Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q1 2024 Earnings Presentation

118 slides from Energy Vault's earnings presentation, May 9, 2024

Slide 3: Supply and Demand and Decarbonization Conundrum Making Storage an Imperative
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 3 S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n C o n u n d r u m M a k i n g S t o r a g e a n I m p e r a t i v e Storage – maintaining grid reliability as wind and solar become more pervasive W I N D P O W E R S O L A R P O W E R L E G
Slide 5: Agenda
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 52 AGENDA S T A T E O F T H E C O M P A N Y B A T T E R Y B U S I N E S S E N E R G Y V A U L T & S O M F I R E S I D E C H A T G R A V I T Y B U S I N E S S H Y D R O G E N B U S I N E S S S O F T W A R E B U S I N E S S F I N A N C I A L R E S U L T S A N D
Slide 6: Our First Two Years…by the numbers
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 6 $487MRevenue 9.9 GWh Awarded/Short Listed 2.0 GWh Contracted 1.0 GWh In Operation 2022 - 2023 3 Our F i rs t Two Years…by the numbers C O M P A N Y Site physical constraints for batteries and demanding schedule – met all deliverables First-of-its-kind long-
Slide 7: Results start with our people…and Leadership
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 7 Andrea Pedretti Co-Founder & Chief Technology Officer “ B e s t o f B r e e d ” D o m a i n a n d F u n c t i o n a l E x p e r i e n c e - G l o b a l – S e r v a n t L e a d e r s – P a s s i o n a t e - H u m b l e Robert Piconi Chairman, Co-Founder & CE
Slide 8: New Regions, New Customers, New Products, New Market Segments and TAM
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 8 N e w R e g i o n s , N e w C u s t o m e r s , N e w P r o d u c t s , N e w M a r k e t S e g m e n t s a n d T A M Portfolio and Segment ExpansionGeographical and Customer Expansion Expansion in China 3.7GWh of Projects First 25MW 100MWh Project Operatio
Slide 9: Around the World in 10 Days
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 9 RIYADH, SAUDI ARABIA “The first set of charging and discharging units of the Rudong 100MWh gravity energy storage project was successfully tested….” C H I N A T I A N Y I N G P R E S S R E L E A S E A D V A N C E D E N E R G Y S O L U T I O N S C O M M U N
Slide 10: Annual global investment in the energy transition is at an all-time high
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 10 Annual global investment in the energy transition is at an all-time high. However, nearly all sectors are spending less than what’s needed +73% +101% C O M P A N Y 7
Slide 11: Storage Market Opportunity
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 118 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • Decarbonization goals • Decreasing solar / wind prices • More solar/wind = more variability • EV an
Slide 12: Storage Market Opportunity: Demand Growth
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 129 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • EV and broader electrification initiatives • Generative AI • Pure data center/hyper-scaler needs •
Slide 14: Storage Market Opportunity
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 141 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y T h e C o n u n d r u m o f S u p p l y a n d D e m a n d a n d D e c a r b o n i z a t i o n • Decarbonization goals • Decreasing solar / wind prices • More solar/wind = more variability • EV an
Slide 15: Storage Market Opportunity Growth Accelerating Worldwide
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 15 1. BNEF 2H 2023 Energy Storage Market Outlook; BNEF Energy Storage Cost Survey 2023 2. Jigar Shah – Director of DOE Loan Program Office 3. IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector M A R K E T 2 S t o r a g e
Slide 16: Storage Market Opportunity by Country
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 163 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e CHINA 192 GWh, 50% US 128 GWh, 33% AUSTRALIA 15 GWh, 4% ITALY 8 GWh, 2% UK 7 GWh, 2% ROW 34 GWh, 9% Energy Storage Market Opportunity (GWh) 2
Slide 17: Global Presence and Highest Growth Geographies
