Energy Vault SPAC Presentation Deck

Risk Factors (cont.) Business and Operating Risks; Projections (cont.) - The performance of our systems may be affected by factors outside of our control, which could result in harm to our business and financial results. - If we are not able to continue to reduce our cost structure in the future, our ability to become profitable may be impaired. - If we fail to manage our growth effectively, our business and operating results may suffer. - If we are unable to attract and retain key employees and hire qualified management, technical, engineering, and sales personnel, our ability to compete and successfully grow our business could be harmed. - Expanding operations internationally could expose us to risks. - Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our projected revenues, market share, expenses and profitability may differ materially from our expectations. - Certain estimates of market opportunity and forecasts of market growth may prove to be inaccurate. - Incorrect estimates or assumptions by management in connection with the preparation of our consolidated financial statements could adversely affect our reported assets, liabilities, income, revenue or expenses. - We may be exposed to fluctuations in currency exchange rates. - Unanticipated changes in our income tax rates or exposure to additional tax liabilities may affect future financial results. - Operational costs can be difficult to predict and may include costs from requirements related to the decommissioning of our systems. Renewable Energy Industry and Energy Storage Industry - Our future growth is dependent upon the competition, pace and depth of renewable energy adoption and energy storage technologies, which are emerging industries. If the markets for renewable energy and energy storage do not develop as we expect, or if they develop more slowly than we expect, our business, prospects, financial condition and operating results could be adversely affected. LO - Even if renewable energy and energy storage become more widely adopted, our gravity energy storage technology may not achieve widespread market acceptance. - If competitive energy storage technologies become less expensive over time, our gravity energy storage technology may become less cost-effective as compared to competing technologies. - There is no assurance that our expectations that the price of traditional sources of power generation will decease and that renewable energy will become more competitive than hydrocarbon-based power generation will prove correct. A significant energy transition away from hydrocarbons may never occur or not occur at the rates we expect. - Fuel prices, including volatility in the cost of diesel or a prolonged period of low gasoline and natural gas costs, could decrease incentives to transition to renewable energy. - We operate in the highly competitive energy industry and there is increasing competition. Many of our competitors and future competitors may have significantly more financial and other resources than we do and if we do not compete effectively, our competitive positioning and our operating results will be harmed. - Our operating success depends on our ability to hire and retain key personnel, including a highly skilled and diverse management team with experience in the renewable energy and energy storage sectors. - If any of our products are or are alleged to be defective in design or manufacturing or experience other failures, we may be compelled to undertake recalls or take other actions, which could adversely affect our business, prospects, operating results, reputation and financial condition. - Insufficient warranty reserves to cover future warranty claims could adversely affect our business, prospects, financial condition and operating results. - Our future growth depends upon our ability to maintain relationships with third parties, and the terms and enforceability of many of these relationships are not certain. We rely on our existing suppliers and source suppliers for critical components, and to complete building out our supply chain, while effectively managing the risks due to such relationships, which could result in increased supply costs. ENERGY VAULT 5 - Our systems include complex software and technology systems and do not have a meaningful history of commercial operation, and there can be no assurance such systems and technology will perform as expected or that software, engineering or other technical defects will not be discovered until after a system is installed and operated by a customer. In addition, the development and updating of these systems will require us to incur potentially significant costs and expenses. - Our facilities or systems could be damaged or adversely affected as a result of disasters or other unpredictable events. Any prolonged disruption in operations would adversely affect our business, prospects, financial condition and operating results. - We could be liable for environmental damages resulting from our operations. Other Risks - Cyber-attacks and other security breaches could have an adverse effect on our business, harm our reputation and expose us to liability. - Sales of a substantial number of shares of our securities in the public market, including those issued upon exercise of Warrants, could cause the market price of our common stock to drop significantly. - Changes in business, economic, or political conditions, including overall changes in demand, are beyond our control and could impact our business, resulting in lower revenues and other adverse effects to our results of operations. - Our business is subject to interruptions, delays or failures resulting from natural catastrophic events, geopolitical instability, war, terrorism, public health crises and other unexpected events. - Action by governmental authorities and local residents to restrict construction or use of our systems in their localities could substantially harm business and financial results. - Our financial condition and results of operations as well as those of potential customers could be adversely affected by the COVID-19 pandemic, which has caused a material adverse effect on the level of economic activity around the world, including in the markets we serve. - We may acquire other businesses, which could require significant management attention, disrupt our business, dilute stockholder value and adversely affect operating results. - Negative publicity could result in a decline in our growth and have a material adverse effect on our business, our brand and our results of operations. Novus Capital Corporation II ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World

View entire presentation