Energy Vault Holdings, Inc. disclosed on September 18, 2026, that its indirect subsidiary, Development Vault, LLC, entered into an amended and restated financing agreement. The agreement was executed with S2G Builders Special Opportunities Fund I, LP, which serves as the administrative and collateral agent.
The new credit facility provides for a senior secured delayed draw term loan with aggregate commitments of up to $25,000,000. Borrowings under the agreement may be drawn from time to time to fund the acquisition of battery energy storage projects, sponsor equity contributions, and various project-related expenses such as site control, developer fees, and interconnection deposits.
As of the agreement's effective date, the outstanding borrowings under the facility are $18 million. The loan matures on April 16, 2030. Interest is calculated at a rate of 10.0% per annum, payable in cash, plus a deferred rate of 7.0% per annum, payable in kind.
The obligations of Development Vault are guaranteed by all of the company's subsidiaries and secured by a first priority security interest in substantially all of the Borrower's assets. The agreement includes customary affirmative and negative covenants, including limitations on additional indebtedness, liens, and asset sales, as well as requirements for the delivery of financial reports and compliance with applicable laws.
