1. Tesla Energy for gravity-based power storage.

• EVx™ Gravity Energy Storage System: A large-scale, long-duration energy storage system that utilizes a patented gravity-based technology to store and dispatch electricity.
• EV Chariot™: A mobile, modular gravity-based energy storage solution designed for flexible deployment and relocation.
• VaultOS™ Energy Management Software: A proprietary software platform that optimizes the performance, dispatch, and integration of their energy storage systems and broader hybrid solutions.
• Hybrid Energy Storage Solutions: Tailored solutions that integrate Energy Vault's gravity technology with other storage chemistries, such as batteries or green hydrogen, to meet diverse customer energy needs.

Energy Vault (NRGV) Major Customers

• PG&E Corporation (NYSE: PCG) - Parent company of Pacific Gas and Electric, a major utility with whom Energy Vault has contracted for projects.
• Berkshire Hathaway (NYSE: BRK.A, BRK.B) - Parent company of NV Energy, a utility with whom Energy Vault has announced significant projects.
• Enel S.p.A. (OTCPK: ENLAY, BIT: ENEI) - Parent company of Enel Green Power, an energy developer and operator with whom Energy Vault has strategic partnerships and deployment agreements.
• Jupiter Power - A leading energy storage developer in North America (Private).
• ACWA Power - A Saudi Arabia-based developer, investor, and operator of power generation and desalinated water production plants, with whom Energy Vault has a strategic collaboration (Private).

null

Robert Piconi, Chairman of the Board and Chief Executive Officer

Robert Piconi is the Chairman of the Board and Chief Executive Officer of Energy Vault, responsible for the overall vision, strategic direction, and operational performance of the organization. He is also a co-founder of Energy Vault. His background includes executive leadership roles in Fortune 100 public companies across various industries such as diversified energy (Amoco/British Petroleum), telecommunications (Bell Labs, Lucent Technologies, Alcatel), and security/network management software (Danaher Corporation). In the private sector, Mr. Piconi founded and managed several innovative healthcare service and diagnostic imaging companies in the European market that were later acquired by private equity funds and/or large industry conglomerates. Prior to Energy Vault, he founded Pantheon Healthcare Group and served as its Chief Executive Officer from 2014 to 2016.

Michael Beer, Chief Financial Officer

Michael Beer was appointed as Energy Vault's Chief Financial Officer effective April 15, 2024. Before joining Energy Vault, he served as the Chief Financial Officer for FreeWire Technologies, Inc., a company specializing in ultra-fast EV charging, battery storage, and energy management solutions. Prior to FreeWire, he was the Head of Financial Strategy & Investor Relations at Luminar Technologies, Inc. (NASDAQ:LAZR), where he played a significant role in the company's public listing. Mr. Beer also spent seven years at Citigroup Inc. (NYSE:C) in Hong Kong and Singapore as a Senior Research Analyst, covering the transportation, logistics, and infrastructure sectors across Asia.

Andrea Pedretti, Co-founder and Chief Technology Officer

Andrea Pedretti is a co-founder of Energy Vault and has served as the company's Chief Technology Officer since 2017. He is an engineer and experienced entrepreneur, having co-founded and served as CTO of several technology companies. Mr. Pedretti holds over 40 patents for various civil engineering and energy applications and is the inventor and technology lead for Energy Vault's Gravity Energy Storage Solution. Since 2016, he has also been the Managing Director for pquadrum engineering SA.

Marco Terruzzin, Ph.D., Chief Revenue Officer

Dr. Marco Terruzzin has served as Energy Vault's Chief Revenue Officer since 2025. Prior to this, he was the Chief Commercial and Product Officer from 2022 to 2025. His previous roles include Director of Energy Storage for RWE Renewables from 2017 to 2019, Head of Energy Storage Edge Platform for Stem from 2016 to 2017, and Managing Director — Americas for NOHA (former Engie EPS) from 2015 to 2016. Dr. Terruzzin also served as Managing Director APAC for Evolutions Markets, based in Beijing. He brings a background in energy economics and trading, with experience in both the U.S. and China.

