The 220MW/440MWh grid-tied system is the largest BESS owned by Nevada Energy and was delivered under a full turnkey contract between Energy Vault and the Nevada Utility

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a leader in sustainable grid-scale energy storage solutions, and NV Energy, Nevada's largest public utility, today announced the completion and beginning of commercial operation of the Reid Gardner Battery Energy Storage System (BESS) in Moapa, Nevada.

Built on the site of a decommissioned coal-fired electric generating facility, the 220MW/440MWh grid-tied BESS, one of the largest in Nevada, is a 2-hour energy storage system that is designed to store and dispatch excess renewable energy, including wind and solar power. The BESS is charged and discharged on a daily basis and designed to dispatch stored renewable energy at peak consumption hours to help meet the high demand during Nevada's peak load hours. The system, which is now being operated at full capacity by NV Energy, leverages Energy Vault's integration platform and energy management system (Vault-OS).

"The completion of the Reid Gardner Battery Energy Storage System, on budget and on schedule in a compressed time schedule, stands as a testament to Energy Vault's commitment to the efficient delivery of sophisticated high-performance energy storage systems to customers like NV Energy," said Marco Terruzzin, Chief Commercial & Product Officer, Energy Vault. "We are grateful for NV Energy's strong partnership throughout this process, from the start of planning until the commencement of operations today. It's our goal at Energy Vault to serve as the energy storage company of choice for utilities, IPPs and large energy users, and we are proud to deliver a system that will provide clean energy and grid resiliency to Nevada communities while also advancing the state's carbon neutrality goals."

"We truly appreciated the dedication and quick work of Energy Vault to ensure the Reid Gardner Battery Energy Storage System came in on time and on budget. It was clear from the start that this project was a priority for Energy Vault, from the top levels of the company all the way down," said Jimmy Daghlian, Vice President of Renewables, NV Energy. "The overall construction process moved very quickly - which allowed us to bring the project in service for our customers ahead of schedule and ahead of the hot summer months. We appreciate Energy Vault's problem-solving spirit, commitment, and partnership in bringing this project to life."

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 NV Energy

NV Energy provides a wide range of energy services to more than 1.5 million customers throughout Nevada and a typical annual tourist population of 54 million. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company's website, LinkedIn, Instagram, Facebook, Twitter and YouTube pages, which can be accessed via nvenergy.com