Energy Vault Holdings, Inc. (NYSE:NRGV) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET

Company Participants

Laurence Alexander - Chief Marketing Officer

Robert Piconi - Chairman & Chief Executive Officer

Jan Kees van Gaalen - Chief Financial Officer

Conference Call Participants

Hilary Cauley - Guggenheim Securities

Christopher Ellinghaus - Siebert Williams Shank & Co.

Greg Pendy - Chardan

Thomas Boyes - TD Cowen

Noel Parks - Tuohy Brothers

Operator

Greetings and welcome to Energy Vault First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Laurence Alexander, Chief Marketing Officer for Energy Vault.

Laurence Alexander

Thank you. Good afternoon, and welcome to Energy Vault's First Quarter 2023 Earnings Conference Call. As a reminder, Energy Vault's earnings release and an updated first quarter earnings presentation is available now on our Investor website, and we will be referring to the presentation during this call. A replay of this call will be available later today on the Investor Relations page of our website. This call is now being recorded. If you object in any way, please disconnect now. Please note that Energy Vault's earnings release and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only estimates and may differ materially from the actual future events or results to be a variety of factors. We caution everyone to be guided in their analysis of Energy Vault by referring to our 10-Q filing for a list of factors that could cause our results to differ from those anticipated in any forward-looking statement.

We undertake no obligation to purposely update or revise any forward-looking statements, except as required by law. In addition, please note that we will be presenting and discussing certain non-GAAP information. Please refer to the safe harbor disclaimer and non-GAAP financial measures presented in our earnings release for more details, including a reconciliation to comparable GAAP measures. Joining me on the call today is Robert Piconi, our Chairman and Chief Executive Officer; and Jan van Gaalen, our Chief Financial Officer. At this time, I'd like to hand the call over to Robert Piconi.

Robert Piconi

Thank you, Laurence. And I'd like to welcome everyone to our first quarter 2023 earnings call. We have a lot to share today, including, as you've come to expect some new announcements. But all of them focused on the key market and financial metrics that are driving long-term shareholder value for the company. I'd like to start as we normally do with what we're seeing in the market in what remains a very robust and growing market for energy storage solutions, along with the positive customer dynamics we are seeing. Of course, to discuss the market, this always begins with numbers and what we're seeing reflected in the movement through our near-term sales funnel. We've put forward a pretty strong commercial outlook going forward that's driven by our near-term funnel that grew in the quarter over 40% to about 37 gigawatt hours. This increase includes notably about $1 billion or 2.8 gigawatt hours of new project awards in the quarter.