#1= ENERGY VAULT Enabling a Renewable World Energy Vault Preeminent Energy Storage Company Investor Presentation | Third Quarter 2023 © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED * f ཞ ཀ O O O O 18 Br. 111. 11111111 N VAULT NRGV LISTED NYSE#2Disclaimer Forward-Looking Statements This presentation includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "project," "forecast," "estimates," "targets," "projections," "should," "could," "would," "may," "might," "will" and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, including the COVID- 19 pandemic, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation and is expressly qualified in its entirety by the cautionary statements included in this presentation. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. Non-GAAP Financial Metrics This presentation includes financial measures not prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), including Adjusted EBITDA, which is supplemental financial information that is not required by, or presented in accordance with, GAAP. Our management uses non-GAAP financial measures for business planning purposes and in measuring our performance relative to that of our competitors. Our management believes that presenting non-GAAP financial measures provides meaningful information to investors in understanding our operating results and may enhance investors' ability to analyze financial and business trends. In addition, our management believes that non-GAAP financial measures allow investors to compare our results period to period more easily by excluding items that could have a disproportionately negative or positive impact on results in any particular period. However, this non-GAAP measures are not a substitute for, or superior to, GAAP measures and should not be considered as an alternative to net income (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP. The presentation of non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation, or as a substitute for our results as reported under GAAP. For example, because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please refer to this presentation for additional information regarding non-GAAP measures, including reconciliations of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Market and Industry 3 This presentation includes market and industry data and forecasts that we have derived from independent consultant reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. The inclusion of market estimations, rankings and industry data in this presentation is based upon such reports, publications and other sources, our internal data and estimates and our understanding of industry conditions. Although we believe that such information is reliable, we have not had this information verified by any independent sources. You are cautioned not to give undue weight to such estimates. Trademarks Our registered or common law trademarks, tradenames and service marks appearing in this presentation are our property. Solely for convenience, our trademarks, tradenames and service marks referred to in this presentation may appear without the Ⓡ, TM and SM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, tradenames and service marks. This presentation contains additional trademarks, tradenames and service marks of other companies that are the property of their respective owners. We do not intend our use or display of other companies' trademarks, tradenames and service marks to imply relationships with, or endorsement or sponsorship of us by, these other companies. No Solicitation of Sale This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 2#33Q23 Headlines $172.2M Revenue Record quarterly revenue Up more than 3x sequentially for the second straight quarter Reaffirm CY23 Guidance Revenue: $325-$425 million Gross margin: 10% - 15% Adjusted EBITDA: (-$50MM) to (-$70MM) $132M of Total Cash $132M of total cash No debt Restricted cash reducing significantly Gravity Momentum China construction complete Testing and commissioning ongoing 3.3 GWh of total projects Battery & Hydrogen Projects On-Track First battery project in full service All other projects proceeding as planned Pipeline Growth Awards increased 153% YTD to 9.1 GWh Bookings increased 49% YTD to 2.4 GWh ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 3#43Q23 Financial Metrics 39.7 Revenue +334% 172.2 Adjusted EBITDA ($) 2Q23 3Q23 2Q23 3Q23 Gross Profit +83% 3.9 7.1 (18.1) 2Q23 