LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.–(Organization WIRE)–Apr 20, 2022–
Vitality Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a chief in sustainable, grid-scale energy storage solutions, currently declared the appointment of David Hitchcock, interim Main Fiscal Officer, and Kevin Keough, Senior Vice President of Corporate Advancement.
“I am delighted to welcome each David and Kevin to the Electrical power Vault workforce. David provides deep community business CFO, transactional and operational finance experience as we construct out our global financial aid and infrastructure teams throughout many continents. Kevin has an tremendous monitor history of successful M&A transactions in established worth development frameworks and put up intergration results during his time at Danaher, and will engage in an important purpose in Power Vault’s strategic advancement initiatives in a incredibly dynamic market place,” stated Robert Piconi, Chairman, Co-Founder and CEO of Electricity Vault.
David Hitchcock Appointed interim Chief Money Officer
David Hitchcock has been appointed interim Chief Financial Officer, changing Andrea Wuttke, who will be leaving the organization immediately after a transitional time period. Hitchcock provides a lot more than 3 decades of intensive operational money leadership experience on a world foundation, together with considerable cash markets and M&A skills. Hitchcock most just lately served as Chief Fiscal and Administrative Officer of Syniverse Systems (Syniverse), a main worldwide products and services provider to the mobile telecom marketplace. Through Hitchcock’s eight a long time as CFO at Syniverse, he supported them generating the prosperous changeover from a community company (NYSE) to non-public business as a result of the 2011 sale to The Carlyle Team. Syniverse income amplified from above $300 million in 2007 to a lot more than $900 million in via a blend of natural and inorganic advancement although keeping robust, dependable margins and appreciably increasing its workforce and profits foundation outside of North The united states.
Prior to Syniverse, Hitchcock held senior finance and operational roles at Lucent Technologies, including Corporate Controller and Enterprise Vice President for Lucent Around the globe Products and services, CFO for the International Provide Chain Community group ($6B+ scope in producing and procurement), and CFO of North The united states for the submit-merger combination of Alcatel-Lucent throughout all organization segments.
Hitchcock currently serves as an Industry Advisor to Astra Capital Management and is a Board Member and Chair of the Audit Committee for Communications Systems Products and services, LLC, an Astra portfolio enterprise. David acquired a BS in Accounting and an MBA from Wake Forest College and is a Certified Community Accountant.
In his new job, Hitchcock will be accountable for all inside and exterior fiscal capabilities, the oversight of Vitality Vault’s public organization accounting and monetary reporting, as very well as all funds markets routines.
“I am thrilled to join Electrical power Vault at these types of an interesting time in the company’s everyday living cycle and I seem ahead to setting up out a robust finance function. I have been regularly amazed with the depth of the management workforce, the substantial technological improvements and benefit proposition Vitality Vault has,” stated Mr. Hitchcock. “I am energized to begin operating with all our crucial stakeholders, driving the company’s strategic strategy forward and enhancing extended-phrase shareholder price.”
Hitchcock replaces Andrea Wuttke, former Chief Economical Officer of Electricity Vault.
Kevin Keough Appointed Senior Vice President of Corporate Progress
In addition, Electrical power Vault a short while ago appointed Kevin Keough as Senior Vice President of Company Enhancement. Kevin delivers additional than 30 a long time of extensive strategic, operational and engineering abilities that consists of possessing led company development at Danaher, Tektronix, Netscout, and Inet Systems throughout a broad vary of high development industry and technological innovation segments. At those organizations, he was dependable for their very long-variety development approaches and executing accredtive mergers and acquisitions that grew very long time period shareholder worth.
In his new job at Electrical power Vault, Keough will be accountable for operating with Mr. Piconi and the world-wide administration workforce to set the Company’s strategic program and to push all of its business enhancement and strategic development initiatives.
At Danaher, Keough utilized his knowledge of the arduous Danaher Enterprise Technique, DBS, to properly deploy additional than $5 billion of funds to realize quite a few accretive transactions that expanded addressable current market measurements, exploited white room chances, consolidated desirable segments, and extra crucial growth technologies and business enterprise property. Kevin holds a Bachelors in Electrical Engineering from the Ga Institute of Technologies in Atlanta, Georgia.
Renewable electrical power storage is unbelievably critical to permit the decarbonization of the earth. Electrical power Vault develops and deploys turnkey sustainable strength storage alternatives built to remodel the world’s method to utility-scale vitality storage in realizing decarbonization although protecting grid resiliency. The company’s proprietary power management program and optimization software suite is technology agnostic in its means to orchestrate several generation and electrical power storage methods to aid utilities, independent ability producers and significant industrial electricity buyers to significantly reduce their levelized charge of vitality although retaining ability excellent and grid reliability.
Mr. Keough commented, “I am excited with the considerable opportunity for growth via execution of the strategic program coupled with several strategic development initiatives. Vitality Vault has a suite of support choices from which we can greatly enhance our benefit proposition to our customers and drive the Company’s mission forward. I glance forward to performing with Mr. Piconi and the overall Vitality Vault group.”
About Electrical power Vault
Energy Vault develops and deploys turnkey sustainable electrical power storage remedies created to completely transform the world’s solution to utility-scale strength storage in noticing decarbonization even though maintaining grid resiliency. The company’s proprietary strength administration program and optimization program suite is technologies agnostic in its means to orchestrate different era and electricity storage sources to assist utilities, impartial energy producers and big industrial strength buyers to substantially cut down their levelized cost of strength while preserving power high quality and grid trustworthiness. Power Vault’s EVx™ gravity-dependent electrical power storage system utilizes eco-welcoming products with the potential to integrate squander resources for beneficial re-use. Strength Vault is facilitating the shift to a round economy when accelerating the clean energy transition for its consumers. For additional facts, be sure to visit: www.energyvault.com
Ahead Seeking Statements
This push release is made up of forward-on the lookout statements that include threats, uncertainties, and assumptions including statements about our potential enlargement, deployments and capabilities. There are a significant number of things that could cause real results to differ materially from the statements produced in this push launch, including: risks relevant to the rollout of Power Vault’s organization and the timing of predicted enterprise milestones, developments and modifications in the general industry, the continuing impact of COVID-19, political, financial, and organization problems, our limited working record as a community business, our skill to discover and consummate acquisitions as well as factors influencing the success of this sort of acquisitions, and our potential to retain certified personnel. Additional dangers and uncertainties that could impact our money final results are involved beneath the captions “Risk Variables” and “Management’s Discussion and Analysis of Financial Issue and Final results of Functions” in our Variety 8-K filed with the Securities and Trade Fee (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is available on our web page at buyers.energyvault.com and on the SEC’s web site at www.sec.gov. Supplemental information and facts will also be established forth in other filings that we make with the SEC from time to time. All forward-looking statements in this push launch are based mostly on facts accessible to us as of the day hereof, and we do not believe any obligation to update the forward-looking statements presented to replicate gatherings that happen or instances that exist following the date on which they were being built, apart from as essential by applicable legislation.
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PUB: 04/20/2022 04:05 PM/DISC: 04/20/2022 04:06 PM