-State Electricity Commission (SEC) Renewable Energy Park - Horsham BESS to provide flexible, grid-scale energy storage solution, supporting the delivery of affordable and reliable renewable energy to more than 50,000 Australian homes while enhancing grid stability -Collaboration serves as a further expansion of Energy Vault’s rapidly-growing commercial footprint in the Australian market following previously announced project awards totaling 1.9 GWh of energy storage

Energy Vault (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable energy storage solutions, today announced an agreement with Victorian government-owned renewable energy company, the State Electricity Commission (SEC) for the delivery and integration of a 100 MW/200 MWh battery energy storage system (BESS) at the SEC Renewable Energy Park - Horsham, in Victoria. This hybrid solar and BESS project represents a significant step forward in supporting Victoria's transition to renewable, reliable, and affordable energy.

The SEC Renewable Energy Park - Horsham is one of Australia's first 100% publicly owned, utility-scale renewable energy projects. The project includes over 212,000 photovoltaic solar panels generating 119MW of solar power, capable of generating 242,000 MWh annually. Energy Vault's integration of a grid-forming BESS will provide firm, dispatchable power to meet peak demand periods with a two-hour storage duration.

The $370 million investment by SEC will deliver enough renewable energy to power approximately 51,000 homes, creating approximately 246 jobs during construction and driving economic benefits for the Horsham region. Preconstruction works at the SEC Renewable Energy Park - Horsham began this week, and full operational status is expected to be achieved by late 2027.

The BESS system will be built with Energy Vault's proprietary X-VAULT™ integration platform using the Company's proprietary UL9540 certified B-VAULT™ product, and VaultOS™ Energy Management System to control, manage and optimize the Hybrid BESS operations. Energy Vault's innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project.

"We are pleased to further expand our footprint of energy storage systems in the dynamic and rapidly growing Australian market and work with SEC on this innovative hybrid project architecture," said Robert Piconi, Chairman and CEO, Energy Vault. "As our first government collaboration, this publicly-owned project is well-aligned with our mission to accelerate the clean energy transition through sustainable and efficient energy storage solutions and will play a pivotal role in ensuring the availability of renewable energy."

"We're looking forward to working with Energy Vault on the delivery and integration of the battery storage system at the SEC Renewable Energy Park - Horsham," said SEC CEO Chris Miller. "This project demonstrates SEC's ongoing efforts to drive Victoria's transition to renewables."

Today's announcement marks a key advancement of Energy Vault's growing commercial footprint in the Australian market, following a series of recent agreements, including with Enervest and ACEN Australia for BESS deployments. To date, Energy Vault's B-VAULT portfolio consists of more than 2GWh in total projects either deployed or currently in development.

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 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 the SEC
The SEC is a government-owned renewable energy company focused on:

Investing in renewable energy and storage projects that accelerate the transition and deliver sustainable returns;
Supporting households to go all-electric to reduce their energy bills and emissions; and
Building the renewable energy workforce our energy transition requires.
Learn more at secvictoria.com.au.