3Q23 ENERGY VAULTⓇ (10.3) $172.2M Revenue Revenue Q3 record revenue of $172.2 million driven by further deployments of the Company's suite of energy storage systems across solutions and geographies Adjusted EBITDA • Q3 Adjusted EBITDA improved 43% sequentially, narrowing to ($10.2) million reflecting scaling of revenue and management's continued focus on optimizing © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED operating expenses toward positive Adjusted EBITDA. Enabling a Renewable World 4#5Commercial Activities SUBMITTED PROPOSALS SHORT-LISTED FLOW THROUGH AWARDED Pipeline Growth BOOKED ORDERS 9.1 GWh 29.5 GWh 5.2 GWh Potential Bookings Potential Bookings Potential Bookings ~$8.0B ~$1.5B ~$3.3B 2.4 GWh Bookings ~$843M Firm offer submitted Approx. 60% BESS/ 40% GESS mix Short-listed following competitive bid Contract negotiations LOI / Firm commitments Contract awarded Final contract negotiations Signed contracts to be deployed & executed license agreements 2023 Financial Guidance Supported by 2,035 MWh of booked orders and 9.0 GWh of awards Total Signed Contracts & Awards are approximately 11 GWh, representing more than $3.9B of potential revenue ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World LO 5#6Full Year Guidance Reaffirm CY23 Guidance Revenue $325M $425M - Gross Margin 10% - 15% Q3 record revenue of $172.2 million driven by further deployments of the Company's suite of energy storage systems across solutions and geographies. Q3 GAAP gross margin of 4.2%, or $7.1 million, driven by increased hardware deliveries that we will realize value-add on in the fourth quarter and timing of licensing payments that we now expect to be realized in the fourth quarter instead of the third quarter. Adjusted EBITDA -($50M) to -($70M) Q3 Adjusted EBITDA improved 43% sequentially, narrowing to ($10.2) million reflecting scaling of revenue and management's continued focus on optimizing operating expenses toward positive Adjusted EBITDA. ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World CO 6#7Project Updates ENERGY VAULT Enabling a Renewable World 32023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED. © ENERGY VAULT - ALL RIGHTS RESERVED - CONFIDENTIAL#8Rudong China Project Construction and Commissioning • • Construction complete on the world's first commercialized gravity energy storage system. Structure successfully capped on October 15th, 2023 Completed the final 35kV overhead power line to the substation Commenced state grid connection process in September 2023 Testing and commissioning ongoing and supported by the Energy Vault CTO and team of experts hou zhou RUDONG Nantong 南通市 GAD • CNTY Project Portfolio Five additional projects confirm the strategic value of gravity energy storage technology for China, the world's largest storage market To date, CNTY has announced 7 total projects in China totaling 3.3 GWh, or $1B+ in project scope Energy Vault to collect 5% recurring revenue royalty on all projects ENERGY VAULTⓇ 市 Shanghai 上海市 Gravity Momentum © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 8#9Announced EVX Projects in China (3.26 GWh) Gravity Momentum Yining (Xinjiang) 100 MWh Signed 26 Oct. 2023 Suzhou (Shanxi) 100 MWh Signed 20 Sept. 2023 Jiuquan (Gansu) 200 MWh Started construction 9 Oct. 2023 Zhangjiakou (Hebei) 100 MWh Signed 24 June 2023 3 Beijing Guangzhou 2 Shanghai Tongliao (Inner Mongolia) 2000 MWh Signed in Oct. 2022 Liaoyuan (Jilin) 660 MWh Signed 19 Oct. 2023 Rudong (Jiangsu) 100 MWh Commissioning ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 9#10First Battery Project in Full Service Stanton Battery Energy Storage System Wellhead Electric Company, Inc. and W Power, LLC • Fully operational at maximum capacity Battery & Hydrogen Projects On-Track • 68.8 MW/275.2 MWh • One of the largest in Southern California • Increasing grid resiliency and reducing carbon intensity Ribbon cutting ceremony December 6th "The Energy Vault team designed and deployed the optimal energy storage solution for our Stanton site. Only a few days after mechanical completion the system delivered full power to the grid validating the quality of the design and execution. Energy Vault did an excellent job of providing a solution that met both the challenging energy density requirements and the equipment delivery time frames to enable the project to go forward. We are a satisfied customer, and we appreciate Energy Vault's expertise, creative thinking and collaborative