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 174 M A R K E T S t o r a g e M a r k e t O p p o r t u n i t y G r o w t h A c c e l e r a t i n g W o r l d w i d e C O M P A N Y US HQ: California R&D Center: Virginia Sales & Operation Center: Melbourne Operation Center: Beijing Europe HQ & R&D Center: Lu
Slide 18: Built with Leading Global Strategic Investors
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 18 C O M P A N Y 5 E n e r g y V a u l t B u i l t w i t h L e a d i n g G l o b a l S t r a t e g i c I n v e s t o r s … 2 0 1 7 S T R A T E G I C A D V I S O R Y B O A R D 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 I N V E S T O R S …Which in turn informs our
Slide 19: Solving Customer Problems with Broad Portfolio
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 19 Enhancing and Expanding our Long Duration Energy Storage Technologies Protracted adoption of Long Duration to 2030+ Innovation and flexibility of Gravity tech enabled early monetization in a nascent market Developed Hybrid Green Hydrogen solution to econom
Slide 20: Our Business Strategy: Focused on Maximizing Value Creation
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 20 Address Largest Market and Growth Regions • Uniquely address broad market for large scale energy storage • Solution portfolio spanning shorter to longer to ultra-long duration • Value chain participation spanning technology, build, own/operate Deliver More
Slide 21: Our Business Model
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 21 C O M P A N YO u r B u s i n e s s M o d e l H o w w e m o n e t i z e a n d d e p l o y o u r t e c h n o l o g i e s t o m a x i m i z e c a s h f l o w g e n e r a t i o n , p r o f i t a b i l i t y a n d l o n g - t e r m s h a r e h o l d e r v a l u
Slide 22: Addressing the Largest Market
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 22 G-Vault Gravity Storage H-Vault Hybrid and Hydrogen Storage B-Vault Battery Storage Software & Services C O M P A N Y A d d r e s s i n g t h e L a r g e s t M a r k e t 19 Business Model So lu tio n Po rt fo lio BUILD/TRANSFER OWN/OPERATELICENSE X X XX X
Slide 23: Looking Forward: Entering Our Next Growth Phase
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 230 C O M P A N Y L o o k i n g F o r w a r d E n t e r i n g O u r N e x t G r o w t h P h a s e Leverage critical learnings from Calistoga project for repeatable business - $1B+ market opportunity over next 3 years for Microgrid, Data Center, Backup Power,
Slide 24: Our First Two Years and Our Next Two Years
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 241 Our F i rs t Two Years C O M P A N Y Our Next Two Years $487MRevenue 2022 - 2023 Gross Margin Actual 16% $500 - $700M 2024 - 2025 Forecasted 15% - 20% Adjusted EBITDA Positive for Full Year 2025 ~60% of Awards/Short List from existing customers or investo
Slide 25: Battery Shorter Duration Energy Storage
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 25 B A T T E R Y S H O R T E R D U R A T I O N E N E R G Y S T O R A G E 2 A k s h a y L a d w a C h i e f E n g i n e e r i n g O f f i c e r , E V S ™
Slide 26: Our First Two Years: Battery, Hydrogen and Software
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 26 H-V AULTB-V AULT Commercial Success $600M Bookings 3 O u r F i r s t T w o Y e a r s : B a t t e r y , H y d r o g e n a n d S o f t w a r e Commercial Success and Expanding Optionality Battery: B-VAULT Introduction Software: VAULT-OS Introduction Software
Slide 27: 1.3TWh of new battery storage from 2024 to 2030
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 27 “ “1.3TWh of new battery storage from 2024 to 2030, $280 billion in capital - B N E F 2 H 2 0 2 3 E n e r g y S t o r a g e O u t l o o k 4
Slide 28: Our Battery Energy Storage Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 28 B-V AULT Battery Storage 5 Our Bat tery Energy Storage St ra tegy Unique & exceptional benefits Superior Economics Unprecedented Execution 1 2 3
Slide 29: Sustainable differentiation customers value
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 29 B-V AULT Battery Storage Sustainable differentiation customers value and are willing to pay for Maximize Price Performance Flexible DC/AC container | Modular inverter design 6 U n i q u e a n d E x c e p t i o n a l B e n e f i t s O u r C u s t o m e r C
Slide 30: Project Examples
