Energy Vault Holdings, Inc. (NYSE:NRGV) shares are moving higher on Wednesday after the company announced a partnership with RackScale Data Centers. The aim of the partnership is to facilitate the delivery of 2GW of power to data center sites developed by RackScale by utilizing Energy Vault's proprietary B-Nest hyperscale battery energy storage system.
The B-Nest is multi-level structure designed to house batteries for onsite energy storage and its capable of storing up to 1.6GWh of energy per acre. The companies plan to begin construction at data center sites in 2026.
"With the rapid increase in power demand from the rise of the data center sector, it is absolutely essential that renewable energy generation and storage become key points of focus to power the AI data center boom," said Marco Terruzzin, Chief Commercial and Product Officer, Energy Vault.
Goldman Sachs Research projects a 160% increase in data center power demand by 2030, largely driven by artificial intelligence. Data centers currently consume 1-2% of global power, with this share anticipated to exceed 4% by the decade's end.
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NRGV Price Action: At the time of writing, Energy Vault stock is trading 18.8% higher at $1.96, per data from Benzinga Pro.
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