Energy Vault Begins Construction of 150 MW SOSA Energy Center in Texas’ ERCOT Market in Q4 2025, Bringing Total Asset Vault Portfolio Under Operation & Construction to Over 340 MW While Growing Cash in the Quarter by ~65% to Over $100 Million

WESTLAKE VILLAGE, Calif.--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced the start of construction of the SOSA Energy Center, a 150 MW/300 MWh battery energy storage system (BESS) located in Madison County, Texas. The project, originally developed by Savion, a subsidiary of Shell plc, was formally acquired by Energy Vault in Q4 2025 under its Asset Vault platform, and is expected to achieve commercial operation by Q2 2027.

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The construction milestone represents a significant advancement in Energy Vault's "Own & Operate" asset management strategy and demonstrates the company's commitment to rapid deployment of bankable energy infrastructure capable of delivering dependable recurring revenues. The SOSA Energy Center is the first project to begin construction under Energy Vault's Asset Vault investment platform, which is supported by the $300 million preferred equity investment from Orion Infrastructure Capital (OIC). Energy Vault remains well positioned from a cash and liquidity perspective to execute on the company’s broader ‘Own & Operate’ strategy, ending 2025 with total cash of over $100 million, up 65% over the prior quarter and above the high-end of its guidance range.

The 150 MW/300 MWh BESS is strategically positioned within the ERCOT North market and will leverage Energy Vault's third-generation B-VAULT™ DC product, enabling rapid deployment at competitive costs while providing enhanced system availability. Upon completion, the project will deliver critical grid support and renewable integration capacity to Texas's dynamic energy landscape, with an expected 6-8-year offtake agreement currently in advanced negotiations with an investment-grade counterparty.

Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, said:

"Breaking ground on the SOSA Energy Center so quickly after acquisition demonstrates the velocity with which we are executing and growing Energy Vault's Asset Vault platform and underscores our strategic commitment to the Texas ERCOT market, one of the most dynamic energy markets in the United States. Texas continues to lead the nation in renewable energy adoption and grid modernization, making it a cornerstone market for our growth strategy. This project not only demonstrates our ability to rapidly execute on high-quality acquisitions and move swiftly from acquisition to construction, but also advances Energy Vault’s position as a key energy infrastructure partner in supporting Texas's energy transition."

The project benefits from fully secured site control, clean title, and completed environmental and interconnection milestones, ensuring a streamlined construction process. Energy Vault will self-perform engineering, procurement, construction (EPC), and long-term service agreements for the project, creating multiple revenue streams while maintaining operational control to optimize returns. The vertically integrated approach under Asset Vault captures value across the entire energy storage lifecycle, from development through long-term operations. The SOSA Energy Center is expected to deliver approximately $350 million in total revenue with predictable, recurring high-margin cash streams over the technical life of the project.

About Energy Vault

Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Since 2024, Energy Vault has executed an “Own & Operate” asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.