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 30 Overcome Site Constraints Support Choices of OEM Equipment Accelerate Time to Revenue Stanton (CA – USA) MW/MWh: 68.8/275.2 COD: 9/2023 BYOB Support Accelerate Time to Revenue Reid Gardner (NV – USA) MW/MWh: 220/440 COD: 12/2023 Maximize Price Performance
Slide 31: Leveraged from Our Deep Industry Expertise
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 31 We are battery integration business experts Experience Industry pioneers | Unparalleled global experience Knowledge Modern agnostic battery architecture | 16+ different battery types | Driven by Customer IRR and preference Track Record Software development
Slide 32: B-Vault platform delivers superior benefits and value
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 32 Flexibility DC or AC | Battery Chemistry & OEM | Inverter OEM Safety Proactive fire safety design | Built-in cyber security capability Availability No single point of failure | Augmentation ready Deliverability Foundation | Commissioning | Cabling Our B-VA
Slide 33: Superior Economics Driven by Our Flexibility
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 33 Vendor Flexibility Configuration Flexibility with Superior Energy Density Enclosure Stacking AC and DC Options B-V AULT Battery Storage 0 S u p e r i o r E c o n o m i c s D r i v e n b y O u r F l e x i b i l i t y AC DC
Slide 34: Unique Modular Inverter Design Delivering Highest Availability
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 34 DC-BESS with Central Inverter Loss of central inverter results in the loss of both power and energy capacity from the whole AC bus. AC-BESS with String Inverter Loss of a string inverter results in the loss of both power and energy capacity on the impacted
Slide 35: Superior Economics Driven by Battery Supply Chain Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 35 International • Strategic suppliers • Advanced cell technology • MSA in place to supply both domestic and international projects • Enclosure manufacturing in low tariff regions • Early investor of KORE Power’s domestic battery cell manufactory in Buckeye A
Slide 36: Unprecedented Execution
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 36 We deliver on the most challenging customer requirements Industry Best R&D Developed new hardware and software solution in less than 8 months Most Effective Collaboration Breakdown internal and external barriers “The Best Team Wins” Delivered first three p
Slide 37: Profitability Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 37 B-V AULT Battery Storage 4 Pro f i tab i l i t y S t ra tegy Focused on premium projects B-Vault superior initial and lifetime benefits Higher margin on battery cells from domestic and international investment and relationships State-of-the-Art disruptive
Slide 38: Our Battery Energy Storage Strategy Summary
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 38 B-V AULT Battery Storage Innovate and Disrupt Customer centric culture | Deep industry experience | Focus where our approach is most valued 5 Our Bat tery Energy Storage St ra tegy Summary Maximize ROI for Customers State-of-the-Art B-Vault platform | High
Slide 40: Fireside Chat
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4037 F IRES IDE R O B E R T P I C O N I Chairman of the Board & Chief Executive Officer B I L L B A K E R Consulting Partner at SOM Distinguished Member of the American Society of Civil Engineers CHAT Skidmore, Owings & Merrill
Slide 41: Bill Baker
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4138 B I L L B A K E R B i l l B a k e r i s o n e o f t h e w o r l d ’ s l e a d i n g s t r u c t u r a l e n g i n e e r s . H e h a s d e s i g n e d s e v e r a l o f t h e w o r l d ’ s t a l l e s t b u i l d i n g s i n c l u d i n g t h e w o r l d
Slide 42: Next generation of gravity solutions for mixed-use urban and non-urban environments
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 4239 Designed many of the world’s most well-known buildings, including Burj Khalifa, Jin Mao Tower, Sears Tower, and One World Trade Center. Widely-acclaimed architectural, technological, and structural innovations have paved the way for tall buildings around
Slide 60: G-Vault Gravity Storage Overview and Introducing Expanded Portfolio
