Energy Vault delivers utility-scale energy storage solutions to utilities, independent power producers, and large commercial energy users. The company's core product is its B-VAULT battery energy storage system (BESS), a modular, short-duration (one to four hours) storage solution that it delivers to customers as a general contractor (EPC) or as an equipment supplier (EEQ). Beyond BESS, Energy Vault offers G-VAULT gravity-based storage for longer-duration applications, H-VAULT hybrid hydrogen/battery microgrids for multi-day resiliency, and a proprietary software stack — VaultOS, Vault-Bidder, and Vault-Manager — for energy management and market optimization. Since 2024, Energy Vault has been pivoting from third-party project delivery toward owning and operating assets under its "Asset Vault" platform, a majority-owned subsidiary backed by $300M in preferred equity from Orion Infrastructure Capital. Under Asset Vault, Energy Vault develops, builds, owns, and operates storage projects under long-term contracted offtake agreements, targeting EBITDA margins of 75%-85% on owned assets, funded through project-level debt and U.S. investment tax credits. Third-party EPC/EEQ delivery generates low-to-mid-teens gross margins but is lumpy; the Asset Vault model is designed to layer in recurring contracted cash flows. Energy Vault also earns revenue from IP licensing (including a 10-year, 30 GWh license with India's SPML Infra) and long-term service agreements. Australia is currently the largest revenue contributor, partially offsetting U.S. tariff-driven headwinds on Chinese-origin batteries.