Akshay Ladwa, Chief Development and Operations Officer

Akshay Ladwa serves as Energy Vault's Chief Development and Operations Officer. Before taking on this role, he was the Chief Engineering Officer of Energy Vault Solutions from 2022 to 2024. His experience includes executive management positions in Energy Storage, Integration, project management, and Engineering at companies such as BrightNight, Wärtsilä, and Greensmith, as well as roles as a Mechanical Systems Engineer at GE Energy Storage and a PV System Design and Development Engineer at Solar.

The key risks to Energy Vault's business (NRGV) are:

1. Financial Health and Liquidity Challenges: Energy Vault faces significant financial hurdles, including a concerning net margin of -289.01%, operating margin of -268.08%, and EBITDA margin of -285.52%. The company's current ratio of 0.86 indicates potential liquidity issues, and an Altman Z-Score of -3.55 places it in a distress zone, suggesting a potential risk of bankruptcy within the next two years. Furthermore, the company is currently unprofitable and not projected to achieve profitability within the next three years. Energy Vault has also received a non-compliance notice from the New York Stock Exchange (NYSE) because its average closing stock price fell below the required $1.00 minimum over a consecutive 30-trading-day period, putting it at risk of delisting. This is compounded by a falling liquidity base and continued near-term cash burn.

2. Intense Competition and Declining Costs of Alternative Storage: The energy storage market is highly competitive and rapidly evolving, with numerous players, including established companies like Tesla and Siemens, vying for market share. Energy Vault's gravity-based energy storage systems face threats from the rapid advancements and declining costs of competing battery storage technologies, particularly lithium-ion batteries, which could negatively impact demand, margins, and long-term revenue. While Energy Vault has diversified its offerings to include lithium-ion battery storage, this places it in a highly commoditized market where it competes with many other battery companies.

3. Execution and Technology Risks for Gravity-Based Systems: The successful deployment and profitability of Energy Vault's gravity-based storage systems (G-Vault) are subject to significant execution and technology risks. Dependence on large, complex projects, coupled with persistent supply chain, permitting, and broader economic risks, could lead to project delays, unpredictability, and lower-than-expected profitability. Additionally, the economic payoff for long-duration storage, where gravity-based systems are often positioned, has not yet fully materialized to match the investment required, which has led the company to embrace more immediate, albeit less differentiated, battery storage solutions.

The emergence and scaling of ultra-low-cost, multi-day electrochemical energy storage technologies, such as iron-air batteries developed by companies like Form Energy. These technologies directly compete with Energy Vault's gravity-based solutions by targeting the same long-duration grid-scale applications with a potentially lower levelized cost of storage and increased siting flexibility, posing a disruptive threat to Energy Vault's market position.

Energy Vault (NYSE: NRGV) operates in several key addressable markets related to energy storage, primarily focusing on long-duration energy storage and battery energy storage systems, along with green hydrogen solutions and energy management software.

The main addressable markets for Energy Vault's products and services include:

• Long-Duration Energy Storage (LDES) Market (Global): This market is particularly relevant for Energy Vault's gravity-based energy storage systems (G-Vault/EVx). The global long-duration energy storage market was valued at approximately USD 3.64 billion to USD 4.84 billion in 2024 and is projected to grow to between USD 8.61 billion and USD 10.43 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 13.5% to 15.4% during this period. Looking further out, the LDES market is forecasted to be valued at US$223 billion in 2044.
• Battery Energy Storage Systems (BESS) Market (Global): Energy Vault also offers battery energy storage systems, including its B-Vault product line and the new B-Nest technology for data centers. The global battery energy storage market size is estimated at USD 50.81 billion in 2025 and is projected to reach USD 105.96 billion by 2030, at a CAGR of 15.8%. More broadly, the global stationary energy storage market, which encompasses BESS, was valued at USD 75.66 billion in 2023 and is projected to grow to USD 231.06 billion by 2032, with a CAGR of 12.45%.
• Regional Energy Storage Market (Southern African Development Community - SADC): For the SADC region, the total addressable market for energy storage is expected to exceed 125 GWh through 2035. This represents a multi-billion dollar market potential for Engineering, Procurement, and Construction (EPC) projects and associated royalty streams for gravity energy storage systems.