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 60 G - V A U L T GR AV I T Y S TOR A GE O V E R V I E W A N D I N T R O D U C I N G E X P A N D E D P O R T F O L I O 57
Slide 61: Commercial Success: $100M Bookings, 90%+ Gross Margin
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 61 Commercial Success $100M Bookings, 90%+ Gross Margin 58 EVx: 3.7GWh of projects announced G-V AULT Gravity StorageE x p a n d e d P o r t f o l i o I n c r e a s e s a d d r e s s a b l e m a r k e t s i z e a n d a c c e l e r a t e s a d o p t i o n t i
Slide 63: U.S. grid could use between 220 and 460 gigawatts of Longer Duration Energy Storage
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 63 “ “The U.S. grid could use between 225 and 460 gigawatts of Longer Duration Energy Storage by 2050, requiring $330 billion in capital on the same timeline J i g a r S h a h – D i r e c t o r o f D O E L o a n P r o g r a m O f f i c e 0
Slide 66: Gravity Longer Duration Energy Storage
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 66 G R A V I T Y L O N G E R D U R A T I O N E N E R G Y S T O R A G E M a r c o Te r r u z z i n C h i e f C o m m e r c i a l & P r o d u c t O f f i c e r 3
Slide 67: Our Gravity Business Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 67 G-V AULT Gravity Storage Be the market leader for large-scale, longer-duration energy storage solutions Expand and Accelerate Market Adoption 4 Our Grav i ty Bus iness St ra tegy Always Profitable Constant Improvement of Unit Economics 1 2 3
Slide 68: Our Customers Enjoy Unique Benefits from Our Gravity Technology
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 68 G-V AULT Gravity StorageOur Customers En joy Un ique Benef i t s f rom Our Grav i t y Techno logy 5 Proven Technology Decouple of power and duration | 80%+ RTE* | Energy density High Sustainability Safety | 35+ year life | Circular economy | Minimal OPEX |
Slide 69: Commercial Success: $100M Bookings, 90%+ Gross Margin
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 69 Commercial Success $100M Bookings, 90%+ Gross Margin 6 EVx: 3.7GWh of projects announced G-V AULT Gravity StorageE x p a n d e d P o r t f o l i o I n c r e a s e s a d d r e s s a b l e m a r k e t s i z e a n d a c c e l e r a t e s a d o p t i o n t i m
Slide 70: Expanded Gravity Portfolio
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 70 G-V AULT Gravity Storage 67 E x p a n d e d G r a v i t y P o r t f o l i o I n c r e a s i n g A d d r e s s a b l e M a r k e t S i z e & A c c e l e r a t i n g A d o p t i o n T i m e l i n e S t r u c t u r a l a n d m o v i n g m a s s c o m p o s i
Slide 71: Expanded Gravity Portfolio: Unit Cost Attractiveness
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 71 EVu EVc EVy EVo Unit Cost Attractiveness G-V AULT Gravity Storage 68 E x p a n d e d G r a v i t y P o r t f o l i o I n c r e a s i n g A d d r e s s a b l e M a r k e t S i z e & A c c e l e r a t i n g A d o p t i o n T i m e l i n e
Slide 72: RTE Comparison for Long Duration Energy Storage Technologies
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 72 RTE Comparison for Long Duration Energy Storage Technologies1 CAES2 FLOW BATTERY RTE (%) OUR GRAVITY DOE’S LIFTOFF TARGET 80-85% 75-80% LAES3 40-70% 40-70% 55-75% 40% 80% RTE dictates ROI of storage solution Other Longer Duration Storage Technologies O ur
Slide 73: Levelized Cost of Storage Surpasses DOE expectations
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 73 O u r g r a v i t y s o l u t i o n L e v e l i z e d C o s t o f S t o r a g e ( L C O S ) S u r p a s s e s D O E e x p e c t a t i o n s Long Duration LCOS ($/MWh) LCOS ($/MWh) LCOS dictates ROI of storage solution Return To build and operate for full l
Slide 74: Earlier Gravity Adopters
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 74 Earlier Adopter Characteristics Energy independence sentiments Strong local sourcing mandates & desires More centralized renewable policy & planning Incentives for renewable energy Lithium-ion alternative South African Development Community (SADC) China Au
Slide 75: What We Sell, How We Sell, Who We Sell To
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 75 G-V AULT Gravity Storage What We Sell The complete Gravity portfolio Al l the Oppor tun i t i es in F ron t o f Us 2 How We Sell Land IP license deals for the technology with the lowest barriers to entry Cross-sell to other technology in the portfolio Expa
