Energy Vault Holdings, Inc. · NYSE:NRGV
Energy Vault — Investor Day (October 2025)
55 slides from Energy Vault's investor day presentation, Oct 29, 2025
Slide 1: Investor Day October 29th 2025
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 1 INVESTOR DAY OCTOBER 29TH 2025 Exhibit 99.1
Slide 2: Disclaimer: Forward-Looking Statements
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 2 Disclaimer Forward-Looking Statements This presentation includes forward-looking statements that reflect the Company’s current views with respect to, among other thi
Slide 3: Energy Storage Is An Imperative to Balance Growing Demand and Variability
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 3 E ne r gy S to r ag e I s A n I m p e ra t i v e to Ba l an c e t he G r ow i n g D em a nd fo r Powe r a nd I n c r eas i n g Va r i a b i l i t y O f S up p ly ENE
Slide 4: Agenda
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 4 Agenda S E C T I O N S P E A K E R Q & A I N T R O D U C I N G A S S E T V A U L T E N E R G Y V A U L T A S I N T E R G A T E D S T O R A G E I P P R o b e r t P i
Slide 5: Introducing Asset Vault
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 5 INTRODUCING ASSET VAULT R O B E R T P I C O N I
Slide 6: Energy Vault as Integrated Storage IPP with Asset Vault
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 6 Energy Vau l t as In teg rated Storage IPP wi th A sset Vau lt Executing our Plan: building and operating critical energy infrastructure • First 65MW online in Calif
Slide 7: Energy Storage Growing 4X Faster Than Power Demand
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 7 Energy Storage G row ing 3 -4X Fas te r Than Power Demand 2025 2030 Global Electricity Demand Outlook (2025 – 2030) ~+20% AI / DC 13% Transport 10% Buildings 4% Indu
Slide 8: Asset Vault: Energy Vault's Platform to Finance GWs of Critical Energy Infrastructure Assets
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 8 Asset Vaul t : Energy Vaul t ’s P lat fo rm to Finance GWs of Cr i t ica l Energy Inf rast ructu re Assets Efficient Platform for Securing Capital Non-dilutive to Sh
Slide 9: With Asset Vault, Energy Vault Becomes a Fully Integrated IPP
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 9 With Asset Vaul t , Ene rgy Vaul t Becomes a Fu l ly Integrated IPP Energy Vault’s existing and future power and storage assets ENERGY VAULT HOLDINGS, INC. CASH FLOW
Slide 10: NRGV Investment Thesis
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 10 Screenshot 2025-10-08 at 11.26.43 AM Screenshot 2025-10-08 at 11.26.43 AM Screenshot 2025-10-08 at 11.26.43 AM NRGV Investment Thes is PROVEN EXECUTION • Solution P
Slide 11: Superior Unit Economics and More Attractive Revenue with Asset Vault
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 11 Sup er io r U n i t Ec onomic s and M ore A t t r act ive Revenue Rea l i zed Wi th A sse t Vau l t Lumpy Revenue From build & transfer of storage asset Superior Un
Slide 12: Energy Vault's Role in Accelerating Deployment of Modular AI Factories
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 12 15 30 3.0 6.0 1 0.12 En er gy Vau l t ’s Ro le in Ac c el e ra t i ng the Depl oyment o f Mo du la r A I Fac tor ies Power Capital Intensity ($M/MW) EBITDA $M/MW-yr
Slide 13: Maximizing Shareholder Value Creation
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 13 20-year Technical Life Long Term Contract Offtakes Synergies: Self Integration 80% EBITDA Margins DEVELOPED PIPELINE 1.5 GW Fund #1 LEVERED FCF PROJECT FCF EV / EBI
Slide 14: Asset Vault Investment Overview
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 14 ASSET VAULT INVESTMENT OVERVIEW M AT T H E W B R E Z I N A & C H R I S L E A R Y
Slide 15: Asset Vault Investment Structure
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 15 Asset Vau l t Inves tment S t ruc ture C a p i t a l i z a t i o n o f P r e f e r r e d a n d C o m m o n E q u i t y U s e o f Fu n d s a n d C a s h F l o w D i
Slide 16: Transformational Investment | Strategic Partnership
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 16 Trans format ional Inves tment | S t ra tegic Par tnersh ip ”… Closing this transformational investment with OIC marks a pivotal moment in Energy Vault's evolution
Slide 17: OIC Investment in Asset Vault
OIC Investment in Asset Vault OCTOBER 2025 CONFIDENTIAL & TRADE SECRET
Slide 18: OIC Executive Summary
18 OIC Executive Summary CONFIDENTIAL & TRADE SECRET An experienced infrastructure investment platform Investing in the innovative energy infrastructure space Utilizing structure to minimize dilution and avoid loss of control for equity owners ~$5Bn AUM(1) 45 Structured investments 14 Exits 1 2 3 10
Slide 19: OIC Investment: North American Infrastructure Focus
