Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2024

Energy Vault Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-39982

85-3230987

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)


4360 Park Terrace Drive, Suite 100 Westlake Village, California						91361
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (805) 852-0000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange
on which registered

Common Stock, par value $0.0001 per share

NRGV

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

Energy Vault Holdings, Inc. (the “Company”) is furnishing herewith a presentation that will be used in connection with its May 9, 2024 Analyst Day. The presentation prepared by the Company for use in connection with these Analyst Day is furnished herewith as Exhibit 99.1. All of the information in the attached slide package is presented as of May 8, 2024, and the Company does not assume any obligation to update such information in the future. The slide package contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

The information included in this Form 8-K, as well as the exhibit referenced herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing or document pursuant to the Securities Act of 1933, as amended, except as may be expressly set forth by specific reference in such filing or document.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit No.						Description
99.1						Slide package prepared for use by the Company in connection with the Investor Analyst Day meeting on May 9, 2024
104						Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	ENERGY VAULT HOLDINGS, INC.

Date: May 9, 2024	By:	/s/ Michael Beer
		Michael Beer
		Chief Financial Officer

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 3 S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n C o n u n d r u m M a k i n g S t o r a g e a n I m p e r a t i v e Storage – maintaining grid reliability as wind and solar become more pervasive W I N D P O W E R S O L A R P O W E R L E G A C Y P O W E R S U P P LY O F P O W E R Less predictable with wind & solar D E M A N D F O R P O W E R Growing in magnitude & variability

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 52 AGENDA S T A T E O F T H E C O M P A N Y B A T T E R Y B U S I N E S S E N E R G Y V A U L T & S O M F I R E S I D E C H A T G R A V I T Y B U S I N E S S H Y D R O G E N B U S I N E S S S O F T W A R E B U S I N E S S F I N A N C I A L R E S U L T S A N D 2 0 2 4 / 2 0 2 5 G U I D A N C E R o b e r t P i c o n i A k s h a y L a d w a R o b P i c o n i & B i l l B a k e r M a r c o T e r r u z z i n C r a i g H o r n e A k s h a y L a d w a M i c h a e l B e e r C h a i r m a n a n d C E O C h i e f E n g i n e e r i n g O f f i c e r , E V S B R E A K C h i e f C o m m e r c i a l a n d P r o d u c t O f f i c e r V P A d v a n c e d E n e r g y S o l u t i o n s C h i e f E n g i n e e r i n g O f f i c e r , E V S C F O Q & A S E C T I O N S P E A K E R

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 6 $487MRevenue 9.9 GWh Awarded/Short Listed 2.0 GWh Contracted 1.0 GWh In Operation 2022 - 2023 3 Our F i rs t Two Years…by the numbers C O M P A N Y Site physical constraints for batteries and demanding schedule – met all deliverables First-of-its-kind long-duration hydrogen hybrid microgrid – 30% below all other alternatives Gross Margin Actual 16% China - World’s first grid-scale gravity energy storage system H Y D R O G E NB A T T E R YG R A V I T Y Public utility, Bring Your Own Battery (BYOB) and accelerated schedule – record setting 1st AC B-VAULT battery deployment and accelerated commissioning and testing All Projects on time, on budget, safe, with Quality Strong cash, no debt, no dilutive financings

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 7 Andrea Pedretti Co-Founder & Chief Technology Officer “ B e s t o f B r e e d ” D o m a i n a n d F u n c t i o n a l E x p e r i e n c e - G l o b a l – S e r v a n t L e a d e r s – P a s s i o n a t e - H u m b l e Robert Piconi Chairman, Co-Founder & CEO Gonca Icoren Chief People Officer Laurence Alexander Chief Marketing Officer Michael Beer Chief Financial Officer Josh McMorrow Chief Legal Officer Chris Wiese Chief Operations Officer Marco Terruzzin Chief Product & Commercial Officer Akshay Ladwa Chief Engineering Officer EVS™ Kevin Keough Senior Vice President Corporate Development 4 C O M P A N Y Resu l t s s ta r t w i t h ou r peop le…and Leadersh ip

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 8 N e w R e g i o n s , N e w C u s t o m e r s , N e w P r o d u c t s , N e w M a r k e t S e g m e n t s a n d T A M Portfolio and Segment ExpansionGeographical and Customer Expansion Expansion in China 3.7GWh of Projects First 25MW 100MWh Project Operational EVu EVo EVc Entry to Southern Africa 125 GWh potential South African Development Community (SADC) C H I N A A U S T R A L I A G - V A U L T Gravity Storage New Application of Gravity Technology that are: 1.Economically disruptive 2.Expand our TAM Calistoga, CA Snyder, TX Entry to Australia 2.6 GWh Total (275 MW, 2.2GWh) C O M P A N Y Skidmore Owings & Merrill B - V A U L T Battery Storage H - V A U L T Hybrid and Hydrogen Storage S A D C 5 OWN/OPERATE New Strategic Partnership: Investor IPP New R&D Energy Solutions Center EVy

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 9 RIYADH, SAUDI ARABIA “The first set of charging and discharging units of the Rudong 100MWh gravity energy storage project was successfully tested….” C H I N A T I A N Y I N G P R E S S R E L E A S E A D V A N C E D E N E R G Y S O L U T I O N S C O M M U N I T Y : “How will we meet the TW growth in demand from Electrification and Generative AI processing sustainably?” 6 A r o u n d t h e W o r l d i n 1 0 D a y s A p r i l 2 5 t o M a y 3 C O M P A N Y

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 10 Annual global investment in the energy transition is at an all-time high. However, nearly all sectors are spending less than what’s needed +73% +101% C O M P A N Y 7

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 118 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • Decarbonization goals • Decreasing solar / wind prices • More solar/wind = more variability • EV and broader electrification initiatives • Generative AI • Pure data center/hyper-scaler needs • Clean fuels 365*7*24 production D E M A N D G R O W T H M a s s i v e T e r a w a t t s o f P o w e r S U P P L Y V A R I A B I L I T Y D e c a r b o n i z a t i o n W i t h V a r i a b l e S o l a r & W i n d EIA, FERC and NREC BNEF 1H 2022 & 2H 2023 Energy Storage Market Outlook S T O R A G E I S A N I M P E R A T I V E • Overcome clean power variability: i.e. Duck Curve • Decreasing storage prices • Generous tax and other incentives + =

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 129 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • EV and broader electrification initiatives • Generative AI • Pure data center/hyper-scaler needs • Clean fuels 365*7*24 production D E M A N D G R O W T H M a s s i v e T e r a w a t t s o f P o w e r EIA, FERC and NREC

