Energy Vault Holdings, Inc. · NYSE:NRGV

Energy Vault — SPAC Merger (September 2021)

51 slides from Energy Vault's SPAC merger presentation, Sep 9, 2021

1. Slide 1: Investor Presentation September 2021

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Investor Presentation September 2021

2. Slide 2: Disclaimer

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Disclaimer 2 This presentation (together with oral statements made in connection herewith, this “Presentation”) is for informational purposes only . This Presentation s

3. Slide 3: Disclaimer (cont.)

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Disclaimer (cont.) 3 If any of these risks materialize or Novus’s or Energy Vault’s assumptions prove incorrect, actual results could differ materially from the results

4. Slide 4: Risk Factors

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Risk Factors 4 Unless the context requires otherwise, all references to the “Company,” "we” “us” or “our" refer to the business of Energy Vault, Inc . and its consolida

5. Slide 5: Risk Factors (cont.)

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Risk Factors (cont.) 5 Business and Operating Risks ; Projections (cont . ) – The performance of our systems may be affected by factors outside of our control, which co

6. Slide 6: Risk Factors (cont.)

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Risk Factors (cont.) 6 Other Risks (cont . ) – We do not intend to pay dividends for the foreseeable future . – We will have broad discretion in the use of the net proc

7. Slide 7: Transaction Summary

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Transaction Summary Energy storage momentum is one of the largest and most compelling new market opportunities Significant TAM with ~$640bn global investment in energy

8. Slide 8: The Global Energy Transition Has Significant Momentum

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED The Global Energy Transition Has Significant Momentum from Society, Investors, Corporations and Governments Investor Demand Corporate Demand Regulation / Spending Econo

9. Slide 9: Energy generation on demand: Energy Vault gravity-based storage

   Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 9 ~100m (350ft) Solar Project: Energy generation from sunrise to sunset Energy Vault: Energy generation on demand 9 Mohammed Bin Rashid Al Maktoum Solar Park 1.05 GW ex

10. Slide 10: Our Vision and Mission

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 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,

11. Slide 11: Executive Leadership Team

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED R o b e r t P i c o n i Co - Founder & CEO A n d r e a P e d r e t t i Co - Founder & CTO Andrea Wuttke Chief Financial Officer M e r r i c k K e r r Chief Commercial O

12. Slide 12: Contents

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Contents 1. Market Opportunity 2. Company and Technology 3. Customers and Growth Visibility 4. Financial Profile 5. Transaction Overview 6. Appendix 12

13. Slide 13: 1. Clear Market Need for Energy Vault

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 1. Clear Market Need for Energy Vault

14. Slide 14: Renewables Share of Production to Substantially Increase

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 6 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Renewables as Percent of Total Production to Substant

15. Slide 15: Increase in Renewables is Driving Demand for Energy Storage

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED The Increase in Renewables is Driving Demand for Energy Storage Global grid - scale energy storage projects are projected to increase more than 6x in capacity over the

16. Slide 16: Energy Storage Technology Landscape

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 90% 5 % 5 % Source: Bloomberg NEF, DOE global storage database Chemical % of Global Storage Capacity Today Tech Category Tech Examples Pumped Hydro Other Thermal / Flow

17. Slide 17: Energy Vault's Technology Meets Customer Needs

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Pumped Hydro Lithium¹ Other Mech. / Thermal Cost ▪ Capex, opex and end - of - life ▪ Degradation Size / Scale ▪ Ability to serve GWh / utility scale storage needs ▪ Sig

18. Slide 18: Alignment with 2-12+ Hour Discharge Duration Demand

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 5 25% Duration (hours) Round - trip Efficiency (RTE) (%) 50% 75% 10 100 100% Energy Vault’s Technology Aligns with the Primary Market Demand for 2 - 12+ Hour Discharge

