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LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.–(Business WIRE)–Apr 20, 2022–
Electrical power Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage options, now declared the appointment of David Hitchcock, interim Main Money Officer, and Kevin Keough, Senior Vice President of Corporate Advancement.
“I am delighted to welcome each David and Kevin to the Strength Vault workforce. David provides deep community firm CFO, transactional and operational finance knowledge as we construct out our world wide economic assist and infrastructure groups throughout many continents. Kevin has an incredible monitor report of successful M&A transactions inside verified benefit generation frameworks and article intergration benefits for the duration of his time at Danaher, and will participate in an crucial function in Electrical power Vault’s strategic expansion initiatives in a extremely dynamic sector,” said Robert Piconi, Chairman, Co-Founder and CEO of Power Vault.
David Hitchcock Appointed interim Main Fiscal Officer
David Hitchcock has been appointed interim Main Financial Officer, replacing Andrea Wuttke, who will be leaving the business after a transitional period of time. Hitchcock delivers far more than a few decades of comprehensive operational fiscal leadership practical experience on a international basis, such as major cash marketplaces and M&A abilities. Hitchcock most recently served as Chief Financial and Administrative Officer of Syniverse Systems (Syniverse), a major world-wide providers service provider to the mobile telecom sector. All through Hitchcock’s eight many years as CFO at Syniverse, he supported them creating the profitable changeover from a community enterprise (NYSE) to personal organization as a result of the 2011 sale to The Carlyle Group. Syniverse income improved from more than $300 million in 2007 to far more than $900 million in via a combination of organic and inorganic development even though keeping powerful, constant margins and appreciably growing its workforce and profits foundation exterior of North America.
Prior to Syniverse, Hitchcock held senior finance and operational roles at Lucent Systems, which includes Company Controller and Organization Vice President for Lucent Around the world Expert services, CFO for the Worldwide Offer Chain Community business ($6B+ scope in manufacturing and procurement), and CFO of North America for the submit-merger mix of Alcatel-Lucent throughout all small business segments.
Hitchcock presently serves as an Business Advisor to Astra Funds Management and is a Board Member and Chair of the Audit Committee for Communications Technologies Services, LLC, an Astra portfolio enterprise. David acquired a BS in Accounting and an MBA from Wake Forest College and is a Licensed Public Accountant.
In his new purpose, Hitchcock will be accountable for all internal and external fiscal capabilities, the oversight of Electrical power Vault’s community organization accounting and money reporting, as well as all money marketplaces functions.
“I am thrilled to sign up for Power Vault at such an enjoyable time in the company’s lifetime cycle and I seem forward to building out a robust finance function. I have been persistently impressed with the depth of the management workforce, the substantial technological developments and price proposition Vitality Vault has,” mentioned Mr. Hitchcock. “I am energized to begin doing the job with all our vital stakeholders, driving the company’s strategic prepare ahead and boosting prolonged-expression shareholder value.”
Hitchcock replaces Andrea Wuttke, former Main Financial Officer of Electrical power Vault.
Kevin Keough Appointed Senior Vice President of Corporate Development
In addition, Electricity Vault not too long ago appointed Kevin Keough as Senior Vice President of Corporate Development. Kevin provides a lot more than 30 several years of considerable strategic, operational and engineering abilities that involves having led company advancement at Danaher, Tektronix, Netscout, and Inet Technologies across a wide assortment of significant development industry and know-how segments. At individuals organizations, he was responsible for their long-assortment expansion tactics and executing accredtive mergers and acquisitions that grew prolonged term shareholder value.
In his new purpose at Strength Vault, Keough will be liable for doing work with Mr. Piconi and the international management workforce to set the Company’s strategic plan and to travel all of its small business advancement and strategic development initiatives.
At Danaher, Keough applied his awareness of the rigorous Danaher Organization System, DBS, to productively deploy more than $5 billion of money to reach many accretive transactions that expanded addressable market place sizes, exploited white room possibilities, consolidated attractive segments, and additional key growth systems and business belongings. Kevin holds a Bachelors in Electrical Engineering from the Georgia Institute of Technological know-how in Atlanta, Ga.
Renewable power storage is extremely important to empower the decarbonization of the world. Strength Vault develops and deploys turnkey sustainable electrical power storage options built to remodel the world’s method to utility-scale electricity storage in realizing decarbonization whilst maintaining grid resiliency. The company’s proprietary strength administration technique and optimization program suite is technology agnostic in its ability to orchestrate a variety of era and power storage methods to aid utilities, impartial electrical power producers and substantial industrial power buyers to appreciably minimize their levelized price of power when retaining energy quality and grid trustworthiness.
Mr. Keough commented, “I am enthusiastic with the considerable possibility for growth by means of execution of the strategic system coupled with many strategic expansion initiatives. Electricity Vault has a suite of support choices from which we can improve our price proposition to our prospects and push the Company’s mission ahead. I seem forward to working with Mr. Piconi and the full Vitality Vault staff.”
About Vitality Vault
Energy Vault develops and deploys turnkey sustainable electricity storage methods designed to renovate the world’s strategy to utility-scale power storage in realizing decarbonization when preserving grid resiliency. The company’s proprietary electrical power management process and optimization software package suite is technological know-how agnostic in its means to orchestrate a variety of generation and electrical power storage resources to aid utilities, independent electric power producers and substantial industrial electrical power buyers to appreciably cut down their levelized price tag of vitality though retaining electricity top quality and grid dependability. Electrical power Vault’s EVx™ gravity-primarily based vitality storage technique utilizes eco-pleasant materials with the potential to integrate squander elements for advantageous re-use. Energy Vault is facilitating the change to a round economic climate while accelerating the clean strength changeover for its customers. For added details, please check out: www.energyvault.com
Ahead Looking Statements
This press release includes forward-searching statements that contain threats, uncertainties, and assumptions together with statements pertaining to our potential growth, deployments and abilities. There are a significant amount of things that could cause actual final results to vary materially from the statements produced in this push launch, together with: challenges linked to the rollout of Vitality Vault’s small business and the timing of envisioned company milestones, developments and adjustments in the general market, the continuing affect of COVID-19, political, economic, and business enterprise conditions, our limited working history as a public enterprise, our ability to recognize and consummate acquisitions as perfectly as variables impacting the accomplishment of these kinds of acquisitions, and our skill to retain competent staff. Extra pitfalls and uncertainties that could have an effect on our money benefits are included under the captions “Hazard Factors” and “Management’s Discussion and Investigation of Financial Affliction and Outcomes of Functions” in our Type 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is accessible on our site at buyers.energyvault.com and on the SEC’s website at www.sec.gov. More information will also be established forth in other filings that we make with the SEC from time to time. All forward-seeking statements in this press launch are based mostly on information and facts out there to us as of the date hereof, and we do not suppose any obligation to update the ahead-on the lookout statements provided to mirror events that occur or circumstances that exist right after the day on which they were being designed, except as expected by relevant regulation.
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Get hold of: Electricity Vault
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energyvaultIR@icrinc.com
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PUB: 04/20/2022 04:05 PM/DISC: 04/20/2022 04:06 PM
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