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 141 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • Decarbonization goals • Decreasing solar / wind prices • More solar/wind = more variability • EV and broader electrification initiatives • Generative AI • Pure data center/hyper-scaler needs • Clean fuels 365*7*24 production D E M A N D G R O W T H M a s s i v e T e r a w a t t s o f P o w e r S U P P L Y V A R I A B I L I T Y D e c a r b o n i z a t i o n W i t h V a r i a b l e S o l a r & W i n d EIA, FERC and NREC BNEF 1H 2022 & 2H 2023 Energy Storage Market Outlook S T O R A G E I S A N I M P E R A T I V E • Overcome clean power variability: i.e. Duck Curve • Decreasing storage prices • Generous tax and other incentives + =

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 15 1. BNEF 2H 2023 Energy Storage Market Outlook; BNEF Energy Storage Cost Survey 2023 2. Jigar Shah – Director of DOE Loan Program Office 3. IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector M A R K E T 2 S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e BNEF 1H 2022 & 2H 2023 Energy Storage Market Outlook 220-460 GW of new Long Duration Storage by 2050 for U.S grid, $330 billion in capital 2 1.3 TWh of new Short Duration Battery Storage by 2030 worldwide, $280 billion in capital 1 ~10X increase in annual Clean Hydrogen production and ~1000X increase in Electrolyzer production capacity from 2020 to 2030 3 W e f o c u s o n d e v e l o p i n g t h e h i g h e s t g r o w t h s t o r a g e t e c h n o l o g i e s +73% +101%

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 163 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e CHINA 192 GWh, 50% US 128 GWh, 33% AUSTRALIA 15 GWh, 4% ITALY 8 GWh, 2% UK 7 GWh, 2% ROW 34 GWh, 9% Energy Storage Market Opportunity (GWh) 2024 - 2026 BNEF 2H 2023 Energy Storage Market Outlook More than 90% of the opportunity over the next 3 years is in just 5 countries +73% +101%

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 174 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e C O M P A N Y US HQ: California R&D Center: Virginia Sales & Operation Center: Melbourne Operation Center: Beijing Europe HQ & R&D Center: Lugano, Switzerland Sales & Operation Center: London, UK Energy Vault Presence at Initial Global Customers Worldwide BNEF 2H 2023 Energy Storage Market Outlook W e f o c u s o n t h e s e 5 h i g h e s t g r o w t h g e o g r a p h i e s More than 90% of the opportunity over the next 3 years is in just 5 countries Investor IPP CHINA 192 GWh, 50% US 128 GWh, 33% AUSTRALIA 15 GWh, 4% ITALY 8 GWh, 2% UK 7 GWh, 2% ROW 34 GWh, 9% Energy Storage Market Opportunity (GWh) 2024 - 2026

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 18 C O M P A N Y 5 E n e r g y V a u l t B u i l t w i t h L e a d i n g G l o b a l S t r a t e g i c I n v e s t o r s … 2 0 1 7 S T R A T E G I C A D V I S O R Y B O A R D 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 I N V E S T O R S …Which in turn informs our investment priorities via our Strategic Advisory Board

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 19 Enhancing and Expanding our Long Duration Energy Storage Technologies Protracted adoption of Long Duration to 2030+ Innovation and flexibility of Gravity tech enabled early monetization in a nascent market Developed Hybrid Green Hydrogen solution to economically address multi-day storage, micro-grids AI SW Platform and Experienced Team enabled Rapid Success in Li-ion Batteries 95%+ of global storage deployments addressing short duration market needs with Li-ion Battery Unique hardware architecture with SW differentiation enables CapEx, OpEx and Safety benefits 6 C O M P A N Y S o l v i n g C u s t o m e r P r o b l e m s w i t h B r o a d P o r t f o l i o T h e E n e r g y S t o r a g e S o l u t i o n s C o m p a n y • First to market adoption and operation in 2024 • Large bookings ($142M) • Upcoming 90%+ margin Royalties with volume builds • Continue to deliver new License and Royalty agreements Global leader in Alternative Long Duration segment • Significant bookings ($690) • Positive Unit Economics (10-20%) • Gained “bankability” in competitive segment • 1 GWh turned over with Quality and Safety in record time frames • Happy Reference Customers Results © 2024 ENERGY VAULT, ALL RIGHTS RESERVED

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 20 Address Largest Market and Growth Regions • Uniquely address broad market for large scale energy storage • Solution portfolio spanning shorter to longer to ultra-long duration • Value chain participation spanning technology, build, own/operate Deliver More Predictable and Recurring Revenue • Make money in multiple phases of storage segment evolution • Broad portfolio of solutions, licenses, royalties and services. • Own and Operate when financially attractive Offer Highest Growth and Profitability Potential in Storage Segment Ensure our investors realize beneficial exposure to multiple attractive and adjacent high-growth storage segments. 17 C O M P A N Y O u r B u s i n e s s S t r a t e g y : F o c u s e d o n M a x i m i z i n g V a l u e C r e a t i o n Expanding portfolio and entry to logical adjacencies for increased addressable market size and accelerated adoption timeline Smoothing revenue from blend of our IP, recurring royalties, build/transfer and own/operate segments Sharing insight to CY24/25 guidance and long-range business plan and model demonstrating strategy execution success Strategy Tenets What We Will Share With You Today

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 21 C O M P A N YO u r B u s i n e s s M o d e l H o w w e m o n e t i z e a n d d e p l o y o u r t e c h n o l o g i e s t o m a x i m i z e c a s h f l o w g e n e r a t i o n , p r o f i t a b i l i t y a n d l o n g - t e r m s h a r e h o l d e r v a l u e 18 • Technology, R&D and prototyping • Sells term licenses with subsequent recurring royalties • 90%+ gross margins • $100M of licenses sold thus far, $61M in Revenue • $200M+ of potential royalties over next 10 years • EEQ and EPC project build to transfer or own • High revenues • Growing margins • Differentiated portfolio • $434M of projects revenue thus far • $2.7B developed pipeline for potential conversion over next 12 - 24 months • $2.6B attractive segment • Ability to build at lower costs than those that do not directly own technology and build capabilities • Asset ownership by us with recurring/predictable revenues • Gives our shareholders reduced risk exposure to storage megatrend • Unique “Independent Storage Provider”: ISP • Our Calistoga & Snyder projects are first proxies BUILD/TRANSFER OWN/OPERATELICENSE

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 22 G-Vault Gravity Storage H-Vault Hybrid and Hydrogen Storage B-Vault Battery Storage Software & Services C O M P A N Y A d d r e s s i n g t h e L a r g e s t M a r k e t 19 Business Model So lu tio n Po rt fo lio BUILD/TRANSFER OWN/OPERATELICENSE X X XX X X X X X With LTSA