19 Note: Investments on this page were made by the OIC Funds, as well as related co-investment amounts, some of which are invested directly into transactions by investors but are subject to OIC’s overall deal oversight and control. North American Infrastructure Focus WASTE AND RECYCLING ENERGY EFFIC
Slide 20: Innovative Partnership for Energy Storage
20 The views on this slide are the opinion of OIC. Innovative Partnership for Energy Storage OIC Investment Asset Vault ▪ New build, own, and operate subsidiary with two operational storage assets supported by long- term offtake agreements and project-level debt financing ▪ Quality execution capabil
Slide 21: Asset Vault Project Portfolio
21 © 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 21 ASSET VAULT PROJECT PORTFOLIO M AT T H E W B R E Z I N A
Slide 22: Top-Tier Project Pipeline Selection
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 22 Top -Tie r Pro jec t P i pe l i ne S el ect ion D i s c i p l i n e d i n v e s t m e n t f u n n e l l e a d i n g t o s e l e c t i o n o f o p t i m a l p r o j
Slide 23: Top-Tier Project Pipeline Selection Criteria
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 23 Top-Tie r Project Pipe l i ne Se lect io n Market Strategic positioning & competitiveness based on target market, developer relationship, prior market experience, a
Slide 24: Project Offtakers
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 24 Project Offtakers Guaranteed Fixed Revenue Upside Potential above Floor Calistoga PG&E Cross Trails Gridmatic SOSA Confidential* Stoney Creek AMEO, NSW B a lan c in
Slide 25: Asset Vault Project Portfolio
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 25 A sset Vau l t Pro jec t Por t fo l io D i v e r s e A c r o s s R e g i o n s a n d D e v e l o p m e n t S t a g e s Operational Contracted Pipeline S t r a t e g
Slide 26: Initial +1.5GW Energy Storage Asset Build Out
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 26 In i t i a l +1 .5GW Energy Storage Asset Bu i ld Out $300M $75M 1. Assuming 75%/25% fund split between US and Non-US projects 2. US project capital stack: project
Slide 27: Asset Vault Acquired Project: SOSA, Texas
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 27 A sset Vau l t Ac q u i red Proj ect S O S A , Te x a s U S A | 1 5 0 M W / 3 0 0 M W h B a t t e r y E n e r g y S t o r a g e P r o j e c t Late-stage Attractive
Slide 28: Asset Vault Contracted Project: Stoney Creek, NSW Australia
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 28 A sset Vau l t Cont racted Proj ect S t o n e y C r e e k , N S W A u s t r a l i a | 1 2 5 M W / 1 , 0 0 0 M W h B a t t e r y E n e r g y S t o r a g e Energy Vau
Slide 29: Flex-IPP Structure for Minority Investments
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 29 F lex - I PP S t ruc ture For M inor i t y Inves tment s Wit h A mpl i f ied B enef i ts Amplified Benefits • Strategic partnership with project developers / owners
Slide 30: Financial Outlook
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 30 FINANCIAL OUTLOOK M I C H A E L B E E R
Slide 31: Financing Activity Year-To-Date
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 31 Financing Act i v i ty Year-To-Date Up to $75M Corporate Debenture Financing $40M+ ITC Monetization Up to $300M Preferred Equity $35M Project Financing (Cross Trail
Slide 32: Symbiotic Business Mix
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 32 Symbiot i c Business Mix Symbiotic relationship between business units drives differentiation and investment attractiveness Diversified Portfolio of Long-Lived Stor
Slide 33: Seismic Shift of Gross Profit Composition Driven by Asset Vault
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 33 Se ismic Shi f t o f Gross Pro fi t Composi t ion Dr iven by Asset Vau lt 2024-2025 2030 35% 54% 46% 96% 4% G R OSS P RO FIT % O F TOTAL $ ASSET VAULT ENERGY STORAG
Slide 34: Initial 1.5GW+ Energy Storage Asset Build Out
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 34 In i t i a l 1 .5GW+ Energy Storage Asset Bu i ld Out $300M $75M 1. Assuming 75%/25% fund split between US and Non-US projects 2. US project capital stack: project
Slide 35: Path to $100-150M Annual Recurring EBITDA from Fund #1
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 35 Path to $100 - 150M Annual Recurr ing E BITDA f rom Fund #1 E xp e c te d C u m u la ti ve A n n u a l E B IT D A ( $ M ) 20 40 60 80 100 100 200 340 1,300 10 20 30
Slide 36: Asset Vault Drives Superior Capital Efficiency
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 36 Asset Vau l t Dr ives Super ior Cap ita l Ef f i c i ency Project DevEx: ~$10M(3) CapEx: $77M EPC | Integration(2): $13M Equity: 10 – 20% $10M - $20M Proj. Financin
Slide 37: Inter-Company Cash Flow
