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Energy Vault and Skidmore, Owings & Merrill (SOM) Announce Exclusive Global Gravity Energy Storage Partnership to Integrate Energy Storage into Building Design

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Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, and Skidmore, Owings & Merrill (SOM), a leading architecture and engineering firm, today announced a global exclusive gravity energy storage partnership.

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EVu is a superstructure tower design, which improves unit economics and enables GESS integration into tall buildings through the use of a hollowed structure with heights over 300 meters, and up to 1,000 meters tall. These structures will have the capacity to reach multi-GWh of gravity-based energy storage to power not only the building itself but also adjacent buildings’ energy needs. This innovative design which integrates leading GESS technology within superstructure building design and engineering will, for the first time in building construction and operation history, enable a carbon payback within accelerated timeframes of 3-4 years. (Photo: Business Wire)

Responsible for designing many of the world’s most well-known buildings, including Burj Khalifa, Tianjin CTF Finance Centre, Willis Tower, and One World Trade Center, SOM’s widely-acclaimed architectural, technological, and structural innovations have paved the way for tall buildings around the world for nearly a century.

As part of this strategic partnership, SOM will be the exclusive architect and structural engineer for the next generation of fixed frames and deployable structures for all new Energy Vault gravity energy storage systems (GESS), including incorporating gravity energy storage technology into tall buildings in urban environments and deployable structures in natural environments, to maximize sustainability, accelerate carbon payback and lower the levelized cost of energy consumption. Energy Vault began working with SOM during the last 12 months to optimize the structure, architecture and economics of its GESS technology, which is playing a critical role globally in the deployment of renewable energy.

G-VAULT™, Energy Vault’s family of gravity-based solutions, combines time-tested energy storage principles, modern engineering, an AI-enabled software orchestration platform and cutting-edge materials science to deliver long-duration storage. G-VAULT products decouple power and energy to enable full customer flexibility to design the optimum storage system while maintaining a leading performance in round trip efficiency versus any other mechanical or thermo-dynamic energy storage systems. The result is a flexible, low-cost, 35-year (or more) infrastructure asset designed for shifting power delivery without any energy storage medium degradation. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers.

To date, Energy Vault’s G-VAULT product suite has focused primarily on the Company’s EVx™ platform, originally grid connected (5 MW) and tested in Switzerland, which features a highly scalable and modular architecture that can scale to multi-GW-hour storage capacity. The EVx is currently being developed and deployed via license agreements in China (3.7 GWh announced projects), Egypt, Greece and the 16 country South African Development Community, as previously announced. Through this partnership, Energy Vault and SOM are designing a new platform of G-VAULT GESS solutions focused on improved economics, energy density and sustainability, including EVu™, EVc™, EVy™, and EV0™.

  • EVu is a superstructure tower design, which improves unit economics and enables GESS integration into tall buildings through the use of a hollowed structure with heights over 300 meters, and up to 1,000 meters tall. These structures will have the capacity to reach multi-GWh of gravity-based energy storage to power not only the building itself but also adjacent buildings’ energy needs. This innovative design which integrates leading GESS technology within superstructure building design and engineering will, for the first time in building construction and operation history, enable a carbon payback within accelerated timeframes of 3-4 years.
  • EVcfor the first time enables the deployment of large scale pumped hydro energy storage systems integrated within tall building structures using a modular water-based system. Primarily a standalone GESS, EVc can also be integrated into tall buildings that form the basis of the EVu design. EVc’s cylindrical shape is an optimized design to withstand environmental factors such as wind and seismic events.
  • EVy applies Energy Vault’s core gravity technology to pre-existing slopes and topography to store energy with minimal environmental impact and reduce the need for manmade structures, which can achieve ultra-low cost capital expenditures through eliminating the construction of the fixed frame structure.
  • EV0 allows for all of the technical and economic benefits of traditional pumped hydro storage, while eliminating negative consequences associated with concrete production and disruption to existing wild-life eco-systems. This innovative, “modular pumped hydro” system leverages a unique and low cost fabric vessel (the “Water Tree”) to store the water in pre-manufactured modules that can be deployed quickly while leveraging proven pump-turbines and penstock designs for existing pumped hydro systems.