partnership in bringing this project to fruition." Hal Dittmer, Chief Executive Officer, Wellhead ENERGY VAULTⓇ ADDISON A ADDISON ADDISON © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 10#11All Projects Proceeding As-Planned Battery & Hydrogen Projects On-Track NVEnergy Moapa, Nevada BVAULT VAUL Jupiter POWER Fort Stockton, Texas PG&E Pacific Gas and Electric Company Calistoga, California BATTERY 220 MW / 440 MWh BATTERY 100 MW / 200 MWh HYDROGEN + BATTERY 8.5 MW / 48 hours ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 11#12Energy Vault Solutions ENERGY VAULT Enabling a Renewable World 32023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED. © ENERGY VAULT - ALL RIGHTS RESERVED - CONFIDENTIAL#13Unique Value to Our Customers Customer-centric - oriented to customer goals, challenges, needs and use cases Solution-based – starting with the problem to solve, then bringing together the right products for the job - Duration-diversified – with proprietary battery, gravity, and hydrogen technologies addressing short, long, and ultra-long duration needs Technology-agnostic – through proprietary software to manage diverse and complex storage and generation energy assets Innovation-driven - with dedicated R&D teams in global centers that are laser focused on inventing what's next in storage ENERGY VAULT Enabling a Renewable World Battery Wind Hydrogen Solar Other Gravity Power Utility Company Independent Power Producers Industrial User Large Energy Management Software Hybrid, H2 32023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED. © ENERGY VAULT - ALL RIGHTS RESERVED - CONFIDENTIAL#14Unique Solution and Product Architecture Modular open stack design maximizes solution breadth and flexibility Diversified portfolio Technology-neutral Hardware + Software + Services Short + Long + Ultra Long Duration ENERGY VAULT Enabling a Renewable World SERVICES SOFTWARE HARDWARE H-VAULT G-VAULT LONG-TERM SERVICE OFFERING VAULT-BIDDER VAULT MANAGER VAULT-OS LONG-TERM SERVICE OFFERING VAULT-BIDDER VAULT-MANAGER VAULT-OS B-VAULT VAULT-X 32023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED. MAXIMIZE UPTIME MAXIMIZE NET REVENUES MINIMIZE MAINTENANCE COSTS AND OPTIMIZE PERFORMANCE MONITOR AND CONTROL THE ESS ENSURE BEST FIT/LEAST COST GENERATION © ENERGY VAULT - ALL RIGHTS RESERVED - CONFIDENTIAL#15Software Solutions Technology-agnostic software suite to orchestrate and optimize energy storage system infrastructure www h RCI M It Act Site Awn ... MCS 5 Fringe Capacity AC IM + 0 MA DULE MYA 9 808W717239667 Analytics 21 67 Twe Cycling VAULT OS ™ ENERGY MANAGEMENT TM VaultOS ™ technology-agnostic EMS capable of integrating energy storage & generation assets. VAULT-MANAGER™ ASSET MANAGEMENT Vault-Manager™ for assets tracking over useful-life to maximize return on asset investment. VAULT-BIDDER™M BIDDING SOFTWARE Vault-Bidder TM multi-asset bidding & market participation across a diverse storage & generation portfolio. ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 15#16Hardware Product Portfolio Designed to address the diversity and complexity of customer needs B-VAULTTM E G-VAULT ™M H-VAULT TM SHORT DURATION UP TO 6 HOURS Led by B-VAULT™M proprietary lithium-ion battery energy storage systems for short- duration and hybrid applications. LONG DURATION 4-24 HOURS Led by G-VAULT™M breakthrough gravity energy storage systems for grid-scale, long-duration applications. ULTRA-LONG DURATION 12-48 HOURS Led by H-VAULT™M hybrid energy storage systems, including H₂+BESS for multi-day and back-up power applications. ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 16#17Quarterly Financials ENERGY VAULT Enabling a Renewable World 32023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED. © ENERGY VAULT - ALL RIGHTS RESERVED - CONFIDENTIAL#18Q3 2023 Results: Sequential and Year over Year Comparison Key Financial Metrics 2022 2023 3Q23 3Q23 ($M-unless otherwise indicated) 3Q22 2Q23 3Q23 QoQ YOY Revenue 1.7 39.7 172.2 132.5 170.5 Growth (%) Gross Profit 0.1 3.9 7.1 3.2 3.2 Gross Margin (%) 5.9% 9.8% 4.2% (5.6) pts (1.7) pts Oper. Expense - SBC / Dep. 17.4 22.0 17.4 (4.6) 0.0 Adj. EBITDA (17.3) (18.1) (10.2) 7.9 7.1 Net Income (Loss) (28.8) (26.2) (19.0) 7.2 9.8 Focus on profitable growth continues driving QoQ and YoY financial improvement ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 18#19Q3 2023 Results Versus Q2 2023 $'s in millions Bookings [MWH] Bookings [$] Q3 2023 Q2 2023 Change 