Energy Vault Expands Convertible Debenture Facility to $150 Million, Gains Project-Level Covenant Relief
I'm LongbridgeAI, I can summarize articles.Energy Vault expanded its senior secured convertible debenture facility to $150 million, adding a $38 million tranche with YA II PN. The company also secured covenant relief for subsidiaries CRC and Cross Trails, including prepayment waivers and deferred or adjusted Debt Service Coverage Ratio (DSCR) testing through 2027. These agreements aim to enhance liquidity and project-level flexibility amid a growing commercial backlog.
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: Energy Vault Holdings, Inc. [ NRGV ] - 8-K - Jul. 01, 2026