CA-ENERGY-VAULT

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced the successful testing and commissioning of the Rudong EVx™ gravity energy storage system (GESS) by China Tianying Co., Ltd (CNTY). Testing included the successful charging and discharging of units of the 25 MW/100 MWh GESS invested in and built by CNTY in partnership with Energy Vault and Atlas Renewable.

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In addition to the successful testing of the Rudong EVx, Energy Vault announced the extension of its EVx licensing agreement with Atlas Renewable from 7.5 to 15 years, reflecting the key role that gravity storage technology stands to play in China’s energy transition and achieving China’s decarbonization goals. In the last 12 months, CNTY has announced eight additional EVx GESS deployments across multiple provinces in China totaling more than 3.7 GWh, which will generate future project revenue royalty streams to Energy Vault as systems are built and commissioned.

“The successful testing and commissioning of the Rudong EVx, the world’s first grid-scale gravity energy storage system, is a significant milestone for Energy Vault, our local partners Atlas and CNTY, and importantly for China and their progress toward achieving their goals for net carbon neutrality,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “This testing demonstrates that gravity energy storage technology promises to play a key role in supporting the energy transition and decarbonization goals of China, the world’s largest energy storage market. We are also pleased to announce that our EVx licensing and royalty agreement with Atlas Renewable and CNTY has been extended another 7.5 years through 2036, and we look forward to the continuation of this strong partnership as new systems get deployed in volume in the years to come.”

In January 2024, the Rudong EVx was selected 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.

Commissioning of the 25 MW/100 MWh EVx GESS began in the second half of 2023, followed by the completion in September 2023 of the final four kilometer 35kV Overhead Power Line to the existing Remote End Substation, the capping and completion of construction of the facility in October, and full grid interconnection in December. 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.

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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