Slide 76: Our Gravity Business Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 76 G-V AULT Gravity Storage Be the market leader for large-scale, longer-duration energy storage solutions Accelerate Market Growth Solution optionality | technical optimization | economic attractiveness 3 Our Grav i ty Bus iness St ra tegy Always Profitable
Slide 78: ~10X increase in annual Clean Hydrogen production
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 78 “ “~10X increase in annual Clean Hydrogen production and ~1000X increase in Electrolyzer production capaci ty f rom 2020 to 2030 - I E A 5
Slide 79: Hydrogen Ultra-Long Duration Energy Storage
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 796 H Y D R O G E N U L T R A - L O N G D U R A T I O N E N E R G Y S T O R A G E D r . C r a i g R . H o r n e , P h D V i c e P r e s i d e n t , A d v a n c e d E n e r g y S o l u t i o n s
Slide 80: Our Clean Hydrogen Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 80 H-V AULT Hybrid and Hydrogen Storage Enter burgeoning market in logical segments and position for subsequent long- term growth and market share expansion 77 Our C lean Hydrogen St ra tegy Enter market with a catalyst project and market participation Subseq
Slide 81: Hydrogen Is Undergoing Transformational Growth
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 81 H-V AULT Hybrid and Hydrogen Storage 78 Hydrogen Is Undergo ing Trans format iona l Growth SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector Hydrogen market size is forecasted to grow form $260B to $1.6T from
Slide 82: Catalyst Project: Market Entry
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 82 H-V AULT Hybrid and Hydrogen Storage • World’s first operational and most significant utility-scale green hydrogen based ultra long duration energy storage endeavor • Community-scale, clean hydrogen microgrid for the city of Calistoga, CA • Provides zero-e
Slide 83: Catalyst Project: Overcoming Big Challenges
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 83 H-V AULT Hybrid and Hydrogen Storage First-of-a-Kind Customer Requirements • Protection | Black Start | Cold Load Pickup | 48-hr. duration • Frequency & Voltage stability • Low emission • Cost competitive • < 1 acre space First Project of This Type in the
Slide 84: Modular Open Stack Platform for Resilient Microgrids
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 841 H-V AULT Hybrid and Hydrogen StorageCatalyst Project Utilizes Modular Open Stack Platform for Resilient Microgrids Software and services that maximize ROI from market participation B a t t e r y S t o r a g e C l e a n H y d r o g e n F u e l C e l l M u
Slide 85: Catalyst Project: Establish Robust Supply Chain
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 85 H-V AULT Hybrid and Hydrogen Storage for Fuel Cell for liquid hydrogen storage Cata lys t Pro ject : Es tab l i sh Robust Supp ly Cha in 2 Industry leading domestic suppliers with domain expertise, regional experience, established processes and track recor
Slide 86: Catalyst Project: Leverage Critical Learnings
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 86 H-V AULT Hybrid and Hydrogen Storage 3 Cata lys t Pro ject : Leverage Cr i t ica l Learn ings Repeatable Blueprints and Benefits • Design, sell, and deliver similar projects better and faster • Extract desirable profitability for both customers and Energy
Slide 87: Maximizing Participation in Both Production and Consumption
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 87 H-V AULT Hybrid and Hydrogen Storage SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector What Is Producing Clean Hydrogen: Electrolyzer Capacity, GW Who Is Using Hydrogen Hydrogen Production Hydrogen Consumptio
Slide 88: Value Chain Expansion
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 88 H-V AULT Hybrid and Hydrogen Storage 5 SOURCE: IEA Global Hydrogen Review 2023; NET Zero by 2050, A Roadmap for the Global Energy Sector Hydrogen Production Hydrogen Consumption Segment One Store and deliver clean power up to 24 * 7 * 365 and optimize elec
