Drafting vs. Engineering: Choosing the right partner for commercial projects

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in grid-scale energy storage solutions, announced the successful closing of its $300 million preferred equity investment with leading North American infrastructure investment firm OIC L.P. ("OIC"), officially launching "Asset Vault," the Company's fully consolidated subsidiary dedicated to developing, building, owning and operating energy storage assets globally. OIC is an ideal partner with a proven track record of backing transformative energy infrastructure projects, for Energy Vault as the Company advances Asset Vault to consolidate a growing portfolio of contracted and operational storage projects.

The completion of this transaction with OIC represents a validation of Energy Vault's IPP strategy to build, own and operate energy storage assets, accelerating the deployment of +1.5GW in attractive priority markets and upper-tier IRR projects. The preferred equity instrument is non-dilutive to common shareholders and includes milestones for common equity participation in the listed company for strong shareholder alignment.

Including the recapitalization of the recently completed Calistoga Resiliency Center (CRC) in California, as well as the Cross Trails BESS, located in Snyder, Texas, Energy Vault expects to draw nearly $200 million over the next six months to commence work on two additional late-stage projects in the U.S. and Australia, which includes the 125MW / 1,000MWh Stoney Creek BESS, along with the advancement of additional pipeline projects under development.

"Closing this transformational investment with OIC marks a pivotal moment in Energy Vault's evolution to a fully-integrated Independent Power Producer with proven execution capabilities," said Robert Piconi, Chairman of the Board and CEO of Energy Vault. "OIC's deep expertise in infrastructure investing and their confidence in the strength and financial attractiveness of our Asset Vault portfolio provides tremendous validation of our ability to deliver sustainable, profitable growth while addressing the critical energy storage needs of our rapidly evolving grid infrastructure and rapidly growing AI data center infrastructure."

The Asset Vault platform creates a vertically integrated ecosystem that captures value across the entire energy storage lifecycle, combining Energy Vault's proven operational expertise with long-term asset ownership to generate predictable, recurring cash flows. Energy Vault will self-perform engineering, procurement, construction (EPC), and long-term service agreements for Asset Vault projects, creating multiple cash flow streams, while maintaining the flexibility to optimize returns through strategic capital deployment.

"Energy Vault has demonstrated exceptional execution capability in developing and operating energy storage projects, and we believe the Asset Vault platform positions the company to capture significant value in the rapidly expanding energy storage market," said Chris Leary, Head of Infra Equity, OIC. "The combination of Energy Vault's integrated capabilities, strong project pipeline, and experienced management team creates a compelling investment opportunity in critical energy infrastructure as the demand for power continues to grow at unprecedented rates."

Asset Vault consolidates Energy Vault’s growing portfolio of contracted and operational storage projects, with 3GW and 12+ GWh of top-tier projects identified, acquired and/or in operation today across the U.S., Europe and Australia. Current U.S. projects managed under the Asset Vault platform include the 57 MW / 114 MWh Cross Trails Battery Energy Storage System (BESS) as well as the 8.5 MW / 293 MWh Calistoga Resiliency Center, a hybrid energy storage system combining clean hydrogen with battery cells. Both projects are supported by long-term offtake agreements and benefit from Investment Tax Credit (ITC) incentives as well as project-level debt financing, positioning the platform for 15% + targeted levered IRRs over a 20-year asset life, yielding highly-visible, profitable and recurring cash flows. Also managed under the Asset Vault platform is the recently-acquired 125 MW / 1.0 GWh Stoney Creek BESS, located in New South Wales, Australia and backed by a 14-year Long-Term Energy Service Agreement (LTESA) with AEMO Services as the Consumer Trustee under the New South Wales Electricity Infrastructure Roadmap.

The Company expects Asset Vault to generate over $100 million in recurring annual EBITDA within the next 3-4 years, representing significant additive value to Energy Vault's existing Energy Storage Solutions business.