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 230 C O M P A N Y L o o k i n g F o r w a r d E n t e r i n g O u r N e x t G r o w t h P h a s e Leverage critical learnings from Calistoga project for repeatable business - $1B+ market opportunity over next 3 years for Microgrid, Data Center, Backup Power, and high availability industry segments H-Vault Hybrid and Hydrogen Storage Enter attractive Grid-Scale Energy Delivery segment.OWN/OPERATE “Proven ourselves” with first projects - battery ramps up in 2H 2024 and accelerates into 2025 $2.7B developed pipeline for potential conversion over next 12 - 24 months KORE investment is expected to yield margin expansion B-Vault Battery Storage Gravity IP licenses – Booked $100M, cash over 10 years $200M+ of potential volume royalties over next 10 years G-Vault Gravity Storage *2024 Forecast for USA only. Jefferies

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 241 Our F i rs t Two Years C O M P A N Y Our Next Two Years $487MRevenue 2022 - 2023 Gross Margin Actual 16% $500 - $700M 2024 - 2025 Forecasted 15% - 20% Adjusted EBITDA Positive for Full Year 2025 ~60% of Awards/Short List from existing customers or investors …and on to the next two years Ramped up first ~1 GWh of projects on budget, on schedule, safely and positive unit economics Strong Cash position, no dilutive financings

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 26 H-V AULTB-V AULT Commercial Success $600M Bookings 3 O u r F i r s t T w o Y e a r s : B a t t e r y , H y d r o g e n a n d S o f t w a r e Commercial Success and Expanding Optionality Battery: B-VAULT Introduction Software: VAULT-OS Introduction Software: VAULT-MANAGER Introduction Software: VAULT-BIDDER Introduction Hydrogen: H-VAULT Introduction 2022 2023 2024 Battery: contracted Battery: Stanton project contracted Battery: Reid Gardner project contracted Hydrogen: project contracted Battery: project completion Battery: project completion Hydrogen: project construction started Software: SLA executed with Wellhead & Jupiter

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 29 B-V AULT Battery Storage Sustainable differentiation customers value and are willing to pay for Maximize Price Performance Flexible DC/AC container | Modular inverter design 6 U n i q u e a n d E x c e p t i o n a l B e n e f i t s O u r C u s t o m e r C e n t r i c C u l t u r e Overcome Site Constraints Customized site layout design and construction Support Choices of OEM Equipment or BYOB* Flexible hardware and software platform with modular design 1 2 3 Accelerate Time-to-revenue Flexible business model and dedicated execution team4 *BYOB: Bring Your Own Battery

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 30 Overcome Site Constraints Support Choices of OEM Equipment Accelerate Time to Revenue Stanton (CA – USA) MW/MWh: 68.8/275.2 COD: 9/2023 BYOB Support Accelerate Time to Revenue Reid Gardner (NV – USA) MW/MWh: 220/440 COD: 12/2023 Maximize Price Performance Support Choices of OEM Equipment Accelerate Time to Revenue St. Gall (TX – USA) MW/MWh: 100/200 COD: 3/2024 B-V AULT Battery StorageU n i q u e a n d E x c e p t i o n a l B e n e f i t s P r o j e c t E x a m p l e s 27

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 31 We are battery integration business experts Experience Industry pioneers | Unparalleled global experience Knowledge Modern agnostic battery architecture | 16+ different battery types | Driven by Customer IRR and preference Track Record Software development & deployment | Safety track record | Asset IRR achievement 1 2 3 B-V AULT Battery StorageU n i q u e a n d E x c e p t i o n a l B e n e f i t s L e v e r e d f r o m O u r D e e p I n d u s t r y E x p e r t i s e 28

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 32 Flexibility DC or AC | Battery Chemistry & OEM | Inverter OEM Safety Proactive fire safety design | Built-in cyber security capability Availability No single point of failure | Augmentation ready Deliverability Foundation | Commissioning | Cabling Our B-VAULT TM p la t form de l i vers super ior in i t ia l and l i fe t ime benef i ts and va lue B-V AULT Battery Storage 29 S u p e r i o r E c o n o m i c s L e v e r e d f r o m O u r S t a t e - o f - t h e - A r t B - V a u l t P l a t f o r m Proprietary AC & DC lithium-ion battery energy storage systems

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 33 Vendor Flexibility Configuration Flexibility with Superior Energy Density Enclosure Stacking AC and DC Options B-V AULT Battery Storage 0 S u p e r i o r E c o n o m i c s D r i v e n b y O u r F l e x i b i l i t y AC DC

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 34 DC-BESS with Central Inverter Loss of central inverter results in the loss of both power and energy capacity from the whole AC bus. AC-BESS with String Inverter Loss of a string inverter results in the loss of both power and energy capacity on the impacted AC string AC Modular Inverter Loss of modular inverter results in the minimum loss of power capacity without impacting energy capacity Typical AC and DC Offering Energy Vault B-V AULT Battery StorageS u p e r i o r E c o n o m i c s D r i v e n b y U n i q u e M o d u l a r I n v e r t e r D e s i g n D e l i v e r i n g t h e H i g h e s t A v a i l a b i l i t y 1

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 35 International • Strategic suppliers • Advanced cell technology • MSA in place to supply both domestic and international projects • Enclosure manufacturing in low tariff regions • Early investor of KORE Power’s domestic battery cell manufactory in Buckeye Arizona • Multi-year domestic battery cell supply agreement • Gross margin improvement: favorable price and payment term • Enable end customers to qualify for the 10% domestic content ITC under IRA Domestic We de l i ve r super io r economics to our cus tomers leverag ing robus t supp ly cha in B-V AULT Battery Storage 2 S u p e r i o r E c o n o m i c s D r i v e n b y O u r B a t t e r y S u p p l y C h a i n S t r a t e g y Worldwide • Adapt to customers’ Battery Supplier preferences • Flexible Contracting Structures Bring Your Own Device (BYOB)

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 36 We deliver on the most challenging customer requirements Industry Best R&D Developed new hardware and software solution in less than 8 months Most Effective Collaboration Breakdown internal and external barriers “The Best Team Wins” Delivered first three projects in much less time than more established vendors 1 2 3 B-V AULT Battery Storage 3 U n p r e c e d e n t e d E x e c u t i o n E n a b l i n g O u r C u s t o m e r s t o M a k e M o r e M o n e y S o o n e r

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 37 B-V AULT Battery Storage 4 Pro f i tab i l i t y S t ra tegy Focused on premium projects B-Vault superior initial and lifetime benefits Higher margin on battery cells from domestic and international investment and relationships State-of-the-Art disruptive software Unprecedented project execution and revenue recognition R e t u r n s u p e r i o r p r o f i t a b i l i t y b a c k t o o u r s h a r e h o l d e r s b y l e v e r a g i n g m u l t i p l e l e v e r s r o o t e d i n o u r s u s t a i n a b l e d i f f e r e n t i a t i o n 2023 (Actual) 2024 & 2025 (Projected) Energy Vault Aggregated Battery Project Gross Margin % 5-10% 10 - 15% L E V E R S

