Energy Vault expanded its financing capacity and strengthened project-level flexibility through three agreements. The company added a $38 million tranche under its senior secured convertible debenture program with YA II PN, boosting the amended Tranche 1 principal to $80 million, extending maturity to July 1, 2027, and raising the overall facility capacity to $150 million; net proceeds are expected to be about $34.6 million. Subsidiary CRC obtained consent to prepay $5 million without a make-whole and to defer DSCR testing to November 30, 2026. Subsidiary Cross Trails secured DSCR methodology adjustments, lower thresholds through 2027, and waivers for earlier quarter DSCR shortfalls.

Agreement 1: Energy Vault Expands Convertible Debenture Facility to $150 Million; Adds $38 Million Tranche at 7.5%

  • Agreement type: Amendment to Securities Purchase Agreement for senior secured convertible debentures
  • Counterparty: YA II PN
  • Signed / Effective: Jun 29 2026 / same
  • Duration / Termination: Until Jul 01 2027
  • Reason: Expand liquidity to support larger commercial backlog

Agreement 2: Energy Vault Unit CRC Wins Waivers to Prepay $5 Million and Defer DSCR Test to Nov 2026

  • Agreement type: Consent, Waiver and Amendment to Note Purchase Agreement for CRC Senior Notes
  • Counterparty: Eagle Point Credit Management and Wilmington Trust
  • Signed / Effective: Jun 26 2026 / same
  • Duration / Termination: DSCR test deferred to Nov 30 2026
  • Reason: Improve flexibility and apply excess reserves to debt reduction

Agreement 3: Energy Vault's Cross Trails Secures DSCR Relief and Waivers Through 2027 From Lenders

  • Agreement type: Consent and Waiver to Cross Trails Credit Agreement
  • Counterparty: Wilmington Trust and lenders
  • Signed / Effective: Jun 29 2026 / same
  • Duration / Termination: Through Dec 31 2027
  • Reason: Provide covenant relief during project ramp-up

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.