Novus Capital II : June 2022 Investor Presentation

Energy Vault

Clean Energy On Demand

Investor Presentation | June 2022

© ENERGY VAULT - ALL RIGHTS RESERVED

Enabling a Renewable World

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Disclaimer

Forward-Looking Statements

The statements described herein contain forward-looking statements. All statements other than statements of historical fact contained in this presentation contained in this presentation are forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions and include statements regarding the future expansion of our business, future demand for renewable energy and energy storage, deployments, capabilities and capital resources. There are a significant number of factors that could cause actual results to differ materially from the statements made in this presentation, including: risks related to the rollout of Energy Vault's business and the timing of expected business milestones, developments and changes in the renewable energy market, the energy storage market and the general market, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, whether MOUs and other strategic investments will result in future revenues, sufficiency of cash to support the company's expansion plans, the fact that the company has no committed revenue for future periods and risks affecting our partnerships and customers. Additional risks and uncertainties that could affect our business and financial results and condition are included under the caption "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 we filed with the Securities and Exchange Commission (the "SEC") on May 16, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this presentation are based on our current expectations and assumptions and on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Non-GAAP Financial Metrics

This presentation includes adjusted EBITDA, a non-GAAP financial measure that supplements the financial measures prepared in accordance with generally accepted accounting principles (GAAP). This non-GAAP financial measure excludes certain items and is not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present this non-GAAP measure because management believes it complements our GAAP financial measures and is a useful measure of the Company's performance. Please see the last slide of this presentation for a reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP financial measure.

© ENERGY VAULT - ALL RIGHTS RESERVED

Enabling a Renewable World

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Energy Vault is the creator of gravity-based,grid-scale energy storage solutions that are critical to power resiliency and the world's transition to renewable energy

Mohammed Bin Rashid Al Maktoum Solar Park				Energy Resilience Center
1.05 GW expanding to 5 GW by 2030 (Dubai)				Proposed 1 GW Storage at Scale

~100m (350ft)

¹Total production capacity today of 1GW going to 5GW by 2030, Dubai Electricity and Water Authority (DEWA)

Solar Project: Energy generation from sunrise to sunset

Energy Vault: Energy generation on demand

© ENERGY VAULT - ALL RIGHTS RESERVED

Enabling a Renewable World

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Our Purpose

Enabling A World Powered By Renewable Resources

Our Vision

To be the preeminent energy storage company of the 21st century.

Our Mission

To accelerate the decarbonization of our planet by introducing the most advanced, environmentally sound and economical energy storage solutions

© ENERGY VAULT - ALL RIGHTS RESERVED

Enabling a Renewable World

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Experienced Management Team & Board of Directors

Management Team

Robert Piconi	Andrea Pedretti	David Hitchcock	Chris Wiese	Gonca Icoren	Laurence Alexander	Marco Terruzzin	Josh McMorrow	John G. Jung	Kevin Keough
Co-Founder	Co-Founder	Interim Chief	Chief Operations	Chief People	Chief Marketing	Chief Product	Chief Legal	President	SVP, Corporate
& CEO	& CTO	Financial Officer	Officer	Officer	Officer	Officer	Officer	EVS™	Development
Prior Executive	Founder & CTO roles	Extensive operational	Leadership in world-	Executive Leadership	Executive leadership	Product innovator	Senior Legal	Energy storage	Corporate
Executive with broad
leadership roles in	across multiple solar	financial leadership	class benchmarks in	roles in human	roles leading	and industry	veteran with deep	development
global experience in
Fortune 100 public	resource & renewable	experience, including	business operations	resource	brand strategy,	expert in	experience and	leadership across a
energy, industrial gas,
companies across	energy tech	capital markets and	and global supply	management and	marketing and sales	climate change	expertise in grid-scale	broad range of high
construction, &
various industries	companies	M&A expertise	chains strategies	talent acquisition	enablement	mitigation strategies	technology integration	growth segments.
chemicals industries

BBA University of	BS/MSc Civil	BS, Accounting &	University of	Cranfield University	Higher National	MSc Mech.	B.S. International	B.A. Western	B.S.
Notre Dame; MBA	Engineering	MBA Wake Forest	Wisconsin-	MSc International	Diploma	Engineering	Business, cum laude	University	Georgia
Northwestern	(ETH) Zürich,	University;	Milwaukee; BS & MA	Human Resource	Business Studies,	PhD, Energy	Trinity University	MBA, Strategy and	Institute
University's	Switzerland	Certified Public	Stephens Institute of	Management. Orta	London UK	Economics		Finance Ivey	of Technology
Kellogg School of		Accountant	Technology	Doğu Teknik		MBA U.VA, Darden	J.D. Law	Business School
Management				Universities		School	Honors Graduate
							University of Texas
							School of Law,

Board of

Directors

Robert Piconi

Co-Founder & Director

	Bill Gross		Zia Huque
Co-Founder & Director		Director

Henry Elkus	Larry Paulson
Director	Director

	Mary Beth Mandanas	Thomas Ertel
	Non-Exec Director	Non-Exec Director
© ENERGY VAULT - ALL RIGHTS RESERVED	Enabling a Renewable World	5