Energy Vault (NRGV) is poised for significant revenue growth over the next 2-3 years, driven by several key strategic initiatives and market expansions:

1. Expansion of the "Own & Operate" (BOO) Model via Asset Vault: Energy Vault is transitioning to a build, own, and operate (BOO) strategy, primarily through its Asset Vault platform, a fully consolidated subsidiary established with a $300 million preferred equity investment. This shift is expected to generate predictable, recurring, and high-margin tolling revenue streams from owning and operating energy storage assets globally. For example, projects like the Calistoga Resiliency Center in California and the Cross Trails project in Texas, which Energy Vault chose to own and operate, are projected to contribute recurring annual EBITDA. The company expects to draw approximately $200 million of capital from Asset Vault over the next six months to fund projects like the SOSA project in Texas and the Stoney Creek project in New South Wales, Australia. Once operational, the Stoney Creek project alone is anticipated to generate roughly $20 million in annual recurring EBITDA.
2. Geographic Expansion and International Licensing Agreements: Energy Vault is actively expanding its market presence beyond the U.S., with a strong focus on Australia and India. The company reported a 10% year-over-year increase in Q1 2025 revenue, driven by new projects in Australia and a high-margin licensing deal in India. Its contract revenue backlog of $648 million, up 49% year-to-date, is largely shielded from U.S. tariff risks due to this strong Australian presence and various license agreements. A 10-year licensing agreement in India for battery storage technology is a notable example of this expansion.
3. Growth in Battery Energy Storage System (BESS) Deployments and Project Backlog: Energy Vault continues to secure and execute contracts for its battery energy storage systems. The company's contract revenue backlog has shown substantial growth, increasing to $648 million in Q1 2025 (up 49% year-to-date) and reaching approximately $954 million by Q2 2025 (up 120% year-to-date). This growth is driven by new third-party project and service agreements, as well as long-term offtake agreements in the U.S. and Australia. Energy Vault's first owned and operated asset, the Cross Trails battery energy storage system in Texas, completed ahead of schedule and began generating revenue during its commissioning phase.
4. Leveraging High-Margin Software and Services: Energy Vault has demonstrated its ability to generate high-margin revenue from software and services, especially through licensing agreements. The Q3 2024 gross margin of 40.3% was significantly up from 4.2% a year prior, largely reflecting a favorable revenue mix associated with software and services. Similarly, Q1 2025 saw GAAP gross margin climb to 57.1% from 26.7% in the prior year, primarily due to the favorable revenue mix from the India license agreement. These high-margin contributions from licensing and services are expected to continue supporting revenue growth.

Share Issuance

• Energy Vault became publicly traded on the New York Stock Exchange under the ticker NRGV on February 14, 2022, following a merger with a special purpose acquisition company (SPAC).
• In August 2025, Energy Vault entered an exclusivity agreement for a $300 million preferred equity investment to launch its subsidiary, Asset Vault. This investment is non-dilutive to common shareholders but includes milestones for equity participation in the parent company. The preferred equity investment officially closed in October 2025 with Orion Infrastructure Capital (OIC).
• In September 2025, Energy Vault secured up to $50 million in corporate debenture financing from YA II PN, Ltd. to provide additional financial flexibility and support growth.

Inbound Investments

• Energy Vault closed a $300 million preferred equity investment with Orion Infrastructure Capital (OIC) in October 2025. This investment is for the launch of "Asset Vault," a fully consolidated subsidiary focused on developing, building, owning, and operating energy storage assets globally.
• The company entered a definitive funding agreement with YA II PN, Ltd. for up to $50 million in corporate debenture financing, providing additional working capital.

Outbound Investments

• Energy Vault is transferring its 100% owned assets, including two operational U.S. projects and two in development (U.S. and Australia), into its new Asset Vault platform.
• The company acquired a 125 MW/1,000 MWh battery energy storage system (Stoney Creek BESS) in Australia, which is part of the Asset Vault portfolio.
• Energy Vault announced the acquisition of a 150 MW battery energy storage project in Texas, also under the new Asset Vault platform.

Capital Expenditures

• In the last 12 months, Energy Vault's capital expenditures were -$53.00 million.
• The $300 million preferred equity investment is expected to fund over $1 billion in capital expenditures for 1.5 GW of energy storage projects.
• These capital expenditures are primarily focused on developing, building, and operating energy storage assets across the U.S., Australia, and Europe through the Asset Vault subsidiary.