Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Investor Presentation (September 2022)

43 slides from Energy Vault's investor presentation, Sep 22, 2022

Slide 2: Disclaimer: Forward-Looking Statements
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 2 Disclaimer Forward-Looking Statements This presentation includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-look
Slide 3: Energy Vault at-a-Glance
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 3 Energy Vault at-a-Glance 1 As of 9/22/2022 2 Estimated 2030 SAM for BESS + GESS, as of September 2022 Diverse Customer & Strategic Partner Base Pure-play energy storage technology company that delivers turn-key energy storage solution
Slide 4: Who We Are and What We Do
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 4 Who We Are and What We Do Identify, develop and bring to market the most economical, flexible and sustainable energy storage solutionsMISSION • Energy Vault Solutions (EVS): Our Energy Management Software (EMS) for maximizing the appl
Slide 5: Energy Management Software Differentiation
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 5 Energy Management Software Differentiation Only solution with modular and flexible architecture that can implement and integrate any combination of assets across all three solution layers: Applications Storage technology Generation te
Slide 6: The Energy Vault Differentiated Solution
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 6 The breakthrough technology providing an elegant long-duration solution with competitive economics and a lifetime round-trip efficiency (RTE) of over 80%. The purpose-built AC block leveraging an innovative architecture to lower cost,
Slide 7: The Energy Vault Investment Thesis
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 7 The Energy Vault Investment Thesis Pure-play energy storage technology company that provides flexible, reliable and economical grid-scale solutions for our global customers • Early adopters and strategic investors such as Korea Zinc,
Slide 8: Experienced Management Team & Board of Directors
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 8 Experienced Management Team & Board of Directors Management Team Robert Piconi Co-Founder & Director Prior Executive leadership roles in Fortune 100 public companies across various industries BBA University of Notre Dame; MBA Northwes
Slide 9: Notable Activities Over the Past Years
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 9 Notable Activities Over the Past Years Making significant operational and commercial progress Successful deployment of the EV1 system EARLY 2020 Official launch of the EVx system APR 2021 Announces 1.6 GWh agreement with DG Fuels to d
Slide 11: Our Long Duration Solution: EVx
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 11 Our Long Duration Solution: EVx Gravity-based energy storage system offers competitive levelized storage cost versus any current and future technology alternatives No topographical / geologic dependencies, can be built anywhereyou ca
Slide 12: How EVx Works
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 12 Variable Renewable Energy Sy st em C ha rg in g System D ischarging Stored Energy Dispatched PHYSICS FUNDAMENTALS Kinetic energy is the energy which a body possesses by virtue of being in motion. Potential energy is energy stored in
Slide 13: The EVx System
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 13 The EVx System 1 2 3 4The FOUNDATION is built by the EPC (engineering, procurement, construction) to local building code standards; depth and area specifications vary based on the size of the unit and the geology of the site. The FIX
Slide 14: Mobile Masses: Circular approach to production design
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 14 Mobile Masses Circular approach to production design Energy Vault’s commitment to sustainability is reflected in our circular approach to production design which includes the use of locally sourced materials and repurposing of recycl
Slide 15: Continuous Improvement for CapEx and LCOS
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 15 Continuous Improvement for CapEx and LCOS Key Levers For Cost Reduction: • Optimization of construction materials • Normalization of raw cost including steel • Economies of scale for manufacturing power electronics • Construction aut
Slide 17: Our Integration Solution: The Energy Management Software
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 17 Our Integration Solution: The Energy Management Software TECHNOLOGY-NEUTRAL CONTROL Integrates across multiple asset classes including storage, generation and transmission via modular software architecture, providing a variety of ass
Slide 18: Our Short-Duration Solution: Battery Energy Storage System
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 18 Energy Vault 40’ BESS System Our Short-Duration Solution: Battery Energy Storage System RELIABLE DELIVERY Integrates hardware components from a diverse network of battery and power electronics manufacturers, reducing the risk of supp
Slide 19: EVS – Positioned to Add Value in the Energy Storage Industry
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 19 EVS – Positioned to Add Value in the Energy Storage Industry Today RELIABLE DELIVERY Integrates hardware components from a diverse network of Tier 1 battery and inverter suppliers, reducing supply chain constraints and risking projec
Slide 21: Beneficiary of Inflation Reduction Act
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 21 Beneficiary of Inflation Reduction Act Accelerates adoption of Energy Vault’s innovative energy storage technologies • The Inflation Reduction Act (“IRA”) includes $369B of new spending specifically aimed at the clean energy industry
Slide 22: Technology Portfolio Aligns with Primary Market Demand
