Energy Vault SPAC Presentation Deck

The Increase in Renewables is Driving Demand for Energy Storage Global grid-scale energy storage projects are projected to increase more than 6x in capacity over the next 10 years Global Projected Grid-Related Annual Storage Deployments GWh 180 ENERGY VAULT 160 140 120 100 80 60 40 20 0 2020 ~20% CAGR Novus Capital Corporation II ■US ■ China -300GWh by 2025 2025 ■ Europe ■ROA ■ROW -150GWh projected grid- related storage deployments in 2030 alone representing -830GWh by 2030 2030 Source: US Department of Energy: Energy Storage Grand Challenge Market Report 2020, World Energy Council, US Energy Information Administration, Journal of Energy Storage, Bloomberg NEF, Lazard Note: Hydrogen RTE rated between 25% - 45%; shown at 50% for illustrative purposes. Energy Vault RTE based on prototype testing. | ' Assumes $325/kWh unit price. Typical Power Rating (MW) ENERGY VAULT, INC. ALL RIGHTS RESERVED >400 300 200 100 0 50 % -$270 Billion¹ Cumulative investment in grid-related storage required over next 10 years Compressed Air Hydrogen 55 % 60 % Thermal 65% Pumped Hydro Flow Battery Energy Vault is one of the only commercially viable energy storage solutions with high round-trip efficiency in the large-scale, grid level application space Flywheel 70 % 75 % 80 % Round-trip Efficiency (RTE) ENERGY VAULT Lithium-ion 85 % 90 % Lead-acid 95 % 15 Increased consumption of electricity requires a reliable grid that can provide clean energy on demand 100 % Enabling a Renewable World

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