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 38 B-V AULT Battery Storage Innovate and Disrupt Customer centric culture | Deep industry experience | Focus where our approach is most valued 5 Our Bat tery Energy Storage St ra tegy Summary Maximize ROI for Customers State-of-the-Art B-Vault platform | High system availability | Battery supply strategy Unprecedented Execution Enabling our customers to make more money quickly | Return superior profitability back to our shareholders 1 2 3

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4037 F IRES IDE R O B E R T P I C O N I Chairman of the Board & Chief Executive Officer B I L L B A K E R Consulting Partner at SOM Distinguished Member of the American Society of Civil Engineers CHAT Skidmore, Owings & Merrill

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4138 B I L L B A K E R B i l l B a k e r i s o n e o f t h e w o r l d ’ s l e a d i n g s t r u c t u r a l e n g i n e e r s . H e h a s d e s i g n e d s e v e r a l o f t h e w o r l d ’ s t a l l e s t b u i l d i n g s i n c l u d i n g t h e w o r l d ’ s t a l l e s t m a n m a d e s t r u c t u r e , T h e B u r j K h a l i f a i n D u b a i . Burj Khalifa Dubai | 828m Tianjin CTF Tianjin | 530m Greenland Jinmao IFC Nanjing | 500m Ningbo Central Plaza Ningbo | 409m Cayan Tower Dubai | 306m Manhattan West New York City | 304m Karlatornet Gothenburg | 246m Trump International Hotel & Tower Chicago | 202m Skidmore, Owings & Merrill

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4239 Designed many of the world’s most well-known buildings, including Burj Khalifa, Jin Mao Tower, Sears Tower, and One World Trade Center. Widely-acclaimed architectural, technological, and structural innovations have paved the way for tall buildings around the world for nearly a century. N e x t g e n e r a t i o n o f g r a v i t y s o l u t i o n s f o r m i x e d - u s e u r b a n a n d n o n - u r b a n e n v i r o n m e n t s G-VAULT™, Energy Vault’s family of gravity-based solutions, combines time-tested energy storage principles, modern engineering, and cutting-edge materials science to deliver long- duration storage. F IRES IDE CHAT Skidmore, Owings & Merrill

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 61 Commercial Success $100M Bookings, 90%+ Gross Margin 58 EVx: 3.7GWh of projects announced G-V AULT Gravity StorageE x p a n d e d P o r t f o l i o I n c r e a s e s a d d r e s s a b l e m a r k e t s i z e a n d a c c e l e r a t e s a d o p t i o n t i m e l i n e Commercial Success and Expanding Optionality EV1 CDU Proof of Concept EVx G R A V I T Y P O R T F O L I O E V O L U T I O N A N D E X P A N S I O N EVu EVy EVo EVc 2022 2023 2024IPO (2/2022) EVx: IP License sold Greece NEKs & Egypt CITC EVx: 2nd System construction began Gravity Portfolio: IP License sold EVx: China Rudong project started commissioning EVx: IP License sold Project construction began EVy: Multi GWh, Washington State Utility

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 63 “ “The U.S. grid could use between 225 and 460 gigawatts of Longer Duration Energy Storage by 2050, requiring $330 billion in capital on the same timeline J i g a r S h a h – D i r e c t o r o f D O E L o a n P r o g r a m O f f i c e 0

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 67 G-V AULT Gravity Storage Be the market leader for large-scale, longer-duration energy storage solutions Expand and Accelerate Market Adoption 4 Our Grav i ty Bus iness St ra tegy Always Profitable Constant Improvement of Unit Economics 1 2 3

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 69 Commercial Success $100M Bookings, 90%+ Gross Margin 6 EVx: 3.7GWh of projects announced G-V AULT Gravity StorageE x p a n d e d P o r t f o l i o I n c r e a s e s a d d r e s s a b l e m a r k e t s i z e a n d a c c e l e r a t e s a d o p t i o n t i m e l i n e Commercial Success and Expanding Optionality EV1 CDU Proof of Concept EVx G R A V I T Y P O R T F O L I O E V O L U T I O N A N D E X P A N S I O N EVu EVy EVo EVc 2022 2023 2024IPO (2/2022) EVx: IP License sold Greece NEKs & Egypt CITC EVx: 2nd System construction began Gravity Portfolio: IP License sold EVx: China Rudong project started commissioning EVx: IP License sold Project construction began EVy: Multi GWh, Washington State Utility

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 70 G-V AULT Gravity Storage 67 E x p a n d e d G r a v i t y P o r t f o l i o I n c r e a s i n g A d d r e s s a b l e M a r k e t S i z e & A c c e l e r a t i n g A d o p t i o n T i m e l i n e S t r u c t u r a l a n d m o v i n g m a s s c o m p o s i t i o n d i c t a t e c o s t H igher Low er O ptionality of Site Selection M an -M ad e N at ur al S lo pe St ru ct ur al C om po si tio n Solid Liquid Motor Turbine Power Conversion Method EVu ($$$$) EVc ($$$) EVo ($)EVy ($$) Moving Mass Composition Rectangle Structure Topology Agnostic Anywhere and Everywhere Pumped Hydro Alternative Topology Agnostic Large Scale Energy Storage Via Iconic Mixed-Use Real Estate Natural Slope Leverages Topology Significant reduced cost and installation timeline Pumped Hydro Alternative Topology Leveraging All the benefits of PHS without many of the concerns

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 71 EVu EVc EVy EVo Unit Cost Attractiveness G-V AULT Gravity Storage 68 E x p a n d e d G r a v i t y P o r t f o l i o I n c r e a s i n g A d d r e s s a b l e M a r k e t S i z e & A c c e l e r a t i n g A d o p t i o n T i m e l i n e

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 72 RTE Comparison for Long Duration Energy Storage Technologies1 CAES2 FLOW BATTERY RTE (%) OUR GRAVITY DOE’S LIFTOFF TARGET 80-85% 75-80% LAES3 40-70% 40-70% 55-75% 40% 80% RTE dictates ROI of storage solution Other Longer Duration Storage Technologies O ur g r a v i t y s o l u t i on R ound Tr i p E f f i c i e nc y ( R TE ) Provides highest ROI multiplier of any longer duration energy technology | Surpasses DOE expectations now Energy Output Energy input to lift mobile masses from ground up to high levels within structure Kinetic energy output when gravity pulls mobile masses to ground Round Trip Efficiency (RTE) = Energy Output Energy Input Energy Input 1. Pathways to Commercial Liftoff: Long Duration Energy Storge. DoE Mar. 2023 2. Compressed air 3. Liquid air G-V AULT Gravity Storage 69 Techn ica l Opt im izat ion | RTE

