New Leaders Strengthen Internal Infrastructure Build, Enable Operational Excellence and Support Execution of Energy Vault’s Global Growth Strategy
LUGANO, Switzerland & WESTLAKE VILLAGE, California, April 20, 2022–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable grid-scale energy storage solutions, today announced the appointment of David Hitchcock , interim chief financial officer, and Kevin Keough, senior vice president of corporate development.
“I am delighted to welcome David and Kevin to the Energy Vault team. David brings deep experience as a CFO of a public company, transactional and operational finance as we grow our global finance support teams and infrastructure on multiple continents. Kevin has an exceptional track record of successful M&A transactions in proven value creation frameworks and post-integration results during his time at Danaher, and will play an important role in strategic growth initiatives. of Energy Vault in a very dynamic market,” said Robert Piconi, president, co-founder and CEO of Energy Sauter.
David Hitchcock appointed interim CFO
David Hitchcock has been appointed interim chief financial officer, replacing Andrea Wuttke, who will leave the company after a transition period. Hitchcock brings more than three decades of deep experience in operational financial leadership on a global scale, including significant expertise in capital markets and mergers and acquisitions. Hitchcock most recently served as Chief Financial and Administrative Officer of Syniverse Technologies (Syniverse), a leading global service provider to the mobile telecommunications industry. During Hitchcock’s eight years as CFO at Syniverse, he helped them successfully transition from a public (NYSE) company to a private one through the 2011 sale to the Carlyle Group. Syniverse’s revenues have grown from over $300 million in 2007 to over $900 million through a combination of organic and inorganic growth while maintaining strong and consistent margins and significantly expanding its workforce and its revenue base outside of North America.
Prior to Syniverse, Hitchcock held senior positions in finance and operations at Lucent Technologies, including corporate controller and commercial vice president of Lucent Worldwide Services, chief financial officer of the Global Supply Chain Network organization ( reach of over $6 billion in manufacturing and supply) and North America CFO. for the post-merger combination of Alcatel-Lucent in all business segments.
Hitchcock is currently an industry advisor to Astra Capital Management and a member of the board and chair of the audit committee of Communications Technologies Services, LLC, an Astra portfolio company. David earned a BS in Accounting and an MBA from Wake Forest University and is a Chartered Accountant.
In his new role, Hitchcock will be responsible for all internal and external financial functions, oversight of Energy Vault‘s public company accounting and financial reporting, and all capital markets activities.
“I am delighted to join Energy Vault at such an exciting time in the company’s lifecycle and look forward to building a strong finance function. I have always been impressed with the depth of the management team , significant technology advancements and the value proposition Energy Vault has,” said Hitchcock. long-term for shareholders.”
Hitchcock replaces Andrea Wuttke, former chief financial officer of Energy Vault.
Kevin Keough named senior vice president of corporate development
Additionally, Energy Vault recently appointed Kevin Keough as Senior Vice President of Corporate Development. Kevin brings over 30 years of extensive strategic, operational and engineering expertise which includes having led business development at Danaher, Tektronix, Netscout and Inet Technologies across a wide range of market segments and high-growth technologies. At these companies, he was responsible for their long-term growth strategies and the execution of accretive mergers and acquisitions that increased long-term shareholder value.
In his new role at Energy Vault, Keough will be responsible for working with Mr. Piconi and the global leadership team to define the company’s strategic plan and drive all of its business development and strategic growth initiatives.
At Danaher, Keough applied his knowledge of the rigorous Danaher trading system, DBS, to successfully deploy over $5 billion in capital to complete numerous accretive transactions that expanded the size of addressable markets, exploited space opportunities white, consolidated attractive segments and added key growth technologies. and company assets. Kevin holds a bachelor’s degree in electrical engineering from the Georgia Institute of Technology in Atlanta, Georgia.
Renewable energy storage is extremely important to enable the decarbonization of the planet. Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The company’s proprietary energy management system and optimization software suite are technology agnostic in their ability to orchestrate various energy generation and storage resources to help utilities, power producers independent and large industrial energy users to significantly reduce their levelized cost of energy while maintaining the quality of electricity and the network. reliability.
Mr. Keough commented, “I am excited about the significant opportunity for growth through the execution of the strategic plan coupled with various strategic growth initiatives. Energy Vault has a suite of service offerings from which we can enhance our value proposition to our customers and drive the company’s mission forward. I look forward to working with Mr. Piconi and the entire Energy Vault team.
About the Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The company’s proprietary energy management system and optimization software suite are technology agnostic in their ability to orchestrate various energy generation and storage resources to help utilities, power producers independent and large industrial energy users to significantly reduce their levelized cost of energy while maintaining the quality of electricity and the network. reliability. Energy Vault’s EVx™ Gravity Energy Storage System uses environmentally friendly materials with the ability to integrate waste for beneficial reuse. Energy Vault is facilitating the transition to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit: www.energyvault.com
This press release contains forward-looking statements that involve risks, uncertainties and assumptions, including statements regarding our future expansion, deployments and capabilities. There are a number of important factors that could cause actual results to differ materially from the statements made in this press release, including: risks associated with the deployment of Energy Vault’s business and the timing of expected business milestones, developments and changes in the general market, the continued impact of COVID-19, political, economic and business conditions, our limited operating history as a public company, our ability to identify and complete acquisitions and the factors affecting the success of these acquisitions, and our ability to retain qualified personnel. Additional risks and uncertainties that could affect our financial results are included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is available on our website at investor.energyvault.com and on the SEC’s website at ‘address www.sec.gov. Additional information will also be set forth in other documents filed with the SEC from time to time. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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