Slide 89: Our Clean Hydrogen Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 89 H-V AULT Hybrid and Hydrogen Storage Enter burgeoning market in logical segments and position for subsequent long- term growth and market share expansion 6 Our C lean Hydrogen St ra tegy 3 Enter market with a catalyst project and market participation Solve
Slide 91: Software is the great enabler of storage
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 91 “ “ A n d y C o l t h o r p e – E d i t o r o f E n e r g y - S t o r a g e . n e w s Storage is the great enabler of the clean energy transit ion and Software is the great enabler of storage…. driving optimal value 88
Slide 92: Software and Services
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 92 S O F T W A R E A N D S E R V I C E S E N E R G Y M A N A G E M E N T | A S S E T M A N A G E M E N T | M A R K E T P A R T I C I P A T I O N 89 A k s h a y L a d w a C h i e f E n g i n e e r i n g O f f i c e r , E V S ™
Slide 93: Our Software Strategy
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 93 Innovate and Disrupt 0 Our Sof tware St ra tegy Maximize ROI for Customers Expand and Annuitize 1 2 3 S o f t w a r e & S e r v i c e s
Slide 94: Variable Renewable Energy Paradigm Shift Has Challenges
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 94 S o f t w a r e & S e r v i c e s Wind & solar variabi l i ty makes it harder to maintain a re l iab le gr id Shorter Duration Battery Storage Longer Duration Gravity Storage Ultra Duration Hydrogen Storage Solar VRE Wind VRE Gas Power Distributed Energy R
Slide 95: Solving VRE Challenges and Driving Its Pervasiveness
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 95 S o f t w a r e & S e r v i c e s The way it has been: • Grid balance is achieved by many independent energy sources • Siloed operation of energy sources is suboptimal and outdated Energy Vault has a better way: • Most modern, state-of-the-art software pla
Slide 96: Business & Operation Support Software (BOSS)
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 96 S o f t w a r e & S e r v i c e s Vault-Manager Investment insight Site and fleet mgmt. Vault-Bidder Market participation Future Apps … BUSINESS SUPPORT SOFTWARE OPERATION SUPPORT SOFTWARE ENERGY ELEMENTS BEING CENTRALLY ORCHESTRATED Energy Storage Element
Slide 97: Smart Orchestration of Multiple Energy Sources
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 97 S o f t w a r e & S e r v i c e s Storage Technology and Vendor Agnostic Vertical and horizontal integration for Battery, Gravity, Hydrogen and other energy sources from any vendor Dual Optimization of Revenue Streams Battery, Hydrogen and Resilient Microg
Slide 98: Advanced Energy Management System
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 98 S o f t w a r e & S e r v i c e s Advanced Energy Management System (EMS) • Hybrid power plant control • Broad application support (eg. Automatic Generation Control (AGC), Virtual Synchronous Generator (VSG), Synthetic Inertia, firm power blocks, renewable
Slide 99: Smart Market Participation
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 99 S o f t w a r e & S e r v i c e s Revenue Maximization • Broad market coverage (CAISO, ERCOT, AEMO, National Grid, Taipower, etc.) • Wholesale market revenue stream optimization • PPA incentive optimization & penalty minimization • Maintenance planning to
Slide 100: Full Asset Management
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 100 Asset Management • Portfolio financial performance tracking and analysis • Asset performance and reliability • Predictive maintenance • Asset lifetime availability improvement • Digital twin site analysis • Visualization and reporting S o f t w a r e & S
Slide 101: Services Portfolio Driven by Software
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 101 S o f t w a r e & S e r v i c e s • EMS Updates & Security • Cloud StorageSOFTWARE M a x i m i z e p e r f o r m a n c e a n d m i n i m i z e r i s k t h r o u g h L o n g - T e r m S e r v i c e A g r e e m e n t ( L T S A ) O f f e r i n g SERVICE EQUI
Slide 102: Software & Service Revenue Streams
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 102 S o f t w a r e & S e r v i c e s One-time Software revenue from initial project delivery and commissioning Annual recurring Software-as-a-Service (SaaS) revenue from VaultOS, Vault- Manager, and Vault-Bidder Annual recurring Service revenue from Long Ter