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 73 O u r g r a v i t y s o l u t i o n L e v e l i z e d C o s t o f S t o r a g e ( L C O S ) S u r p a s s e s D O E e x p e c t a t i o n s Long Duration LCOS ($/MWh) LCOS ($/MWh) LCOS dictates ROI of storage solution Return To build and operate for full lifetime Energy production For full lifetime Cost 1. Pathways to Commercial Liftoff: Long Duration Energy Storge. DoE Mar. 2023 2. Compressed air 3. Liquid air LCOS = Return Cost OUR EVx OUR EVy OUR EVc Li-ion 169 LDES 100 DoE’s LDES liftoff target Current Li-ion Economic A t t rac t i veness | LCOS G-V AULT Gravity Storage 0 OUR EVo

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 74 Earlier Adopter Characteristics Energy independence sentiments Strong local sourcing mandates & desires More centralized renewable policy & planning Incentives for renewable energy Lithium-ion alternative South African Development Community (SADC) China Australia Egypt Saudi Arabia India Turkey Spain Italy Greece Contracted | Developing United States G-V AULT Gravity Storage Ear l i e r Grav i t y Adopters 1 Business Models Initial IP license fee Recurring royalties [Details to be provided in financial section]

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 75 G-V AULT Gravity Storage What We Sell The complete Gravity portfolio Al l the Oppor tun i t i es in F ron t o f Us 2 How We Sell Land IP license deals for the technology with the lowest barriers to entry Cross-sell to other technology in the portfolio Expand through regional coverage and royalty Who We Sell To Countries with strong Government incentives for renewable energy Countries with strong desire for energy independence Innovative renewable developers / IPPs Innovative real estate developers Opportunities We Pursue In-country supply chain Workforce development

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 76 G-V AULT Gravity Storage Be the market leader for large-scale, longer-duration energy storage solutions Accelerate Market Growth Solution optionality | technical optimization | economic attractiveness 3 Our Grav i ty Bus iness St ra tegy Always Profitable IP licenses now | Recurring royalties in future Always Improve Unit Economic Attractiveness Structural composition | Moving mass composition | Power conversion method 1 2 3

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 796 H Y D R O G E N U L T R A - L O N G D U R A T I O N E N E R G Y S T O R A G E D r . C r a i g R . H o r n e , P h D V i c e P r e s i d e n t , A d v a n c e d E n e r g y S o l u t i o n s

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 80 H-V AULT Hybrid and Hydrogen Storage Enter burgeoning market in logical segments and position for subsequent long- term growth and market share expansion 77 Our C lean Hydrogen St ra tegy Enter market with a catalyst project and market participation Subsequently expand addressable market and profitability 1 2 3 Maximize participation in both production and consumption segments

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 81 H-V AULT Hybrid and Hydrogen Storage 78 Hydrogen Is Undergo ing Trans format iona l Growth SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector Hydrogen market size is forecasted to grow form $260B to $1.6T from 2023 to 2030 How Much is Produced Annually, Million Metric Tons 2020 20502030 87 212 528 What Is Producing Clean Hydrogen: Electrolyzer Capacity, GW Hydrogen Production Dirty to Clean Dirty 2020 20502030 3,600 850 Clean <1 Who Is Using Hydrogen Hydrogen Consumption Traditional To New 2020 20502030 60% Traditional: Refining Fertilizers Industrial New: Power, Transport, Others 37%

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 82 H-V AULT Hybrid and Hydrogen Storage • World’s first operational and most significant utility-scale green hydrogen based ultra long duration energy storage endeavor • Community-scale, clean hydrogen microgrid for the city of Calistoga, CA • Provides zero-emission reliable power during Public Safety Power Shutoffs (PSPS) caused by elevated wildfire risks. • Build, own, and operate (BOO) the asset Calistoga Project 8.5 MWpeak | 48 Hour Duration Hybrid H2+Battery Energy Storage Project Who Is Using Hydrogen Hydrogen Consumption 2020 20502030 60% Traditional: Refining Fertilizers Industrial New: Power, Transport, Others 37% Energy Vault Solutions H-Vault Hybrid and Hydrogen Storage Store and convert hydrogen into power for myriad of end-use consumption applications Cata lys t Pro ject : Market Ent ry 79 SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 83 H-V AULT Hybrid and Hydrogen Storage First-of-a-Kind Customer Requirements • Protection | Black Start | Cold Load Pickup | 48-hr. duration • Frequency & Voltage stability • Low emission • Cost competitive • < 1 acre space First Project of This Type in the World First Utility-Scale Hybrid Hydrogen Fuel Cell + Battery Microgrid Technical readiness | Engineering | Grid integration | Market participation Largest Liquid Hydrogen Storage and Power Conversion Liquid H2 tank storage (130’ in length) | Multi-MW fuel cells | 10+ MWh BESS Community and Solution Logistics Site limitations and aesthetics | Safety & permitting | Liquid H2 delivery at MW-scale Operations: Maximize Reliability and Minimize Costs Control optimization | Utility coordination | Liquid H2 refueling 0 Cata lys t Pro ject : Overcoming B ig Cha l lenges

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 841 H-V AULT Hybrid and Hydrogen StorageCatalyst Project Utilizes Modular Open Stack Platform for Resilient Microgrids Software and services that maximize ROI from market participation B a t t e r y S t o r a g e C l e a n H y d r o g e n F u e l C e l l M u l t i - m o d e P o w e r D e l i v e r y Operational software that harmonizes performance across storage and power technologies and minimizes opex

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 85 H-V AULT Hybrid and Hydrogen Storage for Fuel Cell for liquid hydrogen storage Cata lys t Pro ject : Es tab l i sh Robust Supp ly Cha in 2 Industry leading domestic suppliers with domain expertise, regional experience, established processes and track records. Ensure smooth project execution, delivery, and long-term operability and maintainability

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 86 H-V AULT Hybrid and Hydrogen Storage 3 Cata lys t Pro ject : Leverage Cr i t ica l Learn ings Repeatable Blueprints and Benefits • Design, sell, and deliver similar projects better and faster • Extract desirable profitability for both customers and Energy Vault • Technological foundation for future solution and market expansion Business Model EPC | Tolling | IRA | Market Revenue | Profitability Economics Capex | Opex | Project Implementation Solution Viability | Performance | Operability Supply Chain Suppliers | Locations | Transportation | Refuel Critical Learnings

