Energy Vault Appoints Jan Kees van Gaalen as Chief Financial Officer
November 08 2022 - 8:00AM
Business Wire
Jan Kees van Gaalen is a seasoned finance
executive with more than 30 years of experience in the energy and
mining industries
Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy
Vault”) (the “Company”), a leader in sustainable grid-scale energy
storage solutions, announced today the appointment of Jan Kees van
Gaalen as Chief Financial Officer. Mr. van Gaalen will replace
David Hitchcock, who has served as interim-Chief Financial Officer
since April 2022. The appointment as CFO is effective November 16,
2022. Mr. Hitchcock will remain as an advisor to Energy Vault
through December 31, 2022.
“I am pleased to welcome Jan Kees, a highly accomplished global
CFO, who has served in that capacity at five public companies and
brings extensive operational finance, treasury, M&A and capital
markets experience as we execute on our growth strategy,” said
Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault. “I want
to thank David Hitchcock who has played an important role over the
last six months in building the finance organization while
standardizing our financial management and reporting processes as
we became a public company earlier this year.”
“I am thrilled to join Energy Vault during this pivotal time as
the Company begins multi-GW hour deployments of their leading
energy storage solutions across three continents,” said Jan Kees
van Gaalen, Chief Financial Officer, Energy Vault. “I look forward
to leading a robust finance function and assisting the Company
through this significant growth phase.”
Mr. van Gaalen served as interim CFO at OneSpan, a publicly held
digital agreements security software company from October 2021
until September 2022. Previously, he was CFO of C&J Energy
Services, a large provider of oilfield services to leading energy
companies with $2 billion in revenue. He helped lead the way in
transforming the finance and IT functions of the business and
helped execute a $450 million revolving facility before industry
consolidation led to a merger with Keane Group, Inc. in 2019.
Prior to C&J, Mr. van Gaalen was CFO of Kennametal, a
leading global provider of metalworking products and tools with
$2.5 billion in revenue and approximately 12,700 employees. He
helped develop and execute an $80 million SG&A cost reduction
plan, and helped define a $200-$300 million modernization plan for
the manufacturing facilities.
Mr. van Gaalen graduated with a Bachelor’s Degree in Economics
from Erasmus University Rotterdam and received his MBA in Finance
from the HEC School of Management in Paris.
About Energy Vault Energy Vault develops and deploys
sustainable energy storage solutions designed to transform the
world's approach to utility-scale energy storage in realizing
decarbonization while maintaining grid resiliency. The company's
proprietary gravity-based energy storage technology, battery
storage technology, and energy storage management and integration
platform are intended to help utilities, independent power
producers and large industrial energy users significantly reduce
their levelized cost of energy while maintaining power reliability.
Utilizing eco-friendly materials with the ability to integrate
waste materials for beneficial re-use, Energy Vault is facilitating
the shift to a circular economy while accelerating the clean energy
transition for its customers.
For more information on Energy Vault, please see the Company’s
website at https://www.energyvault.com/
Forward-Looking Statements This press release contains
forward-looking statements that involve risks, uncertainties, and
assumptions including statements regarding Energy Vault’s future
expansion, deployments and capabilities. There are a significant
number of factors that could cause actual results to differ
materially from the statements made in this press release,
including: risks related to the deployment of Energy Vault’s energy
management software the projects announced in this press release,
risks related to Energy Vault’s ability to supply equipment,
engineering, procurement, construction and balance of plant
services for the projects announced in this press release, the fact
that the project is the first such deployment for Energy Vault and
as a result, there could be unforeseen issues with the system, the
ability to meet milestones in order to receive payments, unforeseen
delays in the projects announced in this press release, whether
these projects will be constructed on time or whether they will
operate as planned, developments and changes in the general market,
the continuing impact of COVID-19, political, economic, and
business conditions, and the impact of competing technologies on
demand for battery powered projects. Additional risks and
uncertainties that could affect our financial results are included
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Quarterly Report on Form 10-Q for the quarter ended June 30, 2022,
filed with the SEC on August 8, 2022, which is available on our
website at investors.energyvault.com and on the SEC's website at
www.sec.gov. Additional information will also be set forth in other
filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the 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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Investors: energyvaultIR@icrinc.com
Media: media@energyvault.com
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