Slide 103: Our Software Strategy Summary
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 103 S o f t w a r e & S e r v i c e s Accelerate VRE and storage proliferation Disruptive Business & Operation Support Software (BOSS) Innovate and Disrupt Lead the Paradigm Shift | Business & Operation Support Software | AI-powered applications and services
Slide 106: 1Q24 Performance at a Glance
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 106 C O M P A N Y R E V E N U E G R O S S M A R G I N D e l i v e r e d P r o j e c t s $7.8M 26.7% 1.0 GWh C o m p l e t i n g i n i t i a l p r o j e c t s F a v o r a b l e d e l i v e r y m i x T o D a t e C A S H O P E X A D J . E B I T D A C A S H $16.7
Slide 107: 1Q24 Results Summary
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 107 C O M P A N Y 1Q24 Results Summary 4 • 1Q24 revenue of $7.8M driven by projects nearing completion. This compares to $11.4M in 1Q23, in part reflecting seasonality and timing of Revenue associated with G-Vault Licenses. • 1Q24 GAAP gross margin of 26.7% a
Slide 108: 2024 Full-Year Guidance
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 108 C O M P A N Y Revenue $50M - $100M Large-scale project timing weighed towards 4Q’24 and 2025 Gross Margin % reflects favorable revenue mix from IP licensing deals Gross Margin 15% – 25% Adj EBITDA* ($45M) to ($60M) Adj EBITDA expected to improve YoY given
Slide 109: Commercial Pipeline
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 1096 C O M P A N Y C o m m e r c i a l P i p e l i n e • Developed Pipeline: Reflects short listed or awarded projects at gross contract value. • Backlog: Reflects contracted but unrecognized revenue or other income and revenue from projects yet to be complet
Slide 111: Energy Vault Worldwide Project Map
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 111 Energy Vault Worldwide Project Map US HQ: California R&D Center: Virginia Sales & Operation Center: Melbourne Operation Center: Beijing Europe HQ: Lugano, Switzerland Sales & Operation Center: London, UK 08 M A R K E T S t o r a g e M a r k e t O p p o r
Slide 112: Looking Forward: Entering Our Next Growth Phase
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 11209 C O M P A N Y L o o k i n g F o r w a r d E n t e r i n g O u r N e x t G r o w t h P h a s e Leverage critical learnings from Calistoga project for repeatable business - $1B+ market opportunity over next 3 years for Microgrid, Data Center, Backup Power
Slide 113: Margin by Product and Project Type
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 113 C O M P A N Y Solution G-Vault Gravity Storage Software & Services B-Vault Battery Storage H-Vault Hybrid and Hydrogen Storage M a r g i n b y P r o d u c t a n d P r o j e c t T y p e 0 EPC EEQ Largest BESS project win Increasing bankability Grow GM from
Slide 114: Gravity: Recurring & Highly Profitable Revenue Model
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 114 2022 - 2024 YTD # of License Sold 19 Countries Bookings $100M Expected RTE 80-85% Technology Generations 3 Revenue ($) $61M Gross Profit (%) 90%+ Solution Form Factors 4 Cost Reduction (%) 60-78% Financial Technical G-V AULT Gravity Storage 1 Our existing
Slide 115: 2025 Full-Year Guidance
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 115 C O M P A N Y Revenue $450M - $600M Geographical coverage, breadth of portfolio, and planned increasing bankability expected to drive growth Anticipated margin expansion from BESS and IP licensing / royalties Gross Margin 15% – 20% Adj EBITDA* Adj EBITDA
Slide 116: Our First Two Years and Our Next Two Years
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 1163 Our F i rs t Two Years C O M P A N Y Our Next Two Years $487MRevenue 2022 - 2023 Gross Margin Actual 16% $500 - $700M 2024 - 2025 Forecasted 15% - 20% Adjusted EBITDA Positive for Full Year 2025 ~60% of Awards/Short List from existing customers or invest
Slide 117: Sufficient Cash and Liquidity Expected
© 2024 ENERGY VAULT, ALL RIGHTS RESERVED 117 • 2 0 2 4 y e a r - e n d c a s h b a l a n c e a n t i c i p a t e d a t $ 7 5 M – $ 1 2 5 M • L o w e r c a s h o p e x a n t i c i p a t e d t o b e o f f s e t b y t i m i n g o f n e w p r o j e c t s a n d n e w O w n e d & O p e r a t e d p r o j e