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 87 H-V AULT Hybrid and Hydrogen Storage SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector What Is Producing Clean Hydrogen: Electrolyzer Capacity, GW Who Is Using Hydrogen Hydrogen Production Hydrogen Consumption Segment One Store and deliver clean power up to 24 * 7 * 365 and optimize electrolyzer duty cycle for the mass production of clean hydrogen 2020 20502030 3,600 850 <1 Energy Vault Solutions 2020 20502030 60% Traditional: Refining Industrial New: Power, Transport, Others 37% Segment Two Store and convert hydrogen into power for myriad of end-use consumption applications Energy Vault Solutions G-Vault Gravity Storage B-Vault Battery Storage H-Vault Hybrid and Hydrogen Storage H-Vault Hybrid and Hydrogen Storage Max im iz ing Pa r t i c ipa t i on i n Bo th P roduc t i on and Consumpt ion 4

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 88 H-V AULT Hybrid and Hydrogen Storage 5 SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector Hydrogen Production Hydrogen Consumption Segment One Store and deliver clean power up to 24 * 7 * 365 and optimize electrolyzer duty cycle for the mass production of clean hydrogen Energy Vault Solutions Segment Two Store and convert hydrogen into power for myriad of end-use consumption applications Energy Vault Solutions G-Vault Gravity Storage B-Vault Battery Storage H-Vault Hybrid and Hydrogen Storage H-Vault Hybrid and Hydrogen Storage Value Chain Expansion Electrolyser integration Facility Energization Optimize LCOE & Availability Power for Backup Seasonal Any day Power for Microgrid Data Center Large Industry EV Charging Power for Grid Ultra-Long Duration ESS Baseload Intermediate Load Hydrogen-based Power Segment $125M (2023) - $2.7B (2030) | 55% CAGR Electricity Demand for Clean Hydrogen Production 1 TWh (2023) – 3,850 TWh (2030) Max im iz ing Pa r t i c ipa t i on i n Bo th P roduc t i on and Consumpt ion

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 89 H-V AULT Hybrid and Hydrogen Storage Enter burgeoning market in logical segments and position for subsequent long- term growth and market share expansion 6 Our C lean Hydrogen St ra tegy 3 Enter market with a catalyst project and market participation Solve unique customer problems | Overcome significant challenges | Establish robust supply chain | Create repeatable blueprints Subsequently expand addressable market and profitability Use case and market expansion in both Hydrogen production & consumption segments 1 2 Maximize participation in production and consumption segments to achieve broadest possible adoption Hydrogen production | Hydrogen consumption

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 91 “ “ A n d y C o l t h o r p e – E d i t o r o f E n e r g y - S t o r a g e . n e w s Storage is the great enabler of the clean energy transit ion and Software is the great enabler of storage…. driving optimal value 88

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 92 S O F T W A R E A N D S E R V I C E S E N E R G Y M A N A G E M E N T | A S S E T M A N A G E M E N T | M A R K E T P A R T I C I P A T I O N 89 A k s h a y L a d w a C h i e f E n g i n e e r i n g O f f i c e r , E V S ™

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 94 S o f t w a r e & S e r v i c e s Wind & solar variabi l i ty makes it harder to maintain a re l iab le gr id Shorter Duration Battery Storage Longer Duration Gravity Storage Ultra Duration Hydrogen Storage Solar VRE Wind VRE Gas Power Distributed Energy Resources Other Legacy Power 1 I n n o v a t e a n d D i s r u p t Var iab le Renewab le Energy (VRE) Parad igm Sh i f t Has Cha l l enges Storage reduces variability – enabling wind and solar to Cross the Chasm from just augmentation and towards major grid replacement S U P P LY O F P O W E R Less predictable with wind & solar D E M A N D F O R P O W E R Growing in magnitude & variability

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 95 S o f t w a r e & S e r v i c e s The way it has been: • Grid balance is achieved by many independent energy sources • Siloed operation of energy sources is suboptimal and outdated Energy Vault has a better way: • Most modern, state-of-the-art software platform and architecture • Smart orchestration of multiple energy sources • Single pane of glass Exponentially increased ability to improve grid balance and ROI for our customers Distributed Energy Resources Other Legacy Power Gas Power Ultra Duration Hydrogen Storage Wind VRE Longer Duration Gravity StorageSolar VRE Shorter Duration Battery Storage QUANTITY AND TYPE OF ENERGY SOURCES UNDER SMART ORCHESTRATION ABILITY TO BALANCE SUPPLY & DEMAND 2 I n n o v a t e a n d D i s r u p t S o l v i n g V R E C h a l l e n g e s a n d D r i v i n g I t s P e r v a s i v e n e s s

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 96 S o f t w a r e & S e r v i c e s Vault-Manager Investment insight Site and fleet mgmt. Vault-Bidder Market participation Future Apps … BUSINESS SUPPORT SOFTWARE OPERATION SUPPORT SOFTWARE ENERGY ELEMENTS BEING CENTRALLY ORCHESTRATED Energy Storage Elements Energy Generation Elements VaultOS Asset monitoring and control Actionable Insights Real-time high-definition asset data collection Accurate Real-time Actions Complex grid reliability service support AI/ML Advanced Analytics SCADA Most Modern, State-of-the-Art Software Platform and Architecture High-performance | Hyper-scalability | Real-time execution | High-definition visibility | Configurable | Open & Extensible | Secure 3 I n n o v a t e a n d D i s r u p t B u s i n e s s & O p e r a t i o n S u p p o r t S o f t w a r e ( B O S S ) S m a r t O r c h e s t r a t i o n o f M u l t i p l e E n e r g y S o u r c e s : S i n g l e P a n e o f G l a s s Shorter Duration Battery Storage Longer Duration Gravity Storage Ultra Duration Hydrogen Storage Solar VRE Wind VRE Gas Power Distributed Energy Resources Other Legacy Power

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 97 S o f t w a r e & S e r v i c e s Storage Technology and Vendor Agnostic Vertical and horizontal integration for Battery, Gravity, Hydrogen and other energy sources from any vendor Dual Optimization of Revenue Streams Battery, Hydrogen and Resilient Microgrid Calistoga, California USA 8.5 MW | 293 MWh Battery/Hydrogen ESS For prolonged power scarcity mitigation Multi-Asset Site Orchestration Battery Stanton, California USA 68.8 MW | 275.2 MWh Battery ESS For resource adequacy, firm frequency response, energy arbitrage 4 I n n o v a t e a n d D i s r u p t B u s i n e s s & O p e r a t i o n S u p p o r t S o f t w a r e ( B O S S ) S m a r t O r c h e s t r a t i o n o f M u l t i p l e E n e r g y S o u r c e s

