 2023 733 0.68 7.06 1,499 Options vested and expected to vest as of June 30, 2023 6,120 1.69 6.92 6,346
Schedule of Stock Option Awards Valuation Assumptions	The following table summarizes the assumptions used for estimating the fair value of the stock options granted during the six months ended June 30, 2023: Common stock price $1.86 Expected term (in years) 4.5 Expected volatility 100.0 % Risk-free interest rate 3.9 % Expected dividend yield — Common stock price $3.46 Expected term (in years) 4.0 Expected volatility 90.0 % Risk-free interest rate 3.8 % Expected dividend yield —
Schedule of Restricted Stock Units Activity	RSU activity for the six months ended June 30, 2023 was as follows (in thousands, except per share data): Number of RSUs Weighted Average Grant Date Fair Value per Share Nonvested balance as of December 31, 2022 23,799 $ 5.87 RSUs granted 5,787 2.55 RSUs forfeited (412) 5.69 RSUs vested (5,374) 7.47 Nonvested balance as of June 30, 2023 23,800 $ 4.71
Schedule of Stock-Based Compensation Expense	Total stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Sales and marketing $ 1,727 $ 402 $ 3,676 $ 892 Research and development 2,785 3,011 5,934 6,792 General and administrative 5,581 3,248 14,199 8,179 Total stock-based compensation expense $ 10,093 $ 6,661 $ 23,809 $ 15,863

NET LOSS PER SHARE OF COMMON _2

NET LOSS PER SHARE OF COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders	Basic and diluted net loss per share attributable to common stockholders are calculated as follows (amounts in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (26,162) $ (6,178) $ (57,329) $ (26,257) Weighted-average shares outstanding – basic and diluted 142,756 133,777 141,129 107,509 Net loss per share – basic and diluted $ (0.18) $ (0.05) $ (0.41) $ (0.24)
Schedule of Equivalent Securities Excluded from Computation of Diluted Weighted-Average Common Shares Outstanding	The following outstanding balances of common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the for th e three and six mo nths ended June 30, 2023 and 2022 (amounts in thousands): Three and Six Months Ended June 30, 2023 June 30, 2022 Public and Private Warrants 5,167 14,067 Stock options 6,120 1,277 RSUs 23,800 8,246 Unvested Common Stock — 7 Total 35,087 23,597

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022	Dec. 31, 2022 USD ($)	Jan. 01, 2023 USD ($)
Business Acquisition [Line Items]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Accumulated deficit | $	$ (206,958)		$ (206,958)		$ (147,265)
Accounting Standards Update 2016-13
Business Acquisition [Line Items]
Accumulated deficit | $						$ (2,400)
Customer One | Accounts Receivable | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			61%		78%
Customer One | Contract With Customer Asset After Allowance For Credit Loss Member | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			100%		100%
Customer One | Revenue Benchmark | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage	90%	100%	80%	100%
Customer Two | Accounts Receivable | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			21%		16%
Customer Two | Revenue Benchmark | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			14%
Customer Three | Accounts Receivable | Customer Concentration Risk
Business Acquisition [Line Items]
Concentration risk percentage			18%

REVERSE RECAPITALIZATION - Narr

REVERSE RECAPITALIZATION - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 11, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares
Business Acquisition [Line Items]
Proceeds from reverse recapitalization | $	$ 235,900
Cash, net of redemptions, held in novus’ trust account | $	40,900
Sale of stock, consideration received on transaction | $	$ 195,000
Shares price (in dollars per share) | $ / shares	$ 10
Transaction costs | $	$ 44,800	$ 0	$ 0	$ 0	$ 20,586
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001		$ 0.0001			$ 0.0001
Common stock issued (in shares) | shares		142,703,000		142,703,000			138,530,000
Common stock outstanding (in shares) | shares	133,726,000	142,703,000		142,703,000			138,530,000
Business Combination, Acquisition Related Costs
Business Acquisition [Line Items]
Transaction costs | $	$ 20,600
Energy Vault Holdings Inc
Business Acquisition [Line Items]
Proceeds from reverse recapitalization | $	$ 191,100
Consideration paid (in shares) | shares	106,200,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Exchange ratio	6.7735
Additional Paid-In Capital
Business Acquisition [Line Items]
Transaction costs | $	$ 24,200
Common Stock
Business Acquisition [Line Items]
Common stock issued (in shares) | shares		142,703,000	134,441,000	142,703,000	134,441,000	141,392,000	138,530,000	133,633,000	20,432,000
Common Stock | Redeemable Convertible Preferred Stock
Business Acquisition [Line Items]
Convertible preferred stock converted (in shares) | shares	85,700,000
Common Stock | Energy Vault Holdings Inc
Business Acquisition [Line Items]
Common stock issued (in shares) | shares	20,400,000
Common stock outstanding (in shares) | shares	20,400,000

