Project expected to deliver $17–20 million in annual revenues over the technical life of the project, or ~ $350 million+ in total, with predictable, recurring high-margin cash streams

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in grid-scale energy storage solutions, today announced its acquisition and planned development of SOSA Energy Center, a 150 MW/300 MWh battery energy storage system (BESS) located in Madison County, Texas. The project, originally developed by Savion, a subsidiary of Shell plc, represents a significant advancement in Energy Vault's growing U.S. portfolio and marks the first project to be formally acquired through its Asset Vault investment platform.

The 150 MW/300 MWh BESS is positioned within the ERCOT North market, one of the most mature and dynamic power markets in the United States. The project is expected to receive Notice to Proceed (NTP) in Q4 2025, with commercial operation expected in Q1 2027. Energy Vault will safe harbor the asset with construction beginning on-site in Q4 2025. Upon completion, the project will deliver critical grid support and renewable integration capacity to Texas's rapidly evolving energy landscape.

As the first project to be formally acquired under Energy Vault's Asset Vault investment platform, the SOSA BESS acquisition will be supported by the recently announced $300 million preferred equity investment by Orion Infrastructure Capital (OIC), in addition to the monetization of Federal Investment Tax Credit-related funds. Asset Vault is a fully consolidated subsidiary of Energy Vault, dedicated to developing, building, owning and operating energy storage assets globally. Energy Vault is in advanced negotiations with a counterparty for an 8-year offtake agreement.

"The SOSA BESS is a strong addition to Energy Vault's growing global portfolio of energy storage deployments, with top quartile project performance attributes consistent with all project acquisitions and development under the Asset Vault platform," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "This project acquisition demonstrates our commitment to one of the most important attributes of success in this dynamic market -- speed of execution -- rapidly deploying capital toward the development of high-return, bankable energy infrastructure at scale."

"SOSA represents the caliber of bankable, cash-flow generating assets that Asset Vault was designed to capture," said Chris Leary, Head of Infra Equity, OIC. "Energy Vault's proven ability to execute on projects with strong fundamentals and long-term revenue visibility reinforces why we're committed to supporting their growth as they build a portfolio of owned and operated energy storage assets that deliver predictable returns."

The SOSA project benefits from fully secured site control, clean title, and completed environmental and interconnection milestones, ensuring a streamlined path to construction. The offtake structure is expected to be underwritten by an investment-grade counterparty, and is expected to deliver bankable, frontloaded revenue streams, enhancing returns and de-risking project cash flows.

The BESS will leverage Energy Vault's third-generation B-VAULT™ AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The company's global B-VAULT™ portfolio now exceeds 2 GWh of deployed or contracted systems, spanning Europe, North America, and Asia, and is complemented by Energy Vault's gravity and hydrogen storage platforms for multi-duration energy applications.

Asset Vault creates a vertically integrated ecosystem that captures value across the entire energy storage lifecycle, combining Energy Vault's proven operational expertise with long-term asset ownership to generate predictable, recurring cash flows. Under Asset Vault, Energy Vault self-performs engineering, procurement, construction (EPC), and long-term service agreements for projects, creating multiple cash flow streams while maintaining the flexibility to optimize returns through strategic capital deployment. In addition to the SOSA BESS, current U.S. projects managed under the Asset Vault platform include the 57 MW/114 MWh Cross Trails BESS as well as the 8.5 MW/293 MWh Calistoga Resiliency Center, a hybrid energy storage system combining clean hydrogen with battery cells. Also managed under the Asset Vault platform is the recently-acquired 125 MW / 1.0 GWh Stoney Creek BESS, located in New South Wales, Australia.

For more details on Asset Vault, the company is scheduling a virtual Investor and Analyst Day on Wednesday October 29th, 2025. Registration details can be accessed here: https://www.energyvault.com/rsvpinvestorday2025

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. Since 2024, Energy Vault has executed an "Own & Operate" asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.