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 98 S o f t w a r e & S e r v i c e s Advanced Energy Management System (EMS) • Hybrid power plant control • Broad application support (eg. Automatic Generation Control (AGC), Virtual Synchronous Generator (VSG), Synthetic Inertia, firm power blocks, renewable firming, Volt-Var control) • AI and Machine Learning driven analytics and dispatch optimization • GWh scale responsiveness • Modern on-prem and cloud-based system architecture • Secure Record project commission and in-service time Accurate, real-time, and high- definition actionable insights Unmatchable service flexibility to enable energy transitionEnergy Vault’s Better Way AI/ML based analytics and dispatch optimization M a x i m i z e R O I f o r C u s t o m e r s M a n a g e a n d M a s t e r C o m p l e x i t y 5

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 99 S o f t w a r e & S e r v i c e s Revenue Maximization • Broad market coverage (CAISO, ERCOT, AEMO, National Grid, Taipower, etc.) • Wholesale market revenue stream optimization • PPA incentive optimization & penalty minimization • Maintenance planning to avoid revenue interruption • Bid optimization based on risks, SoH, 3rd party forecasts, physical constraints, and contractual requirements AI-driven optimized market participation Built on flex- configuration topology to allow for rapid market integration Energy Vault’s Better Way Data export to 3rd party tools M a x i m i z e R O I f o r C u s t o m e r s S m a r t M a r k e t P a r t i c i p a t i o n 6 Adaptable to customer-defined rules and market dynamics

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 100 Asset Management • Portfolio financial performance tracking and analysis • Asset performance and reliability • Predictive maintenance • Asset lifetime availability improvement • Digital twin site analysis • Visualization and reporting S o f t w a r e & S e r v i c e sM a x i m i z e R O I f o r C u s t o m e r s F u l l A s s e t M a n a g e m e n t 97 Integrated storage and generation assets management Accurate, real-time, and high- definition actionable insights Fully Integrated from Day 0 to End of Life Energy Vault’s Better Way Highly Flexible and Customizable based on user profile

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 101 S o f t w a r e & S e r v i c e s • EMS Updates & Security • Cloud StorageSOFTWARE M a x i m i z e p e r f o r m a n c e a n d m i n i m i z e r i s k t h r o u g h L o n g - T e r m S e r v i c e A g r e e m e n t ( L T S A ) O f f e r i n g SERVICE EQUIPMENT PERFORMANCE ADD-ONS • Preventive Maintenance • Monitoring • Corrective Maintenance • Spare Parts • Availability Guarantee • Capacity Guarantee • Flexible Perf. Guarantee • Augmentation • Hardware Maintenance • Training • RTE Guarantee • Extended Warranty • Dispatch Optimization • Asset Monitoring 98 Serv ices Por t fo l io Dr iven by Sof tware

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 102 S o f t w a r e & S e r v i c e s One-time Software revenue from initial project delivery and commissioning Annual recurring Software-as-a-Service (SaaS) revenue from VaultOS, Vault- Manager, and Vault-Bidder Annual recurring Service revenue from Long Term Service Agreement (LTSA) Max im iz ing ou r recu r r ing h igh -marg in revenue s t reams Software & Service Revenue Streams (Throughout a project lifecycle) 99 E x p a n d a n d A n n u i t i z e C a p t u r e R e c u r r i n g L i f e t i m e R e v e n u e A (Throughout a project lifecycle) RECURRING RECURRING RECURRING YEAR 1 YEAR 2 YEAR 3 YEAR 20+ B C B C B C A B C Software & Service Revenue Streams

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 103 S o f t w a r e & S e r v i c e s Accelerate VRE and storage proliferation Disruptive Business & Operation Support Software (BOSS) Innovate and Disrupt Lead the Paradigm Shift | Business & Operation Support Software | AI-powered applications and services | Agnostic & Multi-asset Management 0 Our Sof tware St ra tegy Summary Maximize ROI for Customers Improve power system balance: resilience, reliability, and flexibility | Full site and fleet asset management | Smart and effective market participation Expand and Annuitize Capture recurring software & service revenue | Leverage investment protection with our future-proof SW 1 2 3

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 106 C O M P A N Y R E V E N U E G R O S S M A R G I N D e l i v e r e d P r o j e c t s $7.8M 26.7% 1.0 GWh C o m p l e t i n g i n i t i a l p r o j e c t s F a v o r a b l e d e l i v e r y m i x T o D a t e C A S H O P E X A D J . E B I T D A C A S H $16.7M ($14.4M) $136.8M 2 2 % Y o Y r e d u c t i o n 2 4 % Y o Y i m p r o v e m e n t A s o f q u a r t e r e n d 1Q24 Performance at a Glance 3

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 107 C O M P A N Y 1Q24 Results Summary 4 • 1Q24 revenue of $7.8M driven by projects nearing completion. This compares to $11.4M in 1Q23, in part reflecting seasonality and timing of Revenue associated with G-Vault Licenses. • 1Q24 GAAP gross margin of 26.7% and gross profit of $2.1M driven by a higher proportion of higher margin service delivery as compared to lower margin equipment delivery. This compares to 21.1% and $2.4M in 1Q23. • Adjusted EBITDA improved $4.6M year-over-year to negative $14.4M from negative $19.0M due primarily to lower cash operating expenses (of $16.7M, down 22% YoY). • Total cash and cash equivalents of $136.8M (reduction of $8.8M since 12/31/23) and no debt on the balance sheet as of March 31, 2024. Cash balance in-line with our previously provided guidance of $125-150M. In millions USD 1Q23 4Q23 1Q24 REVENUE 11.4 118.2 7.8 GROSS PROFIT 2.4 4.0 2.1 GROSS MARGIN % 21.1% 3.5% 26.7% CASH OPEX 21.4 19.4 16.7 ADJUSTED EBITDA* (19.0) (15.4) (14.4) TOTAL CASH ** 196.7 145.6 136.8 *Adjusted EBITDA (excluding SBC, Depreciation, Amortization and other one-time gains/losses) is a non-GAAP measure; see earnings announcement appendix defining non-GAAP measures ** Total Cash in 1Q24 includes $1 million of restricted cash, down from $84 million in 1Q23 and $36 million in 4Q23

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 108 C O M P A N Y Revenue $50M - $100M Large-scale project timing weighed towards 4Q’24 and 2025 Gross Margin % reflects favorable revenue mix from IP licensing deals Gross Margin 15% – 25% Adj EBITDA* ($45M) to ($60M) Adj EBITDA expected to improve YoY given business mix and cost containment measures *Adjusted EBITDA is a non-GAAP measure; see earnings announcement appendix for definition of non-GAAP measures End of Year Cash Balance $75M - $125M Adequate cash to execute business model; Minimal restricted cash vs 2023; No planned corporate debt 5 2 0 2 4 F u l l - Y e a r G u i d a n c e