“We are extremely pleased to begin this exclusive global partnership with Skidmore, Owings & Merrill, a firm with an unparalleled track record in developing some of the world’s most remarkable structures,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “Our strategic partnership with SOM opens a new multi-billion dollar market segment for Energy Vault focused on the future of sustainability in new building design and energy efficiency. The combination of our pioneering work in gravity energy storage technology with the global track record and expertise of the most widely renowned engineering, design, and architecture firm in the world will provide the first platform toward delivering accelerated carbon payback in building construction and operation for the first time.”

The partnership is led by SOM Partners Adam Semel and Scott Duncan with Structural Engineer Bill Baker. Widely regarded as one of the world’s leading structural engineers, Baker has spent his career crafting elegant solutions to complex structural challenges, from the 828-meter-tall Burj Khalifa to the netted installations of artist Janet Echelman. Architects Semel and Duncan have delivered many of SOM’s most impactful recent and upcoming projects, including supertall mixed-use towers across China, the largest private development in Thailand’s history, and a $5B electric vehicle manufacturing campus.

“Since our founding, SOM has pushed the boundaries of architecture and engineering, redefining what buildings can do for cities and communities,” said Semel. “This partnership with Energy Vault is a commitment not only to accelerate the world’s transition away from fossil fuels, but also to explore, together, how the architecture of renewable energy can enhance our shared natural landscapes and urban environments. Given the transformative nature of Energy Vault’s technology, we’re especially excited to launch this unique, global partnership.”

Partnering with Energy Vault extends SOM’s legacy of innovation in sustainability, which has expanded beyond individual buildings to encompass research, material development, and industry leadership as a carbon-neutral company. Recent examples of this include the carbon-absorbing Urban Sequoia presentedat the United Nations Climate Change Conference (COP), the development of a bio-based carbon-neutral alternative to concrete in partnership with Prometheus Materials, and a new standalone service assessing whole life carbon emissions for buildings and portfolios.

Energy Vault’s growing portfolio of GESS deployments is highlighted by recent expansions of its global footprint into the African and Asian markets. In 2023, Energy Vault announced the commissioning of the world’s first EVx™ gravity storage system in China, the largest energy storage market in the world. Energy Vault also recently announced three additional EVx™ GESS deployments of 368 MWh in China through a license and royalty agreement announced in early 2022, bringing total announced projects in China to 3.7 GWh. Earlier this year, Energy Vault announced a new license and royalty agreement for its gravity technology portfolio with grid partners in South Africa covering the 16-country Southern African Development Community (SADC) region. The 10-year agreement is expected to result in multi-GWh of long duration Energy Vault GESS deployments to contribute to SADC region’s energy storage needs estimated to be 25 GW/125 GWh by 2035.

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.

About Skidmore, Owings & Merrill

Skidmore, Owings & Merrill (SOM) is a global collective of architects, designers, engineers, and planners, responsible for some of the world’s most technically and environmentally advanced buildings and significant public spaces. From several of the world's tallest structures to innovations in new materials, SOM's designs anticipate change in the way we live and work. The firm’s commitment to sustainability is evident not only in its industry-leading carbon neutral operations, but also in its portfolio of work—from the recently-announced New York Climate Exchange campus on Governors Island to the net-zero Bio-Block™ material installation unveiled at the Chicago Architecture Biennial and everything in between. This year, Fast Company named SOM one of the world's most innovative companies. Please visit www.som.com for more information.

Forward-Looking Statements

This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings and backlogs equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.

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Contact information

Energy Vault Contacts
Investors
energyvaultIR@icrinc.com
Media
media@energyvault.com

SOM Contacts
elizabeth.krasner@som.com

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