As an afficionado of energy storage, I’ve been following the Energy Vault story for some time, and it looks like things have started happening for them: they’re getting some real money to use their technology in China:
Energy Vault Inc., a provider of systems that store energy by elevating heavy objects, agreed to license its technology to a company that plans to build storage facilities in China.
Atlas Renewable LLC will pay $50 million in 2022 for a multi-year licensing agreement and will begin construction in the second quarter on the first project outside Shanghai, according to a statement Tuesday from Energy Vault, marking the storage company’s first deal in China.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 3.02 % | 3.47 % | 41,595 | 20.11 | 1 | 0.5446 % | 2,893.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5796 % | 5,589.2 |
| Floater | 2.85 % | 2.87 % | 54,391 | 20.05 | 3 | 0.5796 % | 3,221.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1171 % | 3,661.6 |
| SplitShare | 4.69 % | 4.44 % | 31,821 | 3.53 | 6 | -0.1171 % | 4,372.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1171 % | 3,411.7 |
| Perpetual-Premium | 5.17 % | -9.37 % | 55,925 | 0.09 | 24 | 0.0967 % | 3,245.3 |
| Perpetual-Discount | 4.75 % | 4.81 % | 55,108 | 15.75 | 7 | -0.0528 % | 3,828.3 |
| FixedReset Disc | 3.92 % | 4.12 % | 110,949 | 16.59 | 45 | 0.2485 % | 2,883.0 |
| Insurance Straight | 4.89 % | 4.56 % | 82,619 | 15.72 | 17 | 0.1692 % | 3,659.8 |
| FloatingReset | 2.71 % | 3.05 % | 51,191 | 19.58 | 2 | 0.8333 % | 2,946.3 |
| FixedReset Prem | 4.74 % | 3.26 % | 103,232 | 1.73 | 25 | 0.1141 % | 2,723.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2485 % | 2,947.0 |
| FixedReset Ins Non | 4.08 % | 4.08 % | 69,566 | 16.68 | 17 | 0.4741 % | 2,975.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.H | Insurance Straight | 1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-03 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 2.72 % |
| MFC.PR.M | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 22.79 Evaluated at bid price : 23.60 Bid-YTW : 4.20 % |
| BAM.PR.X | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.82 % |
| BAM.PR.K | Floater | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 15.02 Evaluated at bid price : 15.02 Bid-YTW : 2.87 % |
| TRP.PR.A | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.59 % |
| TRP.PR.F | FloatingReset | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 3.05 % |
| CM.PR.T | FixedReset Prem | 1.51 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.28 Bid-YTW : 2.88 % |
| CU.PR.C | FixedReset Disc | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 22.26 Evaluated at bid price : 23.00 Bid-YTW : 4.40 % |
| IFC.PR.A | FixedReset Ins Non | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 3.96 % |
| MFC.PR.L | FixedReset Ins Non | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 22.39 Evaluated at bid price : 22.80 Bid-YTW : 4.19 % |
| FTS.PR.H | FixedReset Disc | 3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 4.12 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.O | FixedReset Disc | 161,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 23.04 Evaluated at bid price : 23.96 Bid-YTW : 4.05 % |
| CM.PR.R | FixedReset Prem | 148,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 2.66 % |
| CM.PR.S | FixedReset Disc | 105,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 24.67 Evaluated at bid price : 25.00 Bid-YTW : 4.11 % |
| TD.PF.C | FixedReset Disc | 81,729 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 22.99 Evaluated at bid price : 24.04 Bid-YTW : 3.99 % |
| BMO.PR.C | FixedReset Prem | 50,625 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 1.34 % |
| BAM.PF.B | FixedReset Disc | 22,336 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-01 Maturity Price : 23.44 Evaluated at bid price : 23.75 Bid-YTW : 4.55 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CM.PR.Y | FixedReset Prem | Quote: 26.00 – 27.34 Spot Rate : 1.3400 Average : 0.8805 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 23.60 – 24.88 Spot Rate : 1.2800 Average : 1.0908 YTW SCENARIO |
| BAM.PR.B | Floater | Quote: 15.05 – 15.75 Spot Rate : 0.7000 Average : 0.5863 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 18.00 – 18.45 Spot Rate : 0.4500 Average : 0.3406 YTW SCENARIO |
| MIC.PR.A | Perpetual-Premium | Quote: 25.50 – 26.75 Spot Rate : 1.2500 Average : 1.1438 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 23.40 – 23.74 Spot Rate : 0.3400 Average : 0.2454 YTW SCENARIO |
I’ve been following this and other energy storage systems for a long time. Their future contribution to decarbonizing the grid is generally vastly underestimated. Energy Vault’s technology is brilliant.