Energy Vault SPAC Presentation Deck

Available Energy Storage Today Significant drawbacks in scalability, economics and environmental risks limit deployment options Tech Category % of Global Storage Capacity Today Tech Examples Advantages Drawbacks Pumped Hydro ENERGY VAULT 90% Open Loop (Linked to natural water source) Closed Loop (Isolated reservoir) + Technically proven, long-life + Quick response time Large land requirements (few opportunities for new build) Harms ecosystems/carbon intensive materials High costs / low efficiency Not scalable difficult to optimize location near generation resources Source: Bloomberg NEF, DOE global storage database Novus Capital Corporation II I 1 Chemical 5% Lithium-ion batteries Lead-acid batteries Zinc hybrid batteries + Well-known via usage in consumer products/ electric vehicles + Highly efficient Scarce raw materials with high carbon footprint Hazardous end-of-life disposal issues Performance degrades over time Safety / fire risks create high operating costs Short duration i+ I + ENERGY VAULT, INC. ALL RIGHTS RESERVED Thermal / Flow Batteries Hot/ cold storage Cryogenic Proven and reliable Good fit for niche applications Low efficiency (50-60%) High operating costs High capex Not modular / cannot be easily localized Other 5% Other Mechanical Compressed air, Flywheels Other gravity-based + Rapid response rates Low efficiency (55-70%) High operating costs High carbon footprint Not scalable or modular 16 Enabling a Renewable World

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