REVERSE RECAPITALIZATION - Sche

REVERSE RECAPITALIZATION - Schedule of Reverse Recapitalization (Details) - shares		6 Months Ended
	Feb. 11, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Common stock outstanding (in shares)	133,726,000		142,703,000	138,530,000
Shares issued (in shares)	19,500,000
Warrants outstanding (in shares)	14,700,000
Warrants issued (in shares)	14,700,000
Common Stock
Business Acquisition [Line Items]
Shares issued (in shares)		27,553,000
Number of earn-out shares (in shares)	9,000,000		9,000,000
Public Warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares)	9,600,000	8,900,000	0	0	9,583,000	0
Warrants issued (in shares)	9,600,000
Private warrants
Business Acquisition [Line Items]
Warrants outstanding (in shares)	5,200,000	5,200,000	5,200,000	5,200,000
Warrants issued (in shares)	5,200,000
Novus | Public Shares
Business Acquisition [Line Items]
Shares issued (in shares)	4,079,000
Novus | Sponsor Shares
Business Acquisition [Line Items]
Shares issued (in shares)	3,975,000
Common shares that have transfer restrictions based on certain thresholds (in shares)	1,600,000
Legacy Energy Vault
Business Acquisition [Line Items]
Common stock outstanding (in shares)	106,172,000

REVENUE RECOGNITION - Recognize

REVENUE RECOGNITION - Recognized Revenue for Product and Service Categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 39,680	$ 977	$ 51,102	$ 43,861
Build and transfer energy storage products
Disaggregation of Revenue [Line Items]
Revenue	39,531	0	50,804	0
Licensing of intellectual property
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	42,884
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 149	$ 977	$ 298	$ 977

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations	$ 281.5	$ 281.5
Deferred revenue recognized in period	$ 6.3	$ 17.6

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Refundable contribution	$ 25,000	$ 25,000
Unbilled receivables	33,390	531
Retainage	5,362	3,447
Less allowance for credit losses	(1,318)	0
Contract assets, net of allowance for credit losses	62,434	28,978
Contract with Customer, Liability [Abstract]
Contract liabilities, current portion	88,364	49,434
Contract liabilities, long-term portion	1,500	1,500
Total contract liabilities	$ 89,864	$ 50,934

ALLOWANCE FOR CREDIT LOSSES - R

ALLOWANCE FOR CREDIT LOSSES - Rollforward of Allowances for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period	$ 10	$ 0
Provision (benefit) for credit losses	2	(69)
Allowance for credit losses, end of period	12	12	$ 0
Allowance for credit losses, beginning of period	1,094	0
Provision (benefit) for credit losses	224	255
Allowance for credit losses, end of period	1,318	1,318	0
Allowance for credit losses, beginning of period	1,246	0
Provision (benefit) for credit losses	28	54
Allowance for credit losses, end of period	1,274	1,274	0
Allowance for credit losses, beginning of period	2,350	0
Provision (benefit) for credit losses	254	240
Allowance for credit losses, end of period	$ 2,604	2,604	$ 0
Accounting Standards Update [Extensible Enumeration]			Accounting Standards Update 2016-13
Accounting Standards Update 2016-13
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of period		81
Allowance for credit losses, end of period			$ 81
Allowance for credit losses, beginning of period		1,063
Allowance for credit losses, end of period			1,063
Allowance for credit losses, beginning of period		1,220
Allowance for credit losses, end of period			1,220
Allowance for credit losses, beginning of period		$ 2,364
Allowance for credit losses, end of period			$ 2,364

ALLOWANCE FOR CREDIT LOSSES - N

ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Financing receivable amortized cost	$ 10.2	$ 9.8

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring Basis $ in Thousands	Jun. 30, 2023 USD ($)
Derivative asset —  conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	$ 1,025
Warrant liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	(2)
Level 1 | Derivative asset —  conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Level 1 | Warrant liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Level 2 | Derivative asset —  conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	0
Level 2 | Warrant liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	0
Level 3 | Derivative asset —  conversion Option
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets	1,025
Level 3 | Warrant liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities	$ (2)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Contract liabilities, long-term portion		$ 1,500		$ 1,500		$ 1,500
Accounts receivable		5,114		5,114		37,460
Contract liabilities, current portion		88,364		88,364		$ 49,434
Note Payable Agreement | Shareholder Lender
Related Party Transaction [Line Items]
Contract liabilities, long-term portion		1,500		1,500
Related Party Engineering Design and Civil Tolerance Code Calculation Support | Executive Officer's Family Member
Related Party Transaction [Line Items]
Transaction amount		49	$ 100	100	$ 200
Prototype Construction Labor Costs | Employee's Family Member
Related Party Transaction [Line Items]
Transaction amount		100	200	200	300
Consulting Fees | Executive Officer
Related Party Transaction [Line Items]
Transaction amount			100	100	100
Related Party Marketing and Sales Costs | Director
Related Party Transaction [Line Items]
Transaction amount		400	$ 200	800	$ 500
Related Party Technology License Option Agreement | Customer Controlled By Board
Related Party Transaction [Line Items]
Transaction amount	$ 500
Accounts receivable		500		500
Contract liabilities, current portion		$ 500		500
Related Party Technology License Option Agreement | Customer Exercise Option
Related Party Transaction [Line Items]
Transaction amount				$ 33,000
Transaction period				10 years

CONVERTIBLE NOTE RECEIVABLE - N

CONVERTIBLE NOTE RECEIVABLE - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum loss exposure		$ 3,000		$ 3,000
Convertible Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal balance of promissory note	$ 1,000					$ 2,000
Maturity date description	The maturity date of the DG Fuels Note is the earlier of (i) 30 days after a demand for payment is made by the Company at any time after the two year anniversary of the date of issuance of the note; (ii) the four year anniversary of the date of issuance of the note; (iii) five days following a Financial Close (“Financial Close” means a project finance style closing by DG Fuels or its subsidiary of debt and equity capital to finance the construction of that certain biofuel facility currently under development by DG Fuels), or (iv) upon an event of default determined at the discretion of the Company.
Annual interest rate	10%
Note converted into equity securities				$ 20,000
Note converted into equity securities at discount price				20%
Interest income		100	$ 100	$ 200	$ 100
Amortization of debt discount		$ 50	$ 22	$ 100	$ 30
DG Fuels Tranche 1 Note | Convertible Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of embedded derivative asset	$ 400
DG Fuels Tranche 2 Note | Convertible Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of embedded derivative asset	$ 700

CONVERTIBLE NOTE RECEIVABLE - R

CONVERTIBLE NOTE RECEIVABLE - Reconciliation of Embedded Derivative Beginning and Ending Asset Balance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at the beginning		$ 1,025	$ 1,025	$ 350
Additions	$ 0	675	0	675
Change in fair value	0	0	0	0
Balance at the end	$ 1,025	$ 1,025	$ 1,025	$ 1,025

PROPERTY AND EQUIPMENT, NET- Sc

PROPERTY AND EQUIPMENT, NET- Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Finance lease right-of-use assets – vehicles	$ 183	$ 178
Total property and equipment	24,860	3,447
Less: accumulated depreciation and amortization	(951)	(403)
Property and equipment, net	23,909	3,044
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment	774	0
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	7,558	657
Furniture and IT equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,241	815
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	667	529
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 14,437	$ 1,268

PROPERTY AND EQUIPMENT, NET- Na

PROPERTY AND EQUIPMENT, NET- Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.2	$ 1.2	$ 0.4	$ 2.4

SUPPLEMENTAL BALANCE SHEETS D_3

SUPPLEMENTAL BALANCE SHEETS DETAIL (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other assets:
Investment in equity securities	$ 15,000	$ 9,000
Convertible note receivable	2,175	2,080
Derivative asset —  conversion option	1,025	1,025
Other	2,311	1,795
Total	20,511	13,900
Lease liabilities, current portion:
Operating leases	841	787
Finance leases	21	38
Total	862	825
Other long-term liabilities:
Operating leases	538	709
Finance leases	14	16
Warrant liability	2	2
Total	$ 554	$ 727

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) shares in Millions	Feb. 11, 2022 shares
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares)	12.7
Preferred stock exchange ratio	6.7735
Common Stock
Class of Stock [Line Items]
Issue of new common stock shares (in shares)	27.6
Conversion of stock, shares converted (in shares)	3
Conversion of stock, new shares issued (in shares)	106.2

WARRANTS - Narrative (Details)

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 11, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Mar. 08, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	14,700,000
Number of shares per warrant (in shares)	1
Warrant exercise price per share (in dollars per share)	$ 11.50
Warrant expiration period	5 years
Number of shares to be issued upon warrant exercise (in shares)						14,700,000
Public Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	9,600,000	0	0	8,900,000	9,583,000		0
Private Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	5,200,000	5,200,000	5,200,000	5,200,000
Private Warrants | Level 3
Class of Warrant or Right [Line Items]
Warrant exercise price per share (in dollars per share)		$ 0.01
Warrants liability		$ 2	$ 2

WARRANTS - Warrants Rollforward

WARRANTS - Warrants Rollforward (Details) - Public Warrants - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Warrant Rollforward [Roll Forward]
Beginning of period (in shares)	9,583	0
Warrants assumed upon Closing of Merger (in shares)	0	9,583
Warrants exercised (in shares)	(683)	(683)
End of period (in shares)	8,900	8,900

WARRANTS - Warrants Liabilities

WARRANTS - Warrants Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Warrant Rollforward [Roll Forward]
Warrants exercised		$ (2,984)		$ (2,984)
Change in fair value	$ 0	(15,592)	$ 0	4,645
Recurring Basis
Warrant Rollforward [Roll Forward]
Beginning balance		40,075		0
Warrant liability assumed upon Closing of the Merger				19,838
Change in fair value		(15,592)		4,645
Ending balance		21,499		21,499
Public Warrants
Warrant Rollforward [Roll Forward]
Warrants exercised		(2,984)		(2,984)
Public Warrants | Recurring Basis
Warrant Rollforward [Roll Forward]
Beginning balance		25,875		0
Warrant liability assumed upon Closing of the Merger				12,938
Change in fair value		(9,452)		3,485
Ending balance		13,439		13,439
Private Warrants
Warrant Rollforward [Roll Forward]
Warrants exercised		0		0
Private Warrants | Recurring Basis
Warrant Rollforward [Roll Forward]
Beginning balance		14,200		0
Warrant liability assumed upon Closing of the Merger				6,900
Change in fair value		(6,140)		1,160
Ending balance		$ 8,060		$ 8,060

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) integer	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of training days to achieve target price	20 days
Number of training days | integer	30
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense | $	$ 7.3
Stock-based compensation expense expected recognized period	2 years 9 months 21 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense | $	$ 96.4
Stock-based compensation expense expected recognized period	2 years 7 months 20 days
2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grant period			10 years
Voting rights in percentage			10%
Minimum percentage of exercise price for options granted for employees who hold more than 10%			110%
2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award grant period		10 years
Voting rights in percentage		10%
Minimum percentage of exercise price for options granted for employees who hold more than 10%		110%
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				15,500,000
Annual shares authorized increase, percent of outstanding shares				4%
2022 Equity Incentive Plan, Shares From Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				8,300,000
Twenty Twenty Two Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved (in shares)				8,000,000
Minimum | 2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Minimum | 2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		1 year
Minimum | 2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual shares authorized increase, board of directors decision (in shares)				0
Maximum | 2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Maximum | 2020 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Options
Number of options, beginning balance (in shares) | shares	1,093
Number of options, stock options granted (in shares) | shares	5,170
Number of options, stock options exercised (in shares) | shares	(141)
Number of options, stock options forfeited, canceled, or expired (in shares) | shares	(2)
Number of options, ending balance (in shares) | shares	6,120	1,093
Number of options, options exercisable (in shares) | shares	733
Number of options, options vested and expected to vest (in shares) | shares	6,120
Weighted Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share) | $ / shares	$ 0.79
Weighted average exercise price per share, stock options granted (in dollars per share) | $ / shares	1.86
Weighted average exercise price per share, stock options exercised (in dollars per share) | $ / shares	0.80
Weighted average exercise price per share, stock options forfeited, canceled, or expired (in dollars per share) | $ / shares	0.80
Weighted average exercise price per share, ending balance (in dollars per share) | $ / shares	1.69	$ 0.79
Weighted average exercise price per share, options exercisable (in dollars per share) | $ / shares	0.68
Weighted average exercise price per share, options vested and expected to vest (in dollars per share) | $ / shares	$ 1.69
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term (in years)	6 years 11 months 1 day	8 years 1 month 6 days
Weighted average remaining contractual term (in years), options exercisable	7 years 21 days
Weighted average remaining contractual term (in years), options vested and expected to vest	6 years 11 months 1 day
Aggregate Intrinsic Value
Aggregate intrinsic value, beginning balance | $	$ 2,551
Aggregate intrinsic value, stock options exercised | $	221
Aggregate intrinsic value, ending balance | $	6,346	$ 2,551
Aggregate intrinsic value, options exercisable | $	1,499
Aggregate intrinsic value, options vested and expected to vest | $	$ 6,346

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock Option Awards Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price (in dollars per share)	$ 1.86
Expected term (in years)	4 years 6 months
Expected volatility	100%
Risk-free interest rate	3.90%
Expected dividend yield	0%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price (in dollars per share)	$ 3.46
Expected term (in years)	4 years
Expected volatility	90%
Risk-free interest rate	3.80%
Expected dividend yield	0%

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units Activity (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of RSUs
Beginning balance (in shares) | shares	23,799
RSUs granted (in shares) | shares	5,787
RSUs forfeited (in shares) | shares	(412)
RSUs vested (in shares) | shares	(5,374)
Ending balance (in shares) | shares	23,800
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 5.87
RSUs granted (in dollars per share) | $ / shares	2.55
RSUs forfeited (in dollars per share) | $ / shares	5.69
RSUs vested (in dollars per share) | $ / shares	7.47
Ending balance (in dollars per share) | $ / shares	$ 4.71

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,093	$ 6,661	$ 23,809	$ 15,863
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,727	402	3,676	892
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,785	3,011	5,934	6,792
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,581	$ 3,248	$ 14,199	$ 8,179

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 4,000	$ 45,000	$ 4,000	$ 173,000

NET LOSS PER SHARE OF COMMON _3

NET LOSS PER SHARE OF COMMON STOCK - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (26,162)	$ (6,178)	$ (57,329)	$ (26,257)
Net loss	$ (26,162)	$ (6,178)	$ (57,329)	$ (26,257)
Weighted-average shares outstanding – basic (in shares)	142,756	133,777	141,129	107,509
Weighted average shares of outstanding — diluted (in shares)	142,756	133,777	141,129	107,509
Net loss per share — basic (in dollars per share)	$ (0.18)	$ (0.05)	$ (0.41)	$ (0.24)
Net loss per share — diluted (in dollars per share)	$ (0.18)	(0.05)	$ (0.41)	$ (0.24)
Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares outstanding – basic (in shares)	142,756		141,129	107,509
Weighted average shares of outstanding — diluted (in shares)	142,756		141,129	107,509
Net loss per share — basic (in dollars per share)	$ (0.18)	(0.05)	$ (0.41)	$ (0.24)
Net loss per share — diluted (in dollars per share)	$ (0.18)	$ (0.05)	$ (0.41)	$ (0.24)

NET LOSS PER SHARE OF COMMON _4

NET LOSS PER SHARE OF COMMON STOCK - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 11, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of dilutive shares (in shares)		0		0
Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of dilutive shares (in shares)	0		0
Number of earn-out shares (in shares)	9,000,000		9,000,000		9,000,000

NET LOSS PER SHARE OF COMMON _5

NET LOSS PER SHARE OF COMMON STOCK - Common Share Equivalent Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	35,087	23,597	35,087	23,597
Public and Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,167	14,067	5,167	14,067
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,120	1,277	6,120	1,277
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	23,800	8,246	23,800	8,246
Unvested Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	7	0	7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 20,100
Total refundable contributions to be made	25,000
Refundable contribution	25,000	$ 25,000
Letters of credit issued	79,700
Restricted cash	57,988	$ 83,145
Outstanding performance and payment bonds	197,200
Bonds outstanding, other	$ 28,800

Uncategorized Items - nrgv-2023

Label	Element	Value
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs	$ 350,000