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 22 Energy Vault’s Technology Portfolio Aligns with the Primary Market Demand for 2-12+ Hour Discharge Duration 5 25% Duration (hours) R ou nd -tr ip E ffi ci en cy (R TE ) ( % ) 50% 75% 10 100 100% Lithium-ion Flow Batteries Thermal Sto
Slide 24: Near-Term Commercial Activities
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 24 Near-Term Commercial Activities Abundant opportunities to gain profitable market share in BESS and GESS Submitted Proposals • 12.8 GWh • Potential Bookings ~$4B Short-Listed • 2.0 GWh • Potential Bookings ~$650M Awarded • 3.7 GWh • P
Slide 25: Financial Guidance
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 25 Financial Guidance Reiterating confidence in achieving our targeted financial plan • Aggregate 2022-2023 Revenue: ~$680M • 2022 Revenue: $75-100M • 2023 Revenue: ~$600M Revenue Forecast • Signed contracts and strength of near-term sa
Slide 27: Recent Key Takeaways and Updates
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 27 Recent Key Takeaways and Updates Executing on our engineering and software development plans to support upcoming customer deployments in line with our plans for the Gravity and EV Solutions portfolio Focus on R&D, innovation and cont
Slide 28: Rudong China Project Progress
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 28 Rudong China Project Progress Advancing construction on the first global GESS deployment Multiple exciting royalty opportunities are under discussion, including ~2 GWh of additional projects from CNTY • First commercialized GESS proj
Slide 29: Jupiter Power Deal Announcement
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 29 220 MWh battery storage deployment with Jupiter Power Deal Announcement – Jupiter Power Executing on the EVS Strategy COD: 2H23 One of the first deliveries of EVS proprietary battery hardware integration system and deployment of EMS
Slide 30: Wellhead Electric Deal Announcement
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 30 275 MWh battery storage deployment with Wellhead Electric Deal Announcement – Wellhead Electric Executing on the EVS Strategy COD: 2H23 One of the first deliveries of EVS proprietary battery hardware integration system and deployment
Slide 31: Q2 2022 Results Versus Q1 2022
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 31 Q2 2022 Results Versus Q1 2022 $’s in millions • $1M of revenue reflects Atlas construction support services provided in quarter • OPEX (excluding stock-based compensation) increased $2.8M versus Q1 2022 ◦ Stock-based compensation wa
Slide 32: Q2 2022 Adjusted EBITDA Reconciliation
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 32 Q2 2022 Adjusted EBITDA Reconciliation $’s in 000 • Q2 EBITDA of ($5.2M) driven by OPEX offset by Warrant mark-to- market gain • Adding back non-cash items of ($9.0M) to EBITDA resulted in Adjusted EBITDA of ($14.2M) ◦ $6.7M Stock-ba
Slide 33: Q2 YTD Adjusted EBITDA Reconciliation
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 33 Q2 YTD Adjusted EBITDA Reconciliation $’s in 000 • YTD EBITDA of ($24.0M) driven by the change in fair value of our warranty liability, transaction costs from our IPO, and stock-based compensation mainly driven by the acceleration of
Slide 35: Energy Storage Market and Drivers
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 35 NEED FOR LONG-TERM STORAGE ENERGY COST FROM VRE VRE GROWTH DEPENDENCY ON VRE NEED FOR SHORT-TERM STORAGE DEPENDENCY ON VRE DURING NON-GEN TIMES Energy Storage Market and Drivers Positioned for a constantly evolving renewable landscap
Slide 36: Energy Vault's Key Customer Needs
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 36 Energy Vault’s Key Customer Needs Energy storage growth in the U.S. power sector is characterized by a progression of deployments that aligns duration with specific services and storage technologies. This is driven by market need and
Slide 37: Distinctive Competitive Positioning
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 37 Distinctive Competitive Positioning EVS™ developed software + EVx hardware responds to a clear market need for SW+HW capabilities with short and long energy storage durations Hardware & Software Hardware Centric Software Centric Shor
Slide 38: Years of Technology and Materials Innovation
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 38 5 Years of Technology and Materials Innovation 2017 2018 2019 2020 2021 Computer AI & Machine Vision Software Concept Design and ¼ scale Prototype Te ch no lo gy T im el in e EVx™ EVRC™ Product Launch 35 MWh CDU Commissioning Grid-Co
Slide 39: Patent Portfolio and Key Intellectual Property Overview
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 39 Patent Portfolio and Key Intellectual Property Overview Energy Vault has taken a deliberate and thoughtful approach to protecting its IP and trade secrets Our patents and pending patent applications provide a competitive advantage ov
Slide 40: Sustainability Framework
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 40 Sustainability Framework Committed to developing sustainable and economic energy storage systems To end global reliance on fossil fuels by facilitating the transition to renewables through developing energy storage systems • Formatio
Slide 41: Maximize Environmental Sustainability Initiative
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 41 Maximize Environmental Sustainability Initiative Key Levers to maximize GESS Environmental sustainability Construction materials, primarily concrete and steel within the fixed frame of GESS, dominate CO2 footprint Cement and concrete
Slide 42: Circular Economies Create Economic Value
© ENERGY VAULT – ALL RIGHTS RESERVED Enabling a Renewable World 42 Circular Economies Create Economic Value While Eliminating Environmental Liabilities C oa l A sh R em ed ia tio n (C C R ) Unrecycled coal ash waste from the Marshall steam station in Salisbury, NC contaminates ground and wildlife Fl

