-ESG score from S&P Global increased 200% from 2022, placing Energy Vault in the 94th percentile of reporting industry -Energy Vault shares early-stage data and 2023 activations of newly established sustainability infrastructure, systems, protocols, standards, and metrics from which the organization measures current and future success -Accomplishes all established 2023 goals disclosed in 2022 Corporate Sustainability Report

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a leader in sustainable, grid-scale energy storage solutions, today announced the publication of its 2023 Sustainability Report.

The report demonstrates Energy Vault's commitment to providing transparency and progress on material non-financial sustainability & Environmental, Social, and Governance metrics. In its second annual Corporate Sustainability Report, Energy Vault shares early-stage data and 2023 activations of newly established sustainability infrastructure, systems, protocols, standards, and metrics from which the organization measures current and future success.

Energy Vault's sustainability roadmap is influenced by the analysis and work performed with the standards established by the Science Based Targets initiative (SBTi) and the Task Force on Climate-related Financial Disclosures (TCFD). The adoption of TCFD has become a part of Energy Vault's risk management and strategic planning, while the SBTi helps drive ambitious climate action, enabling Energy Vault to set science-based emissions reduction targets. SBTi has and will continue to inform the Company's decision making as it relates to a low carbon economy and climate-related transition and physical risks. The information is used for decision making, risk and opportunity analysis, allowing its stakeholders to make informed decisions when investing in or working with Energy Vault.

"At Energy Vault, we are on a mission to advance the global transition to clean energy through a transformation of the world's approach to energy storage," said Robert Piconi, Chairman and CEO, Energy Vault. "Since our founding, we have been focused on the development of a full suite of customer-centric energy storage solutions designed to meet a wide range of customer needs. Today, as we continue to expand our global footprint with new strategic partnerships while delivering turnkey energy storage systems and software to our customers, sustainability remains fundamental to our corporate strategy, and deeply ingrained in our day-to-day work. As evidence of this commitment, I'm pleased to share that Energy Vault's overall ESG score from S&P Global increased from 17 in 2022 to 51 in 2023, placing our company in the 94th percentile of our industry."

Energy Vault accomplished all established 2023 goals disclosed in its 2022 Corporate Sustainability Report:

Completed a climate risk analysis aligned with the Task Force on Climate-related Disclosures (TCFD), of which the full report can be viewed on the Company's website.
Joined the United Nations Global Compact (UNGC) - Energy Vault employees have participated in UNGC Accelerator programs and will continue to engage in 2024.
Submitted near-term targets to the Science Based Targets initiative (SBTi), and they have been validated by the 3rd party non-profit.
Enhanced Global Reporting Initiative (GRI) disclosures.
Continued participation in the S&P Global Corporate Sustainability Assessment (CSA), showing a 200% increase from the Company's 2022 ESG score.
"While our mission at Energy Vault revolves around the goal of accelerating the global clean energy transition, we are equally committed to prioritizing responsible business practices, transparency in business disclosures, and circular economic strategies," said Michael Van Parys, Director of Sustainability, Energy Vault. "As the business continues to grow and evolve to meet the growing demand for tailored energy storage solutions around the globe, I'm confident in our ability to continue to progress toward and ultimately achieve our sustainability goals moving forward."

Energy Vault invites all of its stakeholders across the world to read its 2023 Sustainability Report at the following link: Sustainability Report 2023

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.