Energy Vault Continues to Execute on Growth Strategy with Ownership of Energy Storage Projects and Launches Project Financing

Initial project financing for groundbreaking green hydrogen project in Calistoga, CA expected in Q4

Process follows through on initiative first laid out during its May 2024 Investor and Analyst Day to maximize capital efficiency in its ‘Own & Operate’ IPP strategy

Management to accelerate investment strategy and increase potential capital deployment based upon significant proactive inbound investor interest

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (“Energy Vault”) (NYSE: NRGV), a leader in sustainable, grid-scale energy storage solutions, today announced continued progress in executing its growth strategy unveiled during the May 2024 Investor and Analyst Day.

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The Company is focusing on addressing the largest markets and growth regions, delivering more predictable and recurring revenues, and driving strong growth and profitability.

“Energy Vault continues to execute on our strategic vision, positioning the company at the forefront of the global energy transition,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault.

Key Highlights:

• Launching project financing for select U.S. projects, including the Calistoga Resiliency Center – one of the world's largest utility-scale, ultra-long duration energy storage projects under a long-term agreement with PG&E. This first-of-its-kind hybrid hydrogen and battery energy storage system enables a cost-effective, community-scale, fully carbon-free microgrid that has the capability of storing and dispatching clean energy, on demand.

• Leveraging existing expertise from delivering 1 GWh of projects across the U.S. in prior 12 months with expansion into Australia following recent project awards and contracts.

• Accelerating 'Own & Operate IPP' strategy and increasing capital scale based on strong interest from strategic partners and investors.

• Engaged Jefferies to facilitate various capital investment alternatives including project financing, monetization of relevant tax credits, and optimization of capital deployment models.

"As outlined earlier this year, we are progressing project financing for groundbreaking projects like the Calistoga Resiliency Center with PG&E and accelerating the timing and scale of our 'Own & Operate IPP' strategy," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "Leveraging the depth of our internal engineering, storage technology breadth, and project execution expertise to own and operate more assets will help diversify our revenue streams and support our growth, while ensuring we are maximizing our capital efficiency and resources."

Energy Vault's decision to accelerate its 'Own & Operate IPP' strategy comes in response to significant inbound interest from strategic partners and investors. This move is expected to enhance the Company's ability to capitalize organically and inorganically on emerging opportunities in the rapidly evolving energy storage market.

As the Company continues to expand its global footprint, with recent project awards and contracts in Australia complementing its strong presence in the United States and its license-royalty agreements in China and South Africa, Energy Vault is well-positioned to leverage its expertise in delivering large-scale energy storage solutions to meet the growing demand for sustainable grid stability and resilience.

Energy Vault has retained Jefferies LLC to assist the company with its project financing strategy, maximizing the value of available tax credits, and optimizing capital deployment models.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-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. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s G-Vault™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.