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 1096 C O M P A N Y C o m m e r c i a l P i p e l i n e • Developed Pipeline: Reflects short listed or awarded projects at gross contract value. • Backlog: Reflects contracted but unrecognized revenue or other income and revenue from projects yet to be completed, other performance obligations yet to be satisfied and signed tolling agreements. Excludes IP royalties. • Executed Projects: Reflects recognized revenue (GAAP) since 1Q 2022 (Company IPO); including percentage of completion accounting, IP licensing, services rendered and software subscriptions. DEVELOPED P IPEL INE 9.9 GWh • Mature Opportunities Short listed and awarded $2.7B BACKLOG 710 MWh • As of May 9, 2024 Contracted and/or In Progress $225M 1.0 GWh * Lifetime to date since IPO @ 2/14/2022 Revenue Recognized $495M EXECUTED PROJECTS

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 111 Energy Vault Worldwide Project Map US HQ: California R&D Center: Virginia Sales & Operation Center: Melbourne Operation Center: Beijing Europe HQ: Lugano, Switzerland Sales & Operation Center: London, UK 08 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e C O M P A N Y BNEF 2H 2023 Energy Storage Market Outlook W e a r e i n v e s t i n g i n t h e h i g h e s t g r o w t h g e o g r a p h i e s , a n d w e a r e s u c c e e d i n g More than 90% of the opportunity over the next 3 years is in just 5 countries CHINA 192 GWh, 50% US 128 GWh, 33% AUSTRALIA 15 GWh, 4% ITALY 8 GWh, 2% UK 7 GWh, 2% ROW 34 GWh, 9% Energy Storage Market Opportunity (GWh) 2024 - 2026 Gravity Battery Hydrogen Software

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 11209 C O M P A N Y L o o k i n g F o r w a r d E n t e r i n g O u r N e x t G r o w t h P h a s e Leverage critical learnings from Calistoga project for repeatable business - $1B+ market opportunity over next 3 years for Microgrid, Data Center, Backup Power, and high availability industry segments H-Vault Hybrid and Hydrogen Storage Enter Grid-Scale Energy Delivery segment: $2.6B* segment growing to $12B in 2030, 29% CAGR, 70%+ EBITDA OWN/OPERATE “Proven ourselves” with first projects - battery ramps up in 2H 2024 and accelerates into 2025 $2.7B developed pipeline for potential conversion over next 12 - 24 months KORE investment is expected to yield margin expansion B-Vault Battery Storage Gravity IP licenses – Booked $100M, cash over 10 years $200M+ of potential volume royalties over next 10 years G-Vault Gravity Storage *2024 Forecast for USA only. Jefferies

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 113 C O M P A N Y Solution G-Vault Gravity Storage Software & Services B-Vault Battery Storage H-Vault Hybrid and Hydrogen Storage M a r g i n b y P r o d u c t a n d P r o j e c t T y p e 0 EPC EEQ Largest BESS project win Increasing bankability Grow GM from strategy moves 10% - 15% IP License & Royalty Licenses Royalties from builds More from expanded portfolio 90% + EPC Disrupt large backup segment Recurring tolling revenue Expand to multiple segments 15% - 20% Software-as- a-Service (SaaS) LTSA Mixed asset management 40% - 50% Structures Opportunities Gross Margin BLENDED TOTAL 15% - 20% Capital Intensity Own & Operate 70% - 80% Low Low Low Very Low HighTolling PPA Market Participation

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 114 2022 - 2024 YTD # of License Sold 19 Countries Bookings $100M Expected RTE 80-85% Technology Generations 3 Revenue ($) $61M Gross Profit (%) 90%+ Solution Form Factors 4 Cost Reduction (%) 60-78% Financial Technical G-V AULT Gravity Storage 1 Our existing contracted IP licenses include over $200M of potential royalty revenue at 90%+ gross margin over the next 10 years* *Atlas Renewables licenses agreement for CNTY extended to 15 years to 2037 G r a v i t y : R e c u r r i n g & H i g h l y P r o f i t a b l e R e v e n u e M o d e l

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 115 C O M P A N Y Revenue $450M - $600M Geographical coverage, breadth of portfolio, and planned increasing bankability expected to drive growth Anticipated margin expansion from BESS and IP licensing / royalties Gross Margin 15% – 20% Adj EBITDA* Adj EBITDA Pos i t ive EBITDA expansion expected from revenue growth and continued OpEx efficiency End of Year Cash Balance $100M - $150M 2025 anticipated to be cashflow positive 2 2 0 2 5 F u l l - Y e a r G u i d a n c e *Adjusted EBITDA is a non-GAAP measure; see earnings announcement appendix for definition of non-GAAP measures

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 1163 Our F i rs t Two Years C O M P A N Y Our Next Two Years $487MRevenue 2022 - 2023 Gross Margin Actual 16% $500 - $700M 2024 - 2025 Forecasted 15% - 20% Adjusted EBITDA Positive for Full Year 2025 ~60% of Awards/Short List from existing customers or investors …and on to the next two years Ramped up first ~1 GWh of projects on budget, on schedule, safely and positive unit economics Strong Cash position, no dilutive financings

© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 117 • 2 0 2 4 y e a r - e n d c a s h b a l a n c e a n t i c i p a t e d a t $ 7 5 M – $ 1 2 5 M • L o w e r c a s h o p e x a n t i c i p a t e d t o b e o f f s e t b y t i m i n g o f n e w p r o j e c t s a n d n e w O w n e d & O p e r a t e d p r o j e c t s ( n e t o f a n y a s s o c i a t e d p r o j e c t f i n a n c e ) • 2 0 2 5 y e a r - e n d c a s h b a l a n c e a n t i c i p a t e d a t $ 1 0 0 M – $ 1 5 0 M • M i n i m a l r e s t r i c t e d c a s h t o d a y w i t h $ 1 B + i n b o n d i n g / s u r e t y c a p a c i t y • U n r e s t r i c t e d c a s h b a l a n c e r a n g e o f $ 7 4 M – $ 1 3 6 M o v e r p r i o r 5 q u a r t e r s Comments 4 Suf f ic ient Cash and L iqu id i ty Expected All figures in $ millions, unless specified Total Cash in 1Q24 includes $1 million of restricted cash, down from $84 million in 1Q23 and $36 million in 4Q23 Unrestricted cash balance range of $74M – $136M over prior 5 quarters

Cover	May 09, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	May 09, 2024
Entity Registrant Name	Energy Vault Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39982
Entity Tax Identification Number	85-3230987
Entity Address, Address Line One	4360 Park Terrace Drive
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	852-0000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	NRGV
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001828536
Amendment Flag	false