400 400 $ 137.4 $ 33.0 104.4 Q3 2023 revenue and gross margin primarily due to advancement on the Company's BESS projects. Revenue Gross profit Gross margin % 172.2 39.7 132.5 • 7.1 3.9 3.2 4.2 % 9.9 % Operating expenses: о OPEX (excluding stock-based compensation) decreased $4.6M versus Q2 2023 Stock-based compensation was $10.7M in Q3, up from $10.1M in Q2. о ° Sales & Marketing (ex-stock comp) decreased $0.7M. R&D (ex-stock comp) decreased $2.2M. Sales and marketing 4.2 4.9 (0.7) R&D 8.2 10.2 (2.0) о G&A (ex-stock comp) decreased $1.6M. G&A 15.8 17.0 (1.2) Depreciation & Amortization 0.2 0.2 Improvement in operating loss of $7.1M versus Q2 2023 driven by an increase in gross profit and a decrease in operating expenses. Total operating expenses 28.4 32.3 (3.9) Operating loss (21.3) (28.4) 7.1 Cash balance on September 30 primarily reflects the net loss, change in net working capital, and $8.4M for the purchase of property and equipment. Other income: Interest income 1.9 2.3 (0.4) Change in FV of warrant liability Other Total other income 1.9 (0.1) 2.2 0.1 (0.3) Provision (benefit) for income taxes (0.4) (0.4) Net loss $ (19.0) $ (26.2) $ 7.2 Cash on hand $ 132.2 165.0 (32.8) ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 19#20Q3 2023 Adjusted EBITDA Bridge $'s in millions Change 7.3 • Q3 EBITDA of $(21.0)M driven by our operating loss. Interest income, net Income tax benefit Depreciation and amortization EBITDA Q3 2023 Q2 2023 Net loss (GAAP) (18.9) $ Non-GAAP Adjustments: (1.9) (0.4) 0.2 (26.2) $ (2.3) - 0.2 0.4 (0.4) (21.0) (28.3) Stock-based compensation expense 10.7 10.1 0.6 Foreign exchange gains and losses 0.1 Adjusted EBITDA (non-GAAP) $ (10.2) $ 0.1 (18.1) $ 7.9 • Adding back non-cash items of $10.8M to EBITDA resulted in Adjusted EBITDA of $(10.2)M о $10.7M Stock-based Compensation 7.3 ° $0.1M Foreign exchange losses ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 20 20#21Q3 2023 YTD Results Versus Q3 2022 YTD $'s in millions Q3 2023 YTD revenue and gross profit primarily due to advancement on the Company's BESS projects. OPEX (excluding stock-based compensation) increased $7.6M versus 2022 Stock-based compensation was $34.5M in 2023 up from $26.8M in 2022. о о Sales & Marketing (ex-stock comp) increased $2.9M driven by increased personnel costs due to increased headcount. R&D (ex-stock comp) increased $3.0M driven by increased personnel costs due to increased headcount. G&A (ex-stock comp) increased $11.5M driven by increased personnel costs due to increased headcount, software costs, and insurance expenses. Increase in operating loss of $45.2M versus 2022 driven by a decrease in licensing revenue and an increase in operating costs. Licensing revenue in 2022 did not have any associated cost of revenue. YTD 2023 YTD 2022 Change Bookings [MWH] 400 495 (95) Bookings [$] 170.5 $ 256.8 $ (86.3) • Revenue 223.3 45.6 177.7 • Gross profit 13.5 43.4 (29.9) Gross margin % 6.1 % 95.2 % о Operating expenses: Sales and marketing 13.6 8.3 5.3 R&D 29.6 28.8 0.8 G&A 52.2 33.3 18.9 Depreciation & Amortization 0.7 7.6 (6.9) о Asset impairment 2.8 (2.8) Total operating expenses 96.1 80.8 15.3 Operating loss (82.6) (37.4) (45.2) Other income: Interest income 6.1 1.4 4.7 Change in FV of warrant liability 2.1 (2.1) Transaction costs (20.6) Other (0.3) (0.2) (0.1) Total other income 5.8 (17.3) 2.5 Provision (benefit) for income taxes (0.4) 0.4 (0.8) Net loss $ (76.4) $ (55.1) $ (41.9) Cash on hand $ 132.2 274.7 (142.5) ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 21#22Q3 2023 YTD Adjusted EBITDA Bridge $'s in 000 YTD EBITDA of $(82.1)M driven by our operating loss. Adding back non-cash and nonrecurring expenses of $34.8M to EBITDA results in Adjusted EBITDA of $(47.3)M on a YTD basis $34.5M Stock-based Compensation $0.3M Foreign exchange losses YTD 2023 YTD 2022 Change Net loss (GAAP) $ (76.3) $ (55.0) $ (21.3) • Non-GAAP Adjustments: Interest income, net (6.1) (1.4) (4.7) • Income tax expense (0.4) 0.4 (0.8) Depreciation and amortization 0.7 7.6 (6.9) о EBITDA (82.1) (48.4) (33.7) о Stock-based compensation expense 34.5 26.8 7.7 Change in FV of warrant liability (2.1) 2.1 Transaction costs 20.6 (20.6) Asset impairment 2.8 (2.8) Foreign exchange gains and losses Adjusted EBITDA (non-GAAP) $ 0.3 (47.3) $ 0.2 0.1 (0.1) $ (47.2) ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 22 22#23ENERGY VAULT Enabling a Renewable World © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED