Companies Energy Vault Holdings, Inc.
Energy Vault (NRGV): executive pay, fiscal 2025
Free brief. Every figure links to the company’s own filing.
Velarion Intel: free for 3 days, no card →Email me Energy Vault Holdings, Inc.’s executive pay brief as a PDF
You get it on this page the moment you ask, and a copy by email. Every figure is cited to its filing.
After the PDF, up to three short notes on the deeper reports for this company. Reply “unsubscribe” to any of them, any time.
CEO pay, last three years
- $4,257,235FY2023
- $7,042,895FY2024
- $6,432,731FY2025
CEO total pay was $6,432,731 in fiscal 2025, down from $7,042,895 in fiscal 2024.
FY2025: salary $901,164 · bonus $1,573,629 · stock awards $2,383,250 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Robert Piconi | $901,164 | $1,573,629 | $2,383,250 | $0 | $1,247,277 | $0 | $327,411 | $6,432,731 |
| Chief Executive Officer and Chairman of the Board | ||||||||
| Akshay Ladwa | 454,908 | 204,351 | 810,305 | 0 | 371,546 | 0 | 3,053 | 1,844,163 |
| Chief Development and Operations Officer | ||||||||
| Michael Beer | 375,000 | 0 | 95,330 | 0 | 408,375 | 0 | 12,250 | 890,955 |
| Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Robert Piconi | $6,432,731 | $7,042,895 | $4,257,235 | ↓ −610,164 |
| Akshay Ladwa | 1,844,163 | 1,650,561 | 1,390,801 | ↑ +193,602 |
| Michael Beer | 890,955 | 2,311,168 | — | ↓ −1,420,213 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The compensation committee is responsible for reviewing our compensation philosophy and strategy, and for determining and approving the form and amount of compensation to be paid or awarded to the Chief Executive Officer and other executive officers based on corporate goals and objectives.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Akshay Ladwa | RSU | 33,438 | — | $154,149 |
| Michael Beer | RSU | 100,000 | — | 461,000 |
| Robert Piconi | RSU | 162,500 | — | 749,125 |
| Robert Piconi | PSU | 199,048 | — | 917,611 |
| Michael Beer | PSU | 200,000 | — | 922,000 |
| Akshay Ladwa | Option | 200,040 | 1.86 | — |
| Akshay Ladwa | RSU | 229,625 | — | 1,058,571 |
| Michael Beer | RSU | 375,000 | — | 1,728,750 |
| Michael Beer | Option | 500,000 | 1.17 | — |
| Robert Piconi | Option | 766,820 | 1.86 | — |
| Akshay Ladwa | RSU | 850,000 | — | 3,918,500 |
| Robert Piconi | RSU | 1,294,250 | — | 5,966,493 |
| Robert Piconi | PSU | 1,300,000 | — | 5,993,000 |
| Robert Piconi | RSU | 2,500,000 | — | 11,525,000 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Thomas ErtelIndependent · Compensation Committee · Audit Committee (Chair) | $75,000 | $169,189 | — | — | — | $244,189 |
| Larry PaulsonIndependent · Lead Independent Director · Compensation (Chair) · Nominating and Corporate Governance | 75,000 | 169,189 | 0 | 0 | 0 | 244,189 |
| Mary Beth MandanasIndependent · Audit Committee · Nominating and Corporate Governance Committee (Chair) | 75,000 | 169,189 | — | — | — | 224,189 |
| Stephanie UnwinIndependent · Audit Committee | 75,000 | 147,120 | — | — | — | 222,120 |
| Theresa FarielloIndependent · Compensation Committee · Nominating and Corporate Governance Committee | 75,000 | 147,120 | — | — | — | 222,120 |
| Dylan HixonIndependent | 56,250 | 103,371 | — | — | 257 | 159,878 |
| Bill GrossIndependent | 18,750 | 52,500 | — | — | — | 71,250 |
| Robert PiconiEmployee director · Board Chair · Audit | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $450,000 |
| Equity awards (grant-date value) | $957,678 |
| All other compensation | $257 |
| Total cost of the board | $1,407,935 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Energy Vault as a peer
Companies that benchmark against NRGV
3 companies name NRGV as a compensation peer
- EVgo Inc.EVGOFY2025
- FUELCELL ENERGY INCFCELFY2025
- Nano Nuclear Energy Inc.NNEFY2025
Each company listed discloses NRGV in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NRGV in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Energy Vault Holdings, Inc. | 2025 | Robert Piconi | $901,164 | $2,383,250 | $0 | $1,247,277 | $6,432,731 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (14 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Robert Piconi. DEF 14A, filed 2026-04-17. Section “Executive Compensation” · page 23. As printed: 6,432,731. View filing ↗
- Section 01, Akshay Ladwa. DEF 14A, filed 2026-04-17. Section “Executive Compensation” · page 23. As printed: 1,844,163. View filing ↗
- Section 01, Michael Beer. DEF 14A, filed 2026-04-17. Section “Executive Compensation” · page 23. As printed: 890,955. View filing ↗
- Section 08, Thomas Ertel. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 244,189. View filing ↗
- Section 08, Larry Paulson. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 244,189. View filing ↗
- Section 08, Mary Beth Mandanas. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 224,189. View filing ↗
- Section 08, Stephanie Unwin. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 222,120. View filing ↗
- Section 08, Theresa Fariello. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 222,120. View filing ↗
- Section 08, Dylan Hixon. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 159,878. View filing ↗
- Section 08, Bill Gross. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 71,250. View filing ↗
- Section 08, Robert Piconi. DEF 14A, filed 2026-04-17. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 450,000 + equity 957,678 + all other 257 = 1,407,935, summed across the director compensation table rows.
- Energy Vault Holdings, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Energy Vault Holdings, Inc.'s own proxy. As printed: 6,432,731. View filing ↗