19. Slide 19: 2. Energy Vault Overview

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 2. Energy Vault Overview

20. Slide 20: Company Evolution: 5 Years of Testing and Validation

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Grid - Connected July 2020 2017 2018 2019 2020 Technology Principles Validation Concept Design and ¼ Scale Prototype Commercial Demonstration Unit (CDU) Design & Mobile

21. Slide 21: Unmatched Energy Storage Breakthrough

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Energy Vault: Unmatched Energy Storage Breakthrough Combining conventional physics with 21st century software and material science Shipping Industry Crane Industry Indu

22. Slide 22: EVx: Core Proven Technology In a Box

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED EV x : Core Proven Technology “In a Box” Simplified “Building Design” (compliant with all international building codes) Modular and Flexible (duration and size) Fully R

23. Slide 23: Patent Portfolio and Key Intellectual Property Overview

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Energy Vault has taken a deliberate and thoughtful approach to protecting its IP and trade secrets 4 Issued patents in the US 20 Pending¹ patents, 18 of which are inter

24. Slide 24: First Commercial Scale System in Switzerland

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 24 The first Commercial Scale system in Switzerland validated the Foundational Technology Connected to the Swiss National Grid in July 2020

25. Slide 25: EV Performance Results Above Expectations

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED EV 1 Performance Results Above Expectations Round - Trip Efficiency Above Initial Target Round - trip Efficiency (RTE): Extensive test campaign, with results presented

26. Slide 26: Physically Smaller Solution than Existing Energy Infrastructure

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Physically Smaller Solution than Existing Energy Infrastructure Illustrative Height Comparison to Existing Infrastructure 900 ft EV x (Fully Modular System) Proposed de

27. Slide 27: Technology Significantly Outperforms New Entrants on LCOE

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 185 111 248 194 149 130 128 122 119 115 112 104 95 85 65 Source: Bloomberg NEF June 2020 Energy Storage Review. ¹ Levelized cost of energy assumes one cycle per day for

28. Slide 28: Cost and Performance Advantage Over Lithium-ion

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Cost and Performance Advantage Over Lithium - ion 10 MW / 40MWh (4 Hour System) Lithium - ion Lithium - ion Total Cost of Ownership (in $/kWh ac) 2021 Capex (initial ou

29. Slide 29: Circular Economies Create Economic Value

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Source: American Coal Ash Association, IEA, Global Wind Energy Council ¹ North Carolina Public Staff Utilities Commission, S&P Global, Earthjustice; calculated based on

30. Slide 30: Illustrative Replacement of 3 GW Coal Power Plant

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Source: Clean Air Task Force ~100m (350ft) ~275m (900ft) Illustrative Replacement of 3 GW Coal Power Plant with Energy Vault Storage + Solar After : Energy Vault Resiliency Center Before : Coal - Fired Power Station 30 Energy Vault Re

31. Slide 31: Purpose-Built to Serve the Global Energy Transition at Scale

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Energy Vault is Purpose - Built to Serve the Global Energy Transition at Scale Gravity - based energy storage system offers a lower expected levelized cost than any cur

32. Slide 32: 3. Customers and Growth Visibility

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 3. Customers and Growth Visibility

33. Slide 33: Customer Engagements Rapidly Expanding, Global

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED $ 32+ billion sales funnel of customer engagements under discussion over the next 5 years¹ Customer Engagements Rapidly Expanding, Global Blue - Chip Engagements 33 ¹ R

34. Slide 34: Project Delivery Scope

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Project Delivery Scope Outsourced assembly and construction model supports rapid growth and global execution M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Planning & Procureme

35. Slide 35: Early-Stage Opportunities Provide Robust Visibility

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 2,845 6,366 8,980 6,828 7,452 2,845 9,211 18,191 25,019 32,471 Stage 5 Stage 4 Stage 3 Stage 2 Stage 1 Early - Stage Opportunities Provide Robust Visibility | $ in mill

36. Slide 36: Key Customer Deployments Under Discussion

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Q4 2021 to Q2 2022 Key Customer Deployments Under Discussion 7 customer projects projected to reach NTP over the next 12 months underpinned by executed agreements or le

