Energy Vault Responds to Inaccurate and Misleading Short Seller Report

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today provided the following response to the recent short seller report issued by Bleecker Street Research who has a disclosed economic incentive to negatively influence the Company’s stock price. The report, issued on December 2, 2022, contains factual inaccuracies, mischaracterizations and misinformation. Key statements from the short report are addressed below:

Statement #1:

“440 MWh Deal With A Large Western Public Utility: We Think This Is Cancelled”

The 440MWh project with a large western utility announced by Energy Vault has not been cancelled and in fact Energy Vault intends to publicly announce the specifics of the project while naming the public utility in the coming days. The short seller’s error appears to stem from their confusion of megawatts (MW) with megawatt hours (MWh) – conflating units of demand and capacity with units of storage and demonstrating the short seller’s lack of familiarity with the energy storage industry. Confusing MW with MWh has led the short seller to make incorrect assumptions regarding Energy Vault’s awarded projects – conflating projects announced by third parties that reflect capacity (MW), including the project identified in the short report, with Energy Vault’s announcements of awarded projects for energy storage (MWh).

Statement #2:

“More Red Flags: 820MW System In Poland”

The project in Poland identified by the short seller is not the project previously disclosed by Energy Vault. The short seller is incorrect in both technical characterization and location of the project (as with the project referenced above) and Energy Vault has been awarded an 820MWh short duration battery storage project in an altogether different European country. Energy Vault intends to publicly announce the specifics of this project with our customer at the appropriate time. The short seller once again evidences their misunderstanding of the energy storage market by confusing MW with MWh.

Statement #3:

“2.2 GWh With DG Fuels: Half Of Energy Vault’s Backlog Is Riding On This Louisiana SAF Plant”

The short seller makes an incorrect assumption that DG Fuels makes up “half of Energy Vault’s backlog.” As per our latest 10-Q filed in November 2022, backlog is defined as the amount of revenue we expect to realize in the future on uncompleted construction contracts, including new contracts under which work has not yet begun. DG Fuels is categorized as an Award and as previously stated publicly, Energy Vault’s 2023 revenue forecast does not assume any project revenue from DG Fuels. In addition, the short seller incorrectly states that this is a “battery storage project” despite it clearly being a gravity energy storage project. The short seller also asserts that DG Fuels “is not a serious company.” However, both Delta Airlines and Air France-KLM have publicly announced sustainable aviation fuel (SAF) offtake agreements with DG Fuels. DG Fuels has also recently announced the signing of a lease in Maine for one of its SAF facilities. Energy Vault’s EVx gravity energy storage technology will support DG Fuels’ production of green hydrogen for SAF.