Energy Vault Holdings — Investor Presentation (September 2022) on 6ix

Energy Vault — Investor Presentation (September 2022)

Slide 1: Energy Vault: The Preeminent Energy Storage Company

Slide 2: Disclaimer: Forward-Looking Statements

Slide 3: Energy Vault at-a-Glance

Slide 4: Who We Are and What We Do

Slide 5: Energy Management Software Differentiation

Slide 6: The Energy Vault Differentiated Solution

Slide 7: The Energy Vault Investment Thesis

Slide 8: Experienced Management Team & Board of Directors

Slide 9: Notable Activities Over the Past Years

Slide 10: EVx, Gravity Based Energy Storage System

Slide 11: Our Long Duration Solution: EVx

Slide 12: How EVx Works

Slide 13: The EVx System

Slide 14: Mobile Masses: Circular approach to production design

Slide 15: Continuous Improvement for CapEx and LCOS

Slide 16: Energy Vault Solutions (EVS)

Slide 17: Our Integration Solution: The Energy Management Software

Slide 18: Our Short-Duration Solution: Battery Energy Storage System

Slide 19: EVS – Positioned to Add Value in the Energy Storage Industry

Slide 20: Industry Overview

Slide 21: Beneficiary of Inflation Reduction Act

Slide 22: Technology Portfolio Aligns with Primary Market Demand

Slide 23: Commercial and Financial Progress

Slide 24: Near-Term Commercial Activities

Slide 25: Financial Guidance

Slide 26: Recent Updates & Quarterly Financials

Slide 27: Recent Key Takeaways and Updates

Slide 28: Rudong China Project Progress

Slide 29: Jupiter Power Deal Announcement

Slide 30: Wellhead Electric Deal Announcement

Slide 31: Q2 2022 Results Versus Q1 2022

Slide 32: Q2 2022 Adjusted EBITDA Reconciliation

Slide 33: Q2 YTD Adjusted EBITDA Reconciliation

Slide 34: Appendix

Slide 35: Energy Storage Market and Drivers

Slide 36: Energy Vault's Key Customer Needs

Slide 37: Distinctive Competitive Positioning

Slide 38: Years of Technology and Materials Innovation

Slide 39: Patent Portfolio and Key Intellectual Property Overview

Slide 40: Sustainability Framework

Slide 41: Maximize Environmental Sustainability Initiative

Slide 42: Circular Economies Create Economic Value

Slide 43: a Renewable World