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 37 In te r-Company Cash Flow EPC | Integration Services* One-Time Cashflow O&M | LTSA Recurring Cashflow Software Recurring Cashflow • Consolidation impacts differ for
Slide 38: Building a Scalable Platform for Success
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 38 Bui ld ing a Sca lab le Plat form for Success Cumulative Capital Stack (Year-End 2029) • Multi-year visibility driven by diversified portfolio of long-lived assets
Slide 39: Rerating Driven By Attractive Recurring Earnings Contribution
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 39 Rerat ing Dr iven By At t ract ive Recurr ing Earn ings Cont r ibu t ion Source: Bloomberg as of 27 October 2025 Clean: AMRC, ARRY, BE, FSLR, NXT, RUN, SEDG; IPP: C
Slide 40: Updated 2025 Guidance
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 40 Updated 2025 Guidance F U L L Y E A R 2 0 2 5 R E V E N U E $200M - $250M G R O S S M A R G I N ( % ) 14-16% E N D I N G C A S H B A L A N C E $75M - $100M 3 Q R e
Slide 41: CEO Closing Remarks
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 41 CEO CLOSING REMARKS R O B E R T P I C O N I
Slide 42: Asset Vault: Energy Vault's Platform to Finance GWs of Critical Energy Infrastructure Assets
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 42 Asset Vaul t : Energy Vaul t ’s P lat fo rm to Finance GWs of Cr i t ica l Energy Inf rast ructu re Assets Efficient Platform for Securing Capital Non-dilutive to S
Slide 43: Energy Vault Solution Excellence Center Ribbon Cutting
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 43 THE ENE RGY VAU LT SOLUTION EX CELLE NCE CE NTE R RIBBON CUTTING Fr id ay, N ove m be r 21 , 20 25 • 0 9: 30 a m – 1 2 : 00 p m • S n y de r, TX The Energy Vault so
Slide 44: Thank You
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 44 THANK YOU
Slide 45: Appendix
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 45 APPENDIX
Slide 46: Top-Tier Project Pipeline Origination
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 46 Top -Tie r Pr o jec t P i pe l i ne O r ig ina t i on M u l t i - C h a n n e l o r i g i n a t i o n s t r a t e g y a l l o w s f o r m a x i m i z a t i o n o f
Slide 47: Sustainable Differentiation
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 47 Sus t a inab le D i f fe ren t ia t i on L e v e r a g e S u p e r i o r E x p e r t i s e f r o m t h e S y n e r g i s t i c E n e r g y S t o r a g e S o l u t i
Slide 48: Asset Vault Operational Project: Cross Trails, Texas
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 48 A sset Vau l t O p erat iona l Pr oj ect C r o s s Tr a i l s , Te x a s U S A | 5 7 M W / 1 1 4 M W h B a t t e r y E n e r g y S t o r a g e P r o j e c t Energy
Slide 49: Asset Vault Operational Project: Calistoga Resiliency Center, California
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 49 A sset Vau l t O p erat iona l Pr oj ect C a l i s t o g a R e s i l i e n c y C e n t e r ( C R C ) , C a l i f o r n i a U S A | H y b r i d H y d r o g e n a n d
Slide 50: Asset Vault Acquired Project: SOSA, Texas
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 50 Screenshot 2025-10-08 at 11.26.43 AMScreenshot 2025-10-08 at 11.26.43 AM A sset Vau l t Ac q u i red Proj ect S O S A , Te x a s U S A | 1 5 0 M W / 3 0 0 M W h B a
Slide 51: Asset Vault Contracted Project: Stoney Creek, NSW Australia
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 51 Screenshot 2025-10-08 at 11.26.43 AMScreenshot 2025-10-08 at 11.26.43 AM A sset Vau l t Cont racted Proj ect S t o n e y C r e e k , N S W A u s t r a l i a | 1 2 5
Slide 52: Geographical, Customer, Portfolio and Segment Expansion
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 52 Geograph ical , Customer, Por t fo l io and Segment Expansion P O R T F O L I O A N D S E G M E N T E X P A N S I O N B - VA U LT Battery Storage US AUSTRALIA V I C
Slide 53: Tariff & FEOC Mitigation Strategy
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 53 Tar i f f & FEOC Mit iga tion St rategy Ta r i f f M i t i g a t i o n F E O C C o m p l i a n c e Global trade volatility continues to pressure costs and schedules
Slide 54: Energy Vault Safe Harbor Strategy
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 54 Energy Vau l t Sa fe Harbor St rategy Start Of Construction (SOC) Continuous Construction Custom Equipment Manufacturing Energy Vault is taking a low risk, capital-
Slide 55: Notice to Recipients
© 2025 ENERGY VAULT, ALL RIGHTS RESERVED | Confidential FOUO (For Officia l Use Only) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC 55 Notice to recipients • This presentation has been prepared solely for, and is being delivered directly on a confidential basis to, certain recipients for the purpos