Energy Vault SPAC Presentation Deck

Risk Factors Unless the context requires otherwise, all references to the "Company," "we" "us" or "our" refer to the business of Energy Vault, Inc. and its consolidated subsidiaries. The risks presented below are certain of the general risks related to the business of the Company, and such list is not exhaustive. The list below is qualified in its entirety by disclosures contained in future documents to be filed or furnished by the Company and Novus Capital Corporation II ("Novus"), with the United States Securities and Exchange Commission ("SEC"), including the documents filed or furnished in connection with the proposed transactions between the Company and Novus. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of the Company and Novus and the proposed transactions between the Company and Novus, and may differ significantly from and be more extensive than those presented below. The risks described below are not the only ones the Company or Novus faces. Additional risks that are not currently known or that are currently believed to be immaterial may also impair our business, financial condition or results of operations. You should review the investor presentation and perform your own due diligence prior to making an investment in Novus. Litigation and Regulatory Risks - The energy industry is highly regulated, and if we fail to comply with national, federal, state and local laws, rules, regulations and guidance, our business could be adversely affected. - We are subject to licensing and operational requirements that result in substantial compliance costs, and our business would be adversely affected if our licenses are impaired. - Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs, negative publicity and requirements resulting in increased expenses. - Laws, regulations and rules relating to privacy, information security, and data protection could increase our costs and adversely affect our business opportunities. In addition, the ongoing costs of complying with such laws, regulations and rules could be significant. - Changes in regulatory enforcement policies and priorities may negatively impact the management of our business, results of operations, and ability to compete. - Our business may depend on the continued availability of rebates, tax credits and other financial incentives. The reduction, modification, or elimination of government economic incentives could cause our revenue to decline and harm our financial results. - As a private company, we have not endeavored to establish and maintain public company-quality internal control over financial reporting. If we fail to establish and maintain proper and effective internal control over financial reporting as a public company, our ability to produce accurate and timely financial statements could be impaired, investors may lose confidence in our financial reporting and the trading price of our common stock may decline. 4 Intellectual Property - We may be unable to protect, defend, maintain or enforce intellectual property on which our business depends, including as against existing or future competitors. Failure to protect defend, maintain and enforce that intellectual property could result in our competitors offering similar products, potentially adversely affecting our growth and success. - Our patents and, patent applications if issued, may not provide adequate protection to create a barrier to entry. The provisional and non-provisional patent applications that we own may not issue as patents or provide adequate protection to create a barrier to entry, which may hinder our ability to prevent competitors from selling products similar to ours. - We may be subject to third-party claims of infringement, misappropriation or other violation of intellectual property rights, or other claims challenging our agreements related to intellectual property, which may be time-consuming and costly to defend, and could result in substantial liability. Business and Operating Risks; Projections - Our limited operating history and our nascent industry make evaluating our business, the risks and challenges we may face and future prospects difficult. - We have incurred significant losses in the past and may not be able to achieve profitability in the future. - The engineering of our systems is still in the prototype stage, and there is no guarantee that we will be successful in implementing our systems. - There is no assurance that non-binding letters of intent and other indications of interest will be converted into binding orders, sales, bookings or committed offtake contracts. Customers may cancel or delay the non-binding letters of intent and other indications of interest in our sales pipeline. As a result, our operating results may be materially lower than our projected results of operations. - The size of our systems may negatively impact our ability to enter into contracts with customers or obtain government permits and approvals. - Our systems are based on novel technologies to produce energy and potential customers may be hesitant to make a significant investment in our technology or abandon the technology they are currently using. - The long sales cycles for our products may cause us to incur significant expenses without offsetting revenues. - Because of the long sales cycles and the expected limited number of customers, our operating results will likely fluctuate significantly from quarter to quarter. - The implementation of our business plan and strategy may require additional capital. If we are then unable to achieve sufficient sales to generate that capital or otherwise raise capital, it may create substantial doubt about our ability to pursue our business objectives and achieve profitability or to continue as a going concern. If adequate capital is not available to us, including due to the cost and availability of funding in the capital markets, our business, operating results and financial condition may be harmed. - There is no assurance that we will be able to execute on our business model, including market acceptance of our planned products, or identify potential new customers. - There is no prototype for our EVX systems. If our EVX systems contain manufacturing or construction defects, our business and financial results could be harmed. - Our systems involve a lengthy sales and installation cycle, and if we fail to close sales on a regular and timely basis it could harm our business. - Our business is subject to risks associated with construction, cost overruns and delays, including those related to obtaining government permits and approvals, and other contingencies that may arise in the course of completing installations. - The failure of our suppliers to continue to deliver necessary raw materials that meet the specifications for our systems in a timely manner could cause installation delays, cancellations, penalty payments and damage to our reputation. - There is no assurance that we will obtain equity project financing as needed. ENERGY VAULT Novus Capital Corporation II ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World