Energy Vault Holdings Inc. (NYSE: NRGV) appointed Cory Magnuson as president of its Asset Vault financing platform, the energy storage company announced.

Magnuson brings 20 years of experience in capital formation and structured finance within the independent power producer and energy infrastructure sectors. He previously served as chief financial officer at Spearmint Energy, where he helped scale the company's utility-scale energy storage platform.

Energy Vault expanded its Asset Vault financing platform to include multi-gigawatt AI compute infrastructure solutions currently under development for what the company calls "edge" modular data centers.

The Asset Vault platform controls 1.1 gigawatts of infrastructure assets that Energy Vault expects to generate more than $180 million in recurring annual EBITDA. The company has more than 3 gigawatts under active development, supporting its goal of exceeding 4 gigawatts of installed assets and $1.8 billion in recurring EBITDA by 2030.

Energy Vault reported a contracted backlog of over $1.3 billion from public utilities, sovereign governments and independent power producers globally.

As president of Asset Vault, Magnuson will oversee financing and capital formation across Energy Vault's global infrastructure portfolio. He will focus on raising and deploying institutional capital into the company's portfolio of owned assets, including utility-scale energy storage systems and AI-ready energy facilities.

Before joining Spearmint Energy, Magnuson held senior leadership roles at BrightNight and BlackRock, with experience in infrastructure investment and renewable energy development.

"Cory's appointment significantly strengthens our leadership team and ability to accelerate capital formation and project financing capabilities," said Robert Piconi, chairman and chief executive officer of Energy Vault.