Energy Vault Achieves Highest 2024 ESG Score Among Energy Storage Companies in its Industry to Date from S&P Global Ratings

Energy Vault achieves a Corporate Sustainability Assessment (CSA) score of 68 (out of 100) according to S&P Global ESG Ratings, ranking in the 98^th percentile of Machinery and Electrical Equipment (IEQ) industry companies to date

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, announced today it received a Corporate Sustainability Assessment (CSA) score of 68 (out of 100) as reported in the 2024 S&P Global Environmental, Social, and Governance (ESG) Ratings. This is the third time that the company has been evaluated by S&P, and represents a 36% (or 18-point) increase over the Company’s 2023 rating.

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Among the 195 companies assessed to date in the IEQ industry, Energy Vault’s score ranks in the 98^th percentile. Energy Vault’s score is the highest score achieved by any energy storage company in the IEQ industry according to S&P Global’s 2024 ESG Ratings to date. As of September 2, 2024, Energy Vault held the highest score for Product Stewardship and Business Ethics in the industry.

“We are proud to have been recognized by S&P Global for our commitment to ESG, which is woven into the fabric of everything we do at Energy Vault,” said Robert Piconi, CEO and Founder, Energy Vault. “This assessment affirms the leadership role that Energy Vault holds in the energy sector as it pertains to ESG, and we will continue to prioritize and expand our efforts to further improve. As a company, we remain dedicated to keeping sustainability at the heart of our day-to-day work as we continue to expand our global footprint in delivering turn-key energy storage systems and software to our customers around the world.”

“Our work is rooted in sustainable values, leveraging our products, solutions, and people to create a positive lasting impact on the world. We are pleased to see those efforts recognized today,” said Michael Van Parys, Director of Sustainability, Energy Vault. “We are building upon this result, pushing the limits of sustainability in the energy storage space and continuing our corporate mission to accelerate the transition to renewable energy.”

Energy Vault’s sustainability roadmap, which is influenced by analysis performed in alignment with the Science Based Targets Initiative (SBTi), the Global Reporting Initiative (GRI) and the Task Force on Climate-Related Financial Disclosures (TCFD), is centered on informing all levels of decision-making related to advancing low carbon economies and evaluating climate-related physical risks. In its first year as a public company, Energy Vault established a Sustainability Task Force (STF) to encourage the interdepartmental collaboration and cross-functional support required to embed sustainability into the nucleus of employee behavior. At the department level, Sustainability Task Force members are responsible for identifying functional sustainability metrics, setting sustainability goals, tracking ESG performance, and contributing to sustainability-related reporting.

Energy Vault remains steadfastly committed to reducing absolute scope 1 and 2 GHG emissions by 50% by 2030, and to achieve net-zero emissions by 2050, in keeping with the Paris Agreement. Energy Vault’s second annual Corporate Sustainability Report highlights early-stage data and 2023 activations of newly established sustainability infrastructure, systems, protocols, standards, and metrics from which the organization measures current and future success. That report can be accessed here.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s G-Vault™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

Forward-Looking Statements

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