Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — Q1 2023 Earnings Presentation

21 slides from Energy Vault's earnings presentation, May 9, 2023

Slide 1: Energy Vault Investor Presentation First Quarter 2023
ENERGY VAULT l Preeminent Energy Storage Company INVESTOR PRESENTATION l First Quarter 2023 © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements during which we will be an emerging growth company under the non-GAAP measures are not a substitute for, or superior to, indicate, in any way, that we will not assert, to the fullest extent JOBS Act; our future capital requirements and sources and uses GAAP meas
Slide 3: 1Q23 Key Takeaways and Updates
1Q23 Key Takeaways and Updates Commercial activities and project deployment continues to progress Recorded new project awards of approximately $1 billion or Rudong, China on track for mechanical completion and start 2.8 GWh, ~$725 million of which were for our gravity EVx, of commissioning in 2Q23.
Slide 4: Near-Term Commercial Activities
Near-Term Commercial Activities Continued Commercial Momentum and Growth During the Quarter Submitted Proposals (GWh) Short-listed (GWh) +37% +35% 3Q22 4Q22 1Q23 3Q22 4Q22 1Q23 Submitted Proposals (GWh) Short-listed (GWh) Awarded (GWh) Booked Orders +78% 3Q22 4Q22 1Q23 3Q22 4Q22 1Q23 Awarded (GWh) B
Slide 5: Near-Term Commercial Activities: Flow Through to Booked Orders
Near-Term Commercial Activities Attractive Growth at Front End With Flow Through and Conversion to Booked Orders 935 MWh to be FLOW THROUGH deployed in 2023 SUBMITTED SHORT-LISTED AWARDED BOOKED PROPOSALS ORDERS 27.8 GWh 2.7 GWh 6.4 GWh 1,635 MWh Potential Bookings Potential Bookings Potential Booki
Slide 6: Rudong China Project Progress
Rudong China Project Progress Advancing construction on the first global gravity storage deployment • Will be the first commercialized GESS project in the world, Site Construction Progress providing 25 MW / 100 MWh • Represents the first licensing/royalty project • Mechanical completion and commissi
Slide 7: China and Mongolia Trip Summary
China and Mongolia Trip Summary Energy Vault CEO recently visited China to engage with key stakeholders and discuss sustainable energy solutions • Visited the deployment site of the EVx™ gravity energy storage system (GESS) in Rudong, China and CNTY's manufacturing facilities. • Energy Vault's EVx™
Slide 10: Power Electronic and Mechanical System Development
Power Electronic and Mechanical System Development Main system mechanical components, all fabricated locally on its CNTY Campus in Hiaan City © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED Enabling a Renewable World 10
Slide 12: Our Focus
Our Focus Delivering for our shareholders and customers Providing Customers Growing Shareholder Value With World Class Execution With Sustained Profitability • Win attractive deals • Expand gross margin • Execute & own best footprint • Optimize operating cost baseline • Earn credibility • Set trajec
Slide 13: Energy Vault Software Differentiation
Energy Vault l Software Differentiation Only software solution with modular and flexible architecture that can implement and integrate any combination of assets across all three solution layers: Applications Storage technology Generation technology Configuration Flexibility Delivers optimized cost t
Slide 14: Energy Vault Differentiated Solutions
Energy Vault l Differentiated Solutions Turnkey customer offerings include Gravity (GESS), Battery (BESS) and other energy storage solutions overlayed by our Energy Management System (EMS) software Energy Management System Long Duration first true technology-neutral software 4-12hrs duration with GE
Slide 15: Global Customers: Utilities, IPPs, and Large Energy Users
Global Customers l Utilities, IPPs, and Large Energy Users Customer Type Technology Focus Contract Types Utilities Short Duration (BESS) Engineering Procurement and Construction (EPC) + Long Term Independent Power Producers (IPP) Long Duration (GESS) Service Agreement (LTSA) Large Energy Users Ultra
Slide 17: Reiterating Financial Guidance
Reiterating Financial Guidance Timing of project start-up and delivery provides visibility on future revenue Revenue • 2023E Revenue: $325M-425M Forecast • Contracted revenue and expected $425M Visibility 2023 project COD $325M into revenue • GESS growth through additional geographic expansion forec
Slide 19: Q1 2023 Results Versus Q4 2022
Q1 2023 Results Versus Q4 2022 $’s in mi ions Q1 2023 Q4 2022 Change Bookings [MWH] — 1,140 (1,140) • Q1 2023 revenue and gross margin primarily due to advancement on the Bookings [$] $ — $ 282.4 $ (282.4) omp ny’s BESS p oj c s. Revenue $ 11.4 $ 100.3 $ (88.9) • OPEX (excluding stock-based compensa
Slide 20: Q1 2023 Adjusted EBITDA Reconciliation
Q1 2023 Adjusted EBITDA Reconciliation $’s in mi ions Q1 2023 Q4 2022 Change • Q1 EBITDA of $(32.9)M driven primarily by operating expenses. Net loss (GAAP) $ (31.2) $ (23.3) $ (7.9) Non-GAAP Adjustments: • Adding back non-cash items of $13.9M to EBITDA resulted in Adjusted EBITDA Interest income, n

Energy Vault Holdings — Q1 2023 Earnings Presentation on 6ix

Energy Vault — Q1 2023 Earnings Presentation

Slide 1: Energy Vault Investor Presentation First Quarter 2023

Slide 2: Disclaimer

Slide 3: 1Q23 Key Takeaways and Updates

Slide 4: Near-Term Commercial Activities

Slide 5: Near-Term Commercial Activities: Flow Through to Booked Orders

Slide 6: Rudong China Project Progress

Slide 7: China and Mongolia Trip Summary

Slide 8: Rudong China Project – Construction Progress

Slide 9: Rudong China Project – Construction Progress

Slide 10: Power Electronic and Mechanical System Development

Slide 11: B-VAULT Production

Slide 12: Our Focus

Slide 13: Energy Vault Software Differentiation

Slide 14: Energy Vault Differentiated Solutions

Slide 15: Global Customers: Utilities, IPPs, and Large Energy Users

Slide 16: Financial Guidance

Slide 17: Reiterating Financial Guidance

Slide 18: Quarterly Financials

Slide 19: Q1 2023 Results Versus Q4 2022

Slide 20: Q1 2023 Adjusted EBITDA Reconciliation

Slide 21: © 2023 ENERGY VAULT HOLDINGS INC. - ALL RIGHTS RESERVED