Capital from a leading, multi-billion-dollar infrastructure fund expected to enable over $1.0 Billion in CapEx spending for 1.5 GW of projects under development across the U.S., Australia and Europe

Preferred equity is non-dilutive to common shareholders and includes milestones for equity participation in Energy Vault Holdings NYSE List Co to align shareholder interests

Investment accelerates timeline to generate annual, recurring EBITDA of $100 million+ in the next 3-4 years with the current projects in operation and under active development

Project portfolio prioritized with clear monetization strategy supported by long term contracts with bankable off-take agreements and/or attractive merchant markets

As with the first two US projects now in service, Asset Vault will contract the project design, construction, commissioning and service agreements to Energy Vault, thereby leveraging internal capabilities, adding incremental cash flows and liquidity to the parent company

Energy Vault Holdings, Inc. (NYSE:NRGV) ("Energy Vault" or the "Company"), a global leader in grid-scale energy storage solutions, today announced it has entered into an exclusivity agreement for a $300 million preferred equity investment to fund the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to develop, build, own and operate energy storage assets, stand-alone or paired with generation facilities, in the most attractive energy markets globally.

The investment will support Energy Vault's IPP strategy to build, own and operate energy storage assets, accelerating the deployment of 1.5GW in attractive priority markets. Leveraging its significant operational expertise in efficiently designing, building and operating energy storage assets, Energy Vault can achieve lower $/kWh CapEx as well as lower asset OpEx through its leading Energy Management System software platform for efficient system operation, safety, reliability and economic dispatching to enhance project IRR's.

Upon final closing—subject to customary regulatory and closing conditions anticipated in the next 30-60 days -- "Asset Vault" will be formed as a fully consolidated subsidiary for Energy Vault's owned energy storage assets supported by long-term offtake agreements that ensure project monetization. The $300 million investment will be utilized for project development expenses, project acquisition, and both majority and minority equity investments to support attractive project financing to deliver the asset construction, commissioning and operation. The preferred equity is non-dilutive to common shareholders and includes milestones for equity participation in the listed company for strong shareholder alignment.