The Stoney Creek BESS complements Energy Vaults’ growing number of energy storage projects under execution across Eastern Australia, currently executing on over 2.6 GWh of energy storage projects

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced that it has executed an agreement to acquire the 125 MW / 1,000 MWh Stoney Creek Battery Energy Storage System (BESS) from Enervest Group, a leading Australian project developer. Energy Vault and Enervest are progressing through development activities, market integration, and procurement for the project as it prepares for site mobilization and pre-construction activities later this year.

The acquisition of the Stoney Creek BESS with a construction value of USD $220 million (AUD $350 million), is aligned with Energy Vault's growing portfolio of ‘Owned & Operated' projects, demonstrating continued successful execution of the global growth strategy outlined during the Company's May 2024 Investor and Analyst Day. As recently announced, the Stoney Creek BESS has been awarded a 14 year Long-Term Energy Service Agreement (LTESA) by the Australian Energy Market Operator (AEMO) Services under the New South Wales (NSW) Roadmap Tender Round 5 for Long Duration Storage, and will deliver long term, economic revenue streams with high cash flow generation.

In partnership with Enervest, the Stoney Creek BESS has been designed to deliver eight hours of dispatchable energy, reinforcing grid stability and facilitating the integration of renewable generation in New South Wales. As part of owning and operating the project, Energy Vault will develop and integrate the project, utilizing its VaultOS™ energy management system (EMS) platform and B-Vault™ system architecture to optimize performance, market participation, and long-term asset management. As part of this transition, Enervest will continue to provide the project development services and stakeholder engagement, ensuring a smooth progression toward financial close.

"The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘Own & Operate' growth strategy, designed to deliver sustainable, long-term revenue streams with high cash flow generation," said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. "With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia's clean energy transition. We look forward to delivering long-term benefits to NSW's electricity market and consumers for many years to come."

"We are pleased to transition Stoney Creek BESS to Energy Vault's ownership while continuing to provide the end-to-end development services, providing a seamless pathway to financial close, and a high-quality infrastructure project with Energy Vault in the North-West Slopes region," said Ross Warby, Chief Executive Officer, Enervest Group. "Energy Vault's partnership has been highly valuable in securing the LTESA for this project, and we look forward to continued collaboration as part of our mission to advance Australia's energy future."

Energy Vault is dedicated to continuing and enhancing the strong relationships that Enervest has built with the Narrabri Aboriginal Land Council (LALC) and the Gomeroi community, remaining committed to fostering structured dialogues with LALC members and local stakeholders, focusing on transparency, respect for cultural values, and sharing long-term benefits. Energy Vault also extends their gratitude for the ongoing collaboration and looks forward to further developing these relationships.

The acquisition, which is subject to customary closing conditions, enhances Energy Vault's presence in Australia's rapidly growing energy storage sector, complementing its existing 2.6 GWh portfolio and further reinforcing its position as a leading energy storage provider in one of the world's fastest-growing renewable energy markets. The Company has recently announced a series of agreements for projects in the Australian market, including with ACEN Australia and the Victorian government-owned State Electricity Commission (SEC).

About Energy Vault

Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company's technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short, long and multi-day/ultra-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. Please visit www.energyvault.com for more information.

About Enervest Group

Enervest is an Australian-owned and operated energy-development and services group with capability in the origination, development, design, construction and operation of utility and diversified energy assets.

With over 15 years of industry experience, a proven track record for delivering complex projects, Enervest is focused on leading Australia's energy transition. With a substantial portfolio of diversified storage and generation projects equating to over 8.6 gigawatts under development, and a growing team of industry professionals, Enervest is enabling communities and investors to safeguard Australia's energy future.

Enervest's commitment is to develop projects which bring value to all stakeholders and First Nations peoples, to collaborate in a shared approach in delivering a reliable, resilient and future-focused energy mix.