Energy Vault Announces China State Grid Interconnection of First EVx 100 MWh Gravity Energy Storage System, Groundbreaking of Three Additional EVx Gravity Storage Systems and Other China Market Expansion Milestones

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today confirmed that China state grid interconnection and inverse power operation was achieved for the Rudong EVx system in December 2023 while construction has commenced on three additional grid-scale EVx™ gravity energy storage system (GESS) deployments in China. Energy Vault's partners, China Tianying (CNTY) and Atlas Renewable, now have nine EVx GESS deployments underway in China totaling 3.7 GWh, each of which will generate future project revenue royalties for Energy Vault.

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In 2023, Energy Vault’s partners, CNTY and Atlas Renewable, broke ground on multiple new EVx projects with local public announcements, all of which are being made available on Energy Vault’s website under the Investor tab: a 17 MW/68 MWh EVx GESS deployment located in Zhangye City, Gansu Province, being built adjacent to a renewable energy generation site and a national grid interconnection site; a 50 MW/200 MWh EVx located in Ziuquan City, Jinta County, Gansu Province; and a 25 MW/100 MWh EVx located in Huailai Cunrui Town, Zhangjiakou County, Hebei Province. The latter two projects were previously announced alongside four other deployments in China, and are being built adjacent to renewable energy generation and national grid interconnection sites. Upon completion, the systems will augment and support ongoing balancing of China’s national energy grid through the storage and delivery of renewable energy.

As a testament to the growing adoption of Energy Vault’s gravity energy storage technology within the China state energy policy framework, the Rudong and Zhangye City EVx systems were recently selected and announced formally last month in January 2024 as part of a list of projects with the classification of “new energy storage pilot demonstration projects” by China’s National Energy Administration (NEA). Projects selected as demonstration pilots receive the benefit of increased management oversight by provincial-level energy authorities, allowing for coordination to support progress related to construction, data reporting, compliance, and safety measures, among other issues of focus. This recognition highlights the substantial surge in demand for renewable energy sources and emphasizes the indispensable role of gravity energy storage in the crucial mission of global decarbonization, in particular in China. China’s energy policies now require renewable energy plants to integrate storage of 20% of their nameplate generation capacity, with at least a 2–4-hour duration. These energy storage durations are expected to increase over time as more renewable energy generation becomes a larger percentage of grid power.

“I am pleased to see the increased market adoption of Energy Vault’s gravity energy storage technology in China, the world’s largest energy storage market supported by the new project groundbreaking announcements and other milestones within China’s national energy policy framework for energy storage,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “We look forward to sharing additional performance and project development in the coming weeks and months as commissioning and new project activities continue at a rapid pace.”

Andrea Pedretti, Energy Vault’s Chief Technology Officer, commented: “Having just spent the last few days in Rudong at the EVx site, I continue to be impressed with the local technical, R&D and construction expertise brought by China Tianying and their partners. Coupled with their internal and local manufacturing capabilities for all of the mechanical systems, we have a great partner to rapidly deploy our EVx and broader gravity energy storage technology in China.”

Following the start of commissioning of the 25 MW/100 MWh EVx GESS in Rudong in the second half of 2023, and the start of the grid interconnection process in September 2023 as previously announced, the system achieved full grid interconnection as noted above in December 2023 following the prior completion in September 2023 of the final four kilometer 35kV Overhead Power Line to the existing Remote End Substation, as planned with local state grid authorities late last year. The formal state grid interconnection to power the system achieved in December last year also follows the successful capping of the structure on October 15, 2023, marking the completion of construction of the facility.

Upon final provincial and state approvals for the start of commercial operation to the state grid, the Rudong EVx will be the world’s first commercial, utility scale non-pumped hydro gravity energy storage system. Further updates with regard to the Rudong EVx deployment are expected to be delivered as part of Energy Vault’s upcoming fourth quarter and full year 2023 financial results report, scheduled for Tuesday, March 12, 2024.

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 EVx™ 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.

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