Energy Vault and Jupiter Power Announce Agreement for Battery Energy Storage Projects in Texas and California Totaling 220 MWh | New

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LUGANO, Switzerland & WESTLAKE VILLAGE, California & AUSTIN, Texas–(BUSINESS WIRE)–August 15, 2022–

Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, and Jupiter Power (“Jupiter”), a developer leading battery energy storage company and owner/operator of large-scale battery energy storage projects in the United States, today announced the signing of two contracts through which Energy Vault will supply the equipment, engineering, procurement, construction, balance of plant services and energy management software for two of Jupiter’s battery energy storage projects.

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The projects include a 100 MW (200 MWh) battery energy storage system near Fort Stockton, Texas, which will provide power and ancillary services to ERCOT, and a 10 MW (20 MWh) system in Carpinteria, California to provide network services through participation. in the CAISO Resource Adequacy program as well as Energy Resilience in Southern California. The projects will provide much-needed dispatchable capacity to these electricity markets and are expected to be completed in 2023.

The systems will use Energy Vault Solutions’ (EVS) proprietary integration platform and will be powered by EVS’ innovative energy management software platform, development of which began nine months ago in November 2021, as previously announced. EVS leverages advanced software architecture and optimization algorithms and enables the integration and orchestration of multiple energy assets across a multitude of use cases.

“With today’s announcement of the inaugural EVS-enabled battery energy storage projects supporting a market leader in storage and analytics infrastructure like Jupiter, we are delivering on our comprehensive storage solutions strategy. launched just nine months ago,” said Marco Terruzzin, Commercial Director, Energy “We are seeing strong demand for our EVS-enabled energy storage solutions globally due to the unique ability to our platform to integrate and deliver short and long duration (EVx) energy storage technologies.”

“Jupiter is excited to work with Energy Vault to expand our existing battery energy storage portfolio with these two new projects,” said Michael Geier, Chief Technology Officer of Jupiter Power. “As the largest developer and operator of battery energy storage projects on the ERCOT network, we see a strong need to continue executing innovative storage solutions to help relieve grid strain. We are also excited to build our first project in California, where grid conditions continue to demonstrate a strong need for additional battery energy storage capacity.

Jupiter currently has 654 MWh of battery energy storage projects in operation or commissioning in Texas and over 11 GW of additional projects in development in multiple target markets from California to Maine. Jupiter projects are critical to decarbonizing the U.S. electric grid by providing non-emitting generation to support and enhance the penetration of renewable electric resources, namely solar and wind, while increasing grid resiliency and reliability.

About the Energy Vault

Energy Vault develops and deploys sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The Company’s proprietary gravity-based energy storage technology, battery storage technology and energy storage management and integration platform are intended to help utilities, power producers independent utilities and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power reliability. Using environmentally friendly materials with the ability to integrate waste for beneficial reuse, Energy Vault is facilitating the shift to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit: www.energyvault.com.

About Jupiter Power

Jupiter is a leading battery energy storage infrastructure platform with deep negotiation, analysis, development, financing, operating and construction capabilities and unparalleled intellectual property in the industry. distribution optimization. Jupiter is backed by EnCap Investments LP, Yorktown Partners and Mercuria Energy, and has offices in Austin and Houston, Texas, and Chicago, Illinois. Jupiter has a portfolio of utility-scale battery energy storage projects in operation or under construction in the United States, with a pipeline of over 11,000 MW under active development. For more information on Jupiter Power, please visit our Twitter, LinkedIn or Facebook pages or visit www.jupiterpower.io.

Forward-looking statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions, including statements regarding Energy Vault’s future expansion, deployments and capabilities. There are a number of important factors that could cause actual results to differ materially from the statements made in this press release, including: risks associated with the deployment of Energy Vault’s energy management software, announced plans in this press release, risks relating to the ability to provide equipment, engineering, procurement, construction and balance of plant services for the projects announced in this press release, unforeseen delays in the projects announced in this press release, whether these projects will be built on time or whether they will operate as planned, general market developments and changes, the ongoing impact of COVID-19, political, economic and business conditions . Additional risks and uncertainties that could affect our financial results are included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. , filed with the SEC on August 8, 2022, which is available on our website at investors.energyvault.com and on the SEC website at www.sec.gov. Additional information will also be set forth in other documents filed with the SEC from time to time. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

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CONTACT: Energy VaultInvestors

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KEYWORD: CALIFORNIA TEXAS EUROPE SWITZERLAND UNITED STATES NORTH AMERICA

KEYWORD INDUSTRY: OTHER ENERGIES UTILITIES TECHNOLOGY BATTERIES OTHER TECHNOLOGIES ALTERNATIVE ENERGIES ENERGY

SOURCE: Energy Vault Holdings, Inc.

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PUBLISHED: 08/15/2022 08:00 AM / DISK: 08/15/2022 08:02 AM

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