NRGV - Energy Vault stock jumps 12% amid earnings report Senate action on energy legislation

Energy Vault ( NYSE: NRGV ) stock jumped 12% Monday in the wake of news that the US Senate had passed the Inflation Reduction Act, which provides billions in incentives for clean energy and EV products, and the release of its Q2 earnings report.

Shares of Energy Vault, a provider of sustainable energy storage systems, opened at $4.78, later hitting a high of $5.22 in early afternoon. The stock recently changed hands at $4.99 at approximately 1:30 p.m. ET.

Earlier Monday, Energy Vaults released a mixed earnings Q2 report and a 2022 revenue forecast that fell below estimates due in part to the timing of certain projects.

Energy Vault went public on Feb. 11 through a merger with SPAC Novus Capital. The deal pegged the enterprise value of the combined company at around $1.1B.

The stock hit a 52-week high of April 5 on $22.10, but had been trending lower since early June, reaching a 52-week low of $3.97 on Aug. 5. Shares closed 4% higher on Friday.

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