Energy Vault SPAC Presentation Deck

Two Complementary Revenue Models Based on Customer Preference Energy Vault Owned Payment Structure ENERGY VAULT Customers Target Returns Financing Revenue Split¹ 1 Represents percent of 2021E-2025E cumulative revenue. Novus Capital Corporation II ■ ■ ■ ■ ■ ■ ■ ■ Customer Owned 20% at Contract Signing 10% at Site Groundbreaking 60% at Construction Milestones 10% at Customer Acceptance Recurring annual software license, monitoring and maintenance support Utilities IPPs Large Industrials 20-30% Gross Margin Working Capital ■ 97% ENERGY VAULT, INC. ALL RIGHTS RESERVED ■ Recurring Monthly Payment ($/kW-month) over asset technical life Utilities IPPS Large Industrials 16% unlevered IRR Capex from Balance Sheet Project financing would be value add. 3% (the "Energy Vault Owned" model further accelerates market adoption) 40 Enabling a Renewable World

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