For more details on Asset Vault, the company is scheduling a virtual Investor and Analyst Day on Wednesday October 29th, 2025. Registration details can be accessed here: https://www.energyvault.com/rsvpinvestorday2025

Advisors

Jefferies LLC acted as sole placement agent and exclusive financial advisor, and Vinson & Elkins LLP acted as legal advisor, to Energy Vault. Greenberg Traurig, LLP acted as legal advisor to OIC.

Energy Vault | www.energyvault.com

OIC | www.oic.com

Saxon Capital Group, Inc. SCGX (OTC) is pleased to announce the publication of a complete, state-by-state list of available solar tax credits and incentives on our Solar Home Builders website. 

While the Federal Investment Tax Credit (ITC) for residential solar installations is scheduled to end on December 31, 2025, homeowners will still have many State incentives and benefits available. Replacing regular glass in a new home using patented Energy Glass Solar windows could save homeowners thousands of dollars every year on their electrical bills.  

Our new State online solar incentive section details: 
In a major step to empower both homebuyers and builders, Saxon Capital Group has launched an all-inclusive, state-by-state solar incentive guide on the official Solar Home Builders website. This robust online resource offers: 

• A detailed overview of federal residential solar incentives 
   
• Up-to-date information on state solar tax credits, rebates, and net-metering programs 
   
• Listings of municipal and utility company discounts where available

Saxon Capital Group's initiative ensures everyone has fast, easy access to the latest credits and rebates in their region, simplifying and streamlining the decision to invest in clean energy. By bringing every federal, state, and local program together in one place, Saxon Capital Group makes it easier for homeowners to see exactly what they can save—and possibly act before the federal ITC expires. 

Saxon Homes, built by Solar Home Builders, is leading the way in residential energy innovation with its patented Energy Glass technology. Homes built with Energy Glass can reduce monthly electricity costs by 30% or more, delivering long-term savings for homeowners even as national energy prices continue to surge. By integrating this breakthrough solar technology directly into residential construction, Solar Home Builders helps keep building and living costs down while increasing property value and energy independence. Solar Home Builders homes are not only energy efficient, but fire, hurricane and tornado resistant as well. 

Solar Home Builders | www.solarhomebuilders.com 

Energy Glass Solar | www.energyglasssolar.com

Stellar Solar, one of  the most experienced solar and battery installers in Southern Californiaand Michigan since 1998, and consistent winner of  the San Diego Union Tribune Readers Poll in the category of Best Solar Company, has been approved for the second consecutive year as an authorized contractor in the popular San Diego Community Power Solar Battery Savings Program. Stellar secured battery rebates for hundreds of San Diego homeowners during the Community Power program launch in 2024.

Stellar was one of the first contractors in San Diego to offer home batteries, and that longevity and experience have established them as a leading provider of energy storage solutions for San Diego homeowners looking to install a solar and battery combination or add solar to an existing system. Stellar will be offering Enphase, FranklinWH, and Tesla Powerwall 3 batteries as part of the Community Power Savings program with generous rebates of up to $10,000.

Stellar Solar CEO Kent Harle was an early proponent and visionary of energy storage for homeowners and the driving force behind some of the first residential and commercial battery installations in San Diego. He is thrilled to see batteries become an integral part of the cost savings equation solution for homeowners when paired with solar and had this to say about the Community Power Battery Savings Program: "The second round of this program could not have come at a better time for San Diego homeowners concerned about paying among the highest electricity rates in the country. The significant San Diego battery rebates being offered now enable homeowners to power and protect their home with energy storage at some of the lowest prices ever offered. We've been installing residential batteries longer than any other installer in San Diego. That track record, combined with our Community Power rebate program experience, enables us to guide homeowners through the process and ensure they get their rebate check in a timely manner. These rebate funds will be in high demand, and we look forward to helping as many San Diego homeowners as possible take advantage of them."

Stellar Solar offers quick, easy, no-pressure virtual residential solar quotes for homeowners interested in solar and battery storage. Commercial solar quotes are also available for businesses, nonprofits, schools and faith-based organizations.

Stellar Solar | www.stellarsolar.net

Sineng Electric has successfully completed the grid connection of a transmission scale energy storage project in central Texas—its first utility-scale ESS installation in the United States. This milestone underscores Sineng’s commitment to accelerating the energy transition in North America and reinforces its position as a global leader in PV+ESS solutions.

The project features Sineng’s 3.2MW PCS MV Turnkey Station (EH-3200-HA-MR-US-34.5), integrating 16 units of 200kW String PCS (EH-0200-HA-M-US), a low-voltage switchboard, and a pad-mounted transformer. Its modular design enables rack-level battery management, boosting battery utilization by over 7%. With one-to-one pairing between PCS and battery clusters, each cluster operates independently—reducing downtime, enhancing energy control, and optimizing charge/discharge performance. This setup also improves SOC balance and minimizes the long-term impact of battery inconsistencies. Short-circuit current is limited to 10kA for safer operation. Modular design ensures system availability exceeds 99%. The system also allows seamless integration of additional battery clusters for future expansion. Now in operation, the facility will provide essential grid services including frequency regulation, peak shaving, and reserve capacity, contributing to grid flexibility and stability in one of the most dynamic power markets in the U.S.

Coordinated by the Headquarter Service Department, Sineng Electric worked closely with its U.S. local team to drive project delivery. Since late 2024, nearly 10 personnel were involved in both on-site and remote support, covering inspection, installation, and commissioning. Headquarter and local engineers provided rotating on-site support, joined by a third-party specialist. Through efficient cross-team collaboration, the project was successfully finished commissioning in 31 working days, ensuring high-quality system operation.

With the U.S. utility-scale storage market projected to reach 18.2GW of new capacity in 2025—a 75% year-over-year increase, according to the U.S. Energy Information Administration (EIA)—Sineng is strategically positioned to support this rapid growth. Its newly established North American service center in Texas enables end-to-end local support, ensuring timely response and delivering long-term value to partners and stakeholders.

From Texas to the world, Sineng Electric will continue driving the global clean energy transformation with advanced technology, localized service, and sustainable innovation.

Sineng Electric | https://en.si-neng.com/

Avaada Group, a diversified energy conglomerate, today signed a Memorandum of Understanding (MoU) with the Government of Gujarat for investing an aggregate amount of ₹36,000 crore across Solar, Wind and Battery Energy Storage System (BESS) projects in the State. The MoU, which was signed at the Vibrant Gujarat Global Summit 2025, reaffirms the company’s commitment to driving India’s green energy transition and supporting Gujarat’s vision of becoming a hub for clean and sustainable energy.

Under the agreement, Avaada Group will establish 5 GW capacity of Solar Power Projects, 1 GW capacity of Wind Power Project and 5 GWh capacity of BESS Projects across Kutch, Banaskantha and Surendranagar districts of Gujarat. This will help enhance grid reliability by ensuring efficient storage and dispatch of green power. All the projects are expected to commence between 2027-2030.

The projects together are estimated to generate over 1000 direct and 2,000 indirect green jobs in the State. Additionally, these projects are expected to generate employment opportunities for close to 5,000 people during the construction phase.

Hon’ble Chief Minister of Gujarat, Shri Bhupendra Patel ji, said: “Avaada Group has been a trusted partner in Gujarat’s renewable energy journey since signing its first 40 MW MoU sixteen years ago. Their new ₹36,000 crore investment in solar, wind, and battery storage further strengthens our shared vision for sustainable growth. The Government of Gujarat has assured full support for the speedy implementation of these projects, as Round-the-Clock green power is essential for realising the Hon’ble Prime Minister Shri Narendra Modi ji’s vision of a Viksit Bharat.”

Hon’ble Union Minister for New and Renewable Energy, Shri Pralhad Joshi ji, said: “India’s journey towards energy independence is being powered by visionary partnerships and bold investments like this. Avaada Group’s commitment to developing large-scale solar, wind, and battery storage capacity in Gujarat will not only strengthen our green energy ecosystem but also help us achieve the Hon’ble Prime Minister’s vision of Atmanirbhar Bharat and Net Zero by 2070. The Ministry of New and Renewable Energy welcomes such initiatives that combine innovation, sustainability, and employment generation, making India a global leader in the clean energy transition.”

Mr. Vineet Mittal, Chairman of Avaada Group, said: “Our solar power journey started with India’s first large-scale, ground-mounted 15MWp solar plant in Gujarat. With the signing of this MoU, we are proud to partner with the Government of Gujarat in its journey towards sustainable growth. We believe this investment is a step forward in realising India’s renewable energy ambitions, enhancing energy security and reducing carbon emissions. At Avaada Group, we are firmly committed to expand all the renewable sources of energy and make it as reliable as conventional power to supply round-the-clock green power at affordable price and shape a sustainable, self-reliant nation.”

Project Details:

Together, these projects will accelerate the State’s transition to clean and affordable energy along with delivering firm green power beyond solar hours through advanced battery storage. The integrated renewable portfolio will significantly enhance grid reliability, while cutting down more than 12 Million tons of CO₂ emissions and conserving approximately 166 million litres of water annually through robotic module cleaning technology.

Avaada Group’s 280 MW solar power project at Surendranagar in Gujarat was recently inaugurated by the Hon’ble Prime Minister Shri Narendra Modi ji. Developed under the Gujarat State Solar Policy, the project spans over 1,170 acres in the villages of Tavi and Varsani in Surendranagar district and entails a total investment of ₹1,500 crore. It is equipped with Avaada Electro’s ALMM-certified, Make in India TOPCon N-Type bifacial solar PV modules, reflecting a strong emphasis on domestic manufacturing and technological innovation.

Hon’ble Prime Minister also laid the foundation stone for the company’s 100 MW solar power project in Vadodara district. Spread across 350 acres, the project is expected to entail a total investment of ₹400 crore.

With a strong focus on community development, Avaada has launched several initiatives to uplift local communities. It conducts free tuition classes, educational trips, and career counselling sessions for students, and has set up a computer lab at a primary school to promote digital learning. Through its Stitching Centre, it also empowers women with cutting and stitching skills, helping them achieve financial independence.

These projects embody Avaada’s commitment to India’s goals of energy independence, decarbonisation, and sustainable growth, while delivering tangible socio-economic benefits for the people of Gujarat.

Avaada Group | https://avaada.com/

First Lithium Minerals Corp. (CSE: FLM) (OTC Pink: FLMCF) (FSE: X28) ("First Lithium Minerals" or the "Company") is pleased to announce the launch of its field exploration program at Lidstone Project ("Lidstone", "Project", or "Property"), located 270 km north of the City of Thunder Bay, Ontario.

The 17,300 ha Lidstone Project comprises approximately 27 km of greenstone belt that lies within the central portion of the English River sub province of the Superior Province of the Canadian Shield. The Lidstone property has seen very little exploration activity in the past and is interpreted to overlay a 21 km long sequence of volcanic-sedimentary rocks (Fig. 1). Ontario Geological Survey (OGS) regional magnetic surveys suggest several large-scale structural features that may be promising areas for potential gold and base metals mineralization (Fig. 2). The property is 100%-owned by First Lithium Minerals and carries no royalties. 

The field program will prioritize exploration of the northern and central sectors of the greenstone belt, a target that is defined by abrupt high and low magnetic intensities and a historical quartz vein sampling of 0.272 g/t Au (Press Release, March 3, 2025 "First Lithium Minerals Discovers Gold Anomaly at its Lidstone Prospect in Ontario"). Given the limited historical work in the area, the Company's field efforts will focus on prospecting, geochemical rock sampling, and geological mapping with the goal of identifying mineralization, alteration and structures conducive to gold or base metal deposition. Through this program, the Company is expecting to improve the geologic understanding of the property and its potential to host gold or base metal mineralization. The program's ultimate objectives will be to identify targets for further exploration, including drill targeting in 2026.

 The program's ultimate objectives will be to identify targets for further exploration, including drill targeting in 2026.

Figure 1. Geologic Map of the Lidstone Property with 2024 First Lithium sampling locations. Geology interpretation from the 1:250,000 Ontario Geological Survey Bedrock Geology Map

Figure 2. Total Magnetic Intensity of the Lidstone Property with 2024 sampling locations. Magnetic data from OGS Geophysical Data Set 1109

Rob Saltsman, President & CEO of the Company, commented: "We are excited to continue our field work at Lidstone and add value through geologic mapping and prospecting to delineate the greenstone belt. The previously identified gold anomaly will be followed up to investigate a potential gold mineralization in the project area. In parallel, we will refine the greenstone belt extension for the airborne magnetic survey. This is an exciting time for the Company and our shareholders, as we explore what can be considered an unexplored greenstone belt in Canada's top gold jurisdiction — Ontario."

The envisioned field program is subject to weather conditions and expected to be completed by the end of Q4/25. The Company will be engaging geological consulting services of Bayside Geoscience, a Thunder Bay, Ontario-based company and will provide updates as material results become available.

First Lithium Minerals | www.firstlithium.ca

Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, announced a new hosting partnership with KULR Technology Group, Inc. (“KULR”) (NYSE American: KULR), a Bitcoin+ treasury company that builds a portfolio of frontier technology businesses ranging from high-performance energy systems to AI Robotics.

Under this agreement, Soluna will operate approximately 3.3 MW of Bitcoin mining capacity for KULR at its Project Sophie facility in Kentucky. The exciting partnership marks the first time Soluna has partnered with a Bitcoin treasury-focused company, expanding the Company’s customer base beyond traditional Bitcoin miners and hyperscalers.

“This partnership represents a new chapter in how we serve the market,” said John Belizaire, CEO of Soluna.“ Treasury companies like KULR are increasingly seeking sustainable, high-performance computing infrastructure to diversify their digital asset strategies. We’re proud to pioneer a flexible hosting model that meets this evolving demand.”

The agreement reflects Soluna’s strategy to adapt its renewable-powered hosting model to meet the developing demand profiles of Bitcoin mining and adjacent industries.

“This collaboration supports KULR’s commitment to strategic innovation in digital asset management,” said Michael Mo, CEO of KULR Technology Group. “Partnering with Soluna allows us to engage in Bitcoin mining through a renewable, reliable, and operationally efficient framework.” Mo continued, “This is only the beginning. As KULR expands beyond Bitcoin mining and migrates into Battery Backup Unit (‘BBU’) solutions, Soluna stands out as the ideal partner for future projects focused on sustainable, low-cost AI data center hosting powered by stranded renewable energy."

As per the BBU Market analysis conducted by Custom Market Insights in July 2025, the global BBU Market is expected to grow from 29.22 billion USD in 2025 to 43.64 billion USD by 2034.

The 3.3 MW deployment at Project Sophie is expected to commence operations in Q4 2025, further strengthening Soluna’s leadership in sustainable computing infrastructure.

Under the partnership, KULR will leverage Soluna’s operational and market expertise to purchase, service, and manage all activities associated with its fleet of mining hardware over the life of the contract. Through this new “Bitcoin Mining Lease” structure, Soluna will deliver guaranteed hashrate and uptime targets to KULR on a daily and monthly basis.

We believe that as more established companies like KULR explore Bitcoin as part of their treasury strategy, Soluna’s model offers a mutually beneficial pathway to guaranteed hashrate without the operational complexity of mining. This partnership supports KULR’s Bitcoin Treasury Accumulation Strategy, announced earlier this year, in which KULR committed up to 90% of its surplus cash reserves to Bitcoin. Through its new hosting framework, Soluna empowers Bitcoin+ companies such as KULR to tap into the benefits of Bitcoin mining while avoiding the common challenges of market volatility and legacy infrastructure constraints.

Soluna | solunacomputing.com

KULR Technology Group | https://kulr.ai/