Energy Vault published a notice of

Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced an award notice for Meadow Creek Solar Pty Ltd (“Meadow Creek” or “Meadow”) for the deployment of a 250 MW/500 MWh Battery Energy Storage System (“BESS”) at the Meadow Creek Solar Farm in Victoria, Australia. Developed by Meadow Creek, the 330MW solar farm is located three hours north of Melbourne, Australia, and provides carbon-free electricity to around 110,000 homes in the area.

Under this notice, Energy Vault will immediately commence advanced grid studies and modeling with Technical Advisor DNV as required by the Australian Energy Market Operator (AEMO) for East Coast Interconnected Power Systems. and southeastern Australia.

Meadow Creek Solar Park has completed extensive work on project feasibility, including grid capacity, and is currently progressing through detailed environmental and technical assessments to support the development application process. The BESS, co-located with solar PV, will provide the resiliency and flexibility of charging and discharging, critical to bolster renewable energy supply on the grid as Australia adopts the operator’s integrated system plan of the Australian energy market.

“We are delighted to have been selected for this important project in Australia,” said Lucas Sadler, vice president of sales and business development, Asia and Pacific (APAC), Energy Vault. “Over the past few months, Australia’s new federal government has sent a strong mandate to the market to accelerate the transition to renewable energy technologies, backed by significant updates from the state government on its energy targets. Meadow Creek Solar Farm, Hybrid Solar PV and BESS Developments goals are well met with the release of Energy Vault’s custom AC and DC block energy storage solutions for the Importantly, this award builds on the significant progress Energy Vault has made over the past year as we bring our transformative energy storage solutions to this important market.

“The solutions approach that Energy Vault took with our team was instrumental in our decision to select the Energy Vault energy storage hardware and software platform,” said Cameron Munro, Development Manager at Meadow Creek. Solar Farm. “Energy Vault’s high energy density design, the ability to work with central storage inverters or the new AC block and the most advanced energy management software, which enables multiple use cases, a optimal economic dispatch and predictive maintenance, brings flexibility and other options when working with our financial and technical partners (DNV and AusNet Services).

The announcement of the Meadow Creek award follows the appointment earlier this year of Lucas Sadler as vice president of sales and business development, APAC, a 30-year veteran in the renewable energy industry, management and energy storage with extensive experience in engineering, procurement and delivery of short and long term energy storage systems. Mr. Sadler has since established the local infrastructure and customer support team in Australia given the strategic growth priority in the region.

The Meadow Creek price follows earlier announcements to develop Gravity Energy Storage Systems (GESS) on a multi-GWh basis in Australia with Korea Zinc subsidiary Ark Energy and a memorandum of understanding previously announced with BHP. This further demonstrates Australia’s strategic focus as a key growth market for Energy Vault, and the market’s adoption of Energy Vault’s solutions and software approach to meet diverse storage needs. energy from its customers.

About the Energy Vault

Energy Vault develops and deploys sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The Company’s proprietary gravity-based energy storage technology, battery storage technology and energy storage management and integration platform are intended to help utilities, power producers independent utilities and large industrial power users to significantly reduce their levelized energy costs while maintaining power reliability. Using environmentally friendly materials with the ability to integrate waste for beneficial reuse, Energy Vault is facilitating the shift to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit www.energyvault.com.

Forward-looking statements

The information in this press release may contain statements that are not historical facts but “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act. of 1934, as amended, and within the meaning of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of current or historical facts included in this press release , including statements that involve risks, uncertainties and assumptions and statements regarding Energy Vault’s future expansion, deployments and capabilities are forward-looking statements. When used in this press release, the words “could”, “should”, “will”, “could”, “believe”, “anticipate”, “intend”, “estimate”, ” expect, “project”, the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on currently available information as to the outcome and timing of future events. Energy Vault cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Energy Vault’s control. In addition, Energy Vault cautions you that the forward-looking statements contained in this press release are subject to the following factors: risks related to the deployment of Energy Vault’s power management software and other projects announced in this press release, risks related to Energy Vault’s ability to provide plant equipment, engineering, procurement, construction and balance of services for the projects announced in this press release, the non-binding nature of the letter of intent, including with respect to whether or not to complete the transactions contemplated by the letter of intent the fact that there may be unforeseen problems with the system, the ability to meet the milestones in order to receive payments , unforeseen delays in the projects announced in this press release, whether these projects will be built on time or whether they will operate as planned, developments and changes in the general market ral, the ongoing impact of COVID-19, political, economic and business s, and the impact of competing technologies on demand for battery-powered projects. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in the forward-looking statements. In addition, you should carefully consider the risks and uncertainties described under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, which is available on our website at investor.energyvault.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other documents filed with the SEC from time to time. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

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