Energy Vault Holdings — Q1 2024 Earnings Presentation on 6ix

Energy Vault — Q1 2024 Earnings Presentation

Slide 1: © 2024 ENERGY VAULT, ALL RIGHTS RESERVED 1

Slide 2: Market

Slide 3: Supply and Demand and Decarbonization Conundrum Making Storage an Imperative

Slide 4: Welcome & State of Our Company

Slide 5: Agenda

Slide 6: Our First Two Years…by the numbers

Slide 7: Results start with our people…and Leadership

Slide 8: New Regions, New Customers, New Products, New Market Segments and TAM

Slide 9: Around the World in 10 Days

Slide 10: Annual global investment in the energy transition is at an all-time high

Slide 11: Storage Market Opportunity

Slide 12: Storage Market Opportunity: Demand Growth

Slide 13: Market

Slide 14: Storage Market Opportunity

Slide 15: Storage Market Opportunity Growth Accelerating Worldwide

Slide 16: Storage Market Opportunity by Country

Slide 17: Global Presence and Highest Growth Geographies

Slide 18: Built with Leading Global Strategic Investors

Slide 19: Solving Customer Problems with Broad Portfolio

Slide 20: Our Business Strategy: Focused on Maximizing Value Creation

Slide 21: Our Business Model

Slide 22: Addressing the Largest Market

Slide 23: Looking Forward: Entering Our Next Growth Phase

Slide 24: Our First Two Years and Our Next Two Years

Slide 25: Battery Shorter Duration Energy Storage

Slide 26: Our First Two Years: Battery, Hydrogen and Software

Slide 27: 1.3TWh of new battery storage from 2024 to 2030

Slide 28: Our Battery Energy Storage Strategy

Slide 29: Sustainable differentiation customers value

Slide 30: Project Examples

Slide 31: Leveraged from Our Deep Industry Expertise

Slide 32: B-Vault platform delivers superior benefits and value

Slide 33: Superior Economics Driven by Our Flexibility

Slide 34: Unique Modular Inverter Design Delivering Highest Availability

Slide 35: Superior Economics Driven by Battery Supply Chain Strategy

Slide 36: Unprecedented Execution

Slide 37: Profitability Strategy

Slide 38: Our Battery Energy Storage Strategy Summary

Slide 39: Q&A

Slide 40: Fireside Chat

Slide 41: Bill Baker

Slide 42: Next generation of gravity solutions for mixed-use urban and non-urban environments

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Slide 60: G-Vault Gravity Storage Overview and Introducing Expanded Portfolio

Slide 61: Commercial Success: $100M Bookings, 90%+ Gross Margin

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Slide 63: U.S. grid could use between 220 and 460 gigawatts of Longer Duration Energy Storage

Slide 64: The force of gravity is proven

Slide 65: Energy Vault has a better way… to use gravity

Slide 66: Gravity Longer Duration Energy Storage

Slide 67: Our Gravity Business Strategy

Slide 68: Our Customers Enjoy Unique Benefits from Our Gravity Technology

Slide 69: Commercial Success: $100M Bookings, 90%+ Gross Margin

Slide 70: Expanded Gravity Portfolio

Slide 71: Expanded Gravity Portfolio: Unit Cost Attractiveness

Slide 72: RTE Comparison for Long Duration Energy Storage Technologies

Slide 73: Levelized Cost of Storage Surpasses DOE expectations

Slide 74: Earlier Gravity Adopters

Slide 75: What We Sell, How We Sell, Who We Sell To

Slide 76: Our Gravity Business Strategy

Slide 77: Q&A

Slide 78: ~10X increase in annual Clean Hydrogen production

Slide 79: Hydrogen Ultra-Long Duration Energy Storage