37. Slide 37: Bookings, Deliveries, and Revenues

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED $ 96 $ 67 $ 263 $ 962 $ 0 $ 148 $ 535 Q42020 2021 2022 2023 Bookings, Deliveries, and Revenues 37 Bookings and Deliveries (MWh) Bookings and Revenues ($mm) Bookings Del

38. Slide 38: Energy Vault Owned Business Contribution

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Customer Owned 2024 Business Contribution Revenues Gross Income Adj. EBITDA¹ $1,460 $414 $322 Number of Projects Average Project Size (MWh) Average selling price ($/kWh

39. Slide 39: 4. Financial Profile

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 4. Financial Profile

40. Slide 40: Two Complementary Revenue Models

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Two Complementary Revenue Models Based on Customer Preference Customer Owned 40 Customer Owned Energy Vault Owned Payment Structure ▪ 20% at Contract Signing ▪ 10% at S

41. Slide 41: Projected Financial Profile

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED $25 $211 $193 $156 $122 2021 2022 2023 2024 2025 Tech & Other Mobile Mass Machines (MMM) Equity Project Co-Investments ($61) ($221) ($90) $210 $540 2021 2022 2023 2024

42. Slide 42: Projected Cash Needs To Fund Growth

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED ▪ 2021 – 2022: Initial investments in company - owned projects help drive market adoption and future growth ▪ 2023 – 2024: Impacts of product cost out, project mix enha

43. Slide 43: 5. Transaction Overview

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 5. Transaction Overview

44. Slide 44: Process Description and Transaction Highlights

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Process Description Transaction Highlights ¹ Represents $17.6mm of existing cash on balance sheet as of 30 - Jun - 2021 and $98.3mm of proceeds from Series C capital ra

45. Slide 45: Operational Benchmarking

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 0 % 5% 10% 15% 20% 25% 30% 35% 0 % 25% 50% 75% 100% 125% Operational Benchmarking 2023E – 2024E Revenue Growth | 2023E EBITDA Margin Energy Storage Technology Energy Tr

46. Slide 46: Valuation Benchmarking: EV / Revenue

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 0.7 x 4.3 x 1.0 x 1.3 x 7.7 x 8.9 x 1.8 x 4.4 x 0.6 x 8.0 x 7.3 x 7.2 x 9.7 x Energy Vault STEM EOSE GWH Shoals ENPH ARRY SEDG ATHN CHPT EVGO FCEL TSLA Median: 5.8x 2.1

47. Slide 47: Valuation Benchmarking: EV / EBITDA

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 11.1x 29.5x 40.6x NM 30.4x 41.0x 14.4x 26.0x NM NM NM NM 51.3x Energy Vault STEM EOSE GWH Shoals ENPH ARRY SEDG ATHN CHPT EVGO FCEL TSLA Median: 30.4x 3.1x 15.6x 11.2x

48. Slide 48: Fully Distributed Enterprise Value Sensitivities

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED $ 2,140 $ 3,038 $ 2,662 $ 4,394 $ 1,134 $ 6,420 $ 3,481 $ 10,252 Transaction Value EV / 2023E Revenue EV / 2024E Revenue EV / 2023E EBITDA EV / 2024E EBITDA Fully Distr

49. Slide 49: Novus II Investment Thesis

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Novus II Investment Thesis Operating Stability with Significant Growth Potential Leadership Position in its Industry Has the Potential to Grow Through Further Acquisiti

50. Slide 50: 6. Appendix

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED 6. Appendix

51. Slide 51: Illustrative Fully Diluted Share Count and Ownership

    Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Enabling a Renewable World ENERGY VAULT, INC. ALL RIGHTS RESERVED Illustrative Fully Diluted Share Count and Ownership Source: Novus financials. Note: Assumes no redemption by Novus shareholders. ¹ SPAC shareholder warrant dilution as

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