Energy Vault SPAC Presentation Deck

Valuation Benchmarking: EV / EBITDA Energy Storage Technology Energy Transition Technology Disruptive Technology Infrastructure 2023E ENERGY VAULT 2024E 11.1x ENERGY VAULT Enabung & Renewable World 3.1x ENERGY VAULT Enabing Renewable world 1 29.5x Novus Capital Corporation II stem 15.6x stem 40.6x eos 11.2x eos Median: 30.4x NM ESSINC Median: 22.9x 8.1x ESSINC 30.4x Valuation Multiples shoals technologia group 22.8x 41.0x e ENPHASE. 28.2x shoals e ENPHASE. technologia group 14.4x ARRAY solaredge TECHNOLOGIES 17.4x Source: Energy Vault projected figures per Energy Vault, Bloomberg, Capital IQ, and company disclosures; market data as of September 2, 2021 Note: Median excludes Energy Vault multiple. Multiples marked as NM when below 0.0x or above 100.0x. ¹ Based on Energy Vault enterprise value of $1.1bn. 26.0x ENERGY VAULT, INC. ALL RIGHTS RESERVED 23.0x NM NM Heliogen -chargepoin+ NM NM NM EVgo ARRAY solaredge Heliogen -chargepoin+ EVgo TECHNOLOGIES 40.7x NM fuelcellenergy 63.7x fuelcellenergy 51.3x T 45.5x T 47 Enabling a Renewable World

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