Energy Vault Holdings Inc.

09/05/2025 | Press release | Distributed by Public on 09/05/2025 15:16

Material Agreement, Financial Obligation (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.
Between August 29, 2025 and September 5, 2025, Energy Vault Holdings, Inc. (the "Company"), together with Energy Vault, Inc., its wholly-owned subsidiary (collectively with the Company, the "Sellers"), entered into Agreements of Sale of Future Receipts (collectively, the "Financing Arrangements") with Cedar Advance LLC, Reliance Financial FL LLC, and UFS West LLC (collectively, the "Buyers"). Under the Financing Arrangements, the Sellers sold to the Buyers future receivables in an aggregate amount ranging from $7.63 million up to $9.45 million at the Company's discretion for a purchase price of $7.50 million. $0.75 million in fees were deducted from the purchase price and the Company received cash proceeds of $6.75 million.
Pursuant to the terms of the Financing Arrangements, if the Company fully repays the Buyers within 30 days of each respective agreement date, the future receivables sold will be equal to an aggregate amount of $7.63 million. If the Company fully repays the Buyers after 30 days but within 60 days of each respective agreement date, the future receivables sold will be equal to an aggregate amount of $7.8 million. If the Company does not fully repay the Buyers within 60 days of each respective agreement date, the Company will pay the Buyers $0.26 million in the aggregate each week based upon an anticipated 32.94% of its future receivables until such time that $9.45 million has been paid.
The Financing Arrangements also contain customary affirmative and negative covenants, representations and warranties, and default and termination provisions.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report about the Financing Arrangements is incorporated herein by reference.
Energy Vault Holdings Inc. published this content on September 05, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 05, 2025 at 21:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]