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~1.1GW Secured Projects as of Q1 2026Annualized EBITDA
~$1.8 Billion+
~4.0 GW
~350
Estimated Annualized EBITDA
~$180M +
~1.1 GW
25
84
~1,800
440 MW
431
957
~1,850
Q4 2025 (A)
Q1 2026 (A)
2030(E)
Expected to Deliver $180M+ In Annualized Run Rate EBITDA Ahead of Previous Guidance
EBITDAPOWERED SHELL
POWERED LAND
BESS
Storage
AI Infra.
Crusoe Type
Storage +
Generation
CRC and Powered Land for Hyper-scalers
Storage + Generation +
2.0
1.0
0.1
Note: Figures are illustrative and that the anticipated and financial results of projects are based on current management est imates and are subject to change. 3© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT, INC
Announced Projects & Timing Making up $180M+ Run-rate EBTIDA
- Secured $300 million Preferred Equity in Oct-25 enabling ~$1.2 billion in Project Capex Funding
Near Term Japan Projects (350MW)
EBITDA ($M) MW In Operation
Q1 2026 (A)
BESSPowered Land
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
Calistoga
Cross Trails
EBOR (100 MW)
Stoney Creek (125 MW)
Southwest Utility
Powered Land (75MW going to 1GW)
McMurtre (175 MW)
Crusoe (25 MW)
SOSA
Crusoe ( 8MW)
Additional 925 MW to 1GW
under Interconnection Study
Adding 225 MW in Q4 2027 as
bridge to the 1GW
Hyperscaler Offtake discussions
underway
1,100
650
400
320
200
50
APAC
Powered Shell
MW In Operation
AMER
2025 2026 2027 2028 2029
Note: Figures are illustrative and that the anticipated and financial results of projects are based on current management est imates and are subject to change.
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© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT, INC
Powered Land to Hyperscaler Offtake Agreement Underway
Jan. 2026: Ph1 75MW power secured; entered cluster study for additional MWs with local utility | |
Q1 2026: commercial discussion in motion | |
Q1 2026: Interconnection deposit paid | |
Q1 2026: ~480 acres of land secured via land purchase agreement | |
Q2 2026: 225MW natural gas prime mover generation secured, deposit paid | |
Q2 2026: Equip. C Project financing in motion | |
Q1 2027: 75MW to be online | |
2028: additional 225MW gas generation to be online | |
202G: additional 400MW (PV | BESS) to be online | |
2030 s Beyond: additional grid power to be online |
- Southwest Utility, 300MW to 1GW in Phases over the next 6-36 months
$400 to $500 million annual, recurring EBITDA potential5
Strong project execution momentum. Expected to drive meaningful annual EBITDA contribution starting in 2027
© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT, INC
Looking Ahead: Roadmap from $180M to $1.8B+ Recurring EBITDAEstimated Annualized EBITDA +900% | MW under Contract +275%
~$600M |
~2.5 GW
~$1.4B |
~3.3 GW
~250
~$1.8B |~4.0 GW
~350
440 MW
Estimated Annualized EBITDA
~$180M+ | MW under Contract1.1 GW
25
84
~$240M |
~1.8 GW
~100
~600
~200
~1,000
~1,450
~1,800
957
~1,100
~1,300
~1,600
~1,850
Q4 2025 (A)
Q1 2026 (A)
2027(E) 2028(E) 2029(E)
2030(E)
Southwest Utility Powered Land capacity positioned to expand from 225MW to up to 1GW by 2030
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© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT, INC
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© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIET ARY INFORMATION OF ENERGY VAULT, INC
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© 2026 ENERGY VAULT, ALL RIGHTS RESERVED | CONFIDENTIAL FOUO (FOR OFFICIAL USE ONLY) - PROPRIETARY INFORMATION OF ENERGY VAULT, INC
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