Energy Vault Expands Global Footprint for Gravity Energy Storage with 10 Year License and Royalty Agreement Covering Southern Africa

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that it has signed a new licensing and royalty agreement in the Southern African Development Community (SADC) region. The agreement was executed in Q4 2023 with Gravity Energy Storage Solutions (Pty) Ltd (GESSOL), a consortium company focused on energy storage deployments in Southern Africa, and includes one of the largest listed engineering, procurement and construction (“EPC”) companies in the region WBHO (JSE: WBO) who will support all engineering, procurement and construction activities, as well as pan-African project engineering group iX Engineers and commercial developer Sizana Solutions, which has been partnered with Energy Vault since 2019 in development of the South African market for energy storage solutions. While the scope of the license and royalty agreement includes Energy Vault’s gravity energy storage systems (GESS) and its associated VaultOS energy management system (EMS), the consortium companies are also bidding Energy Vault’s leading portfolio of short duration battery and ultra-long duration Green Hydrogen hybrid systems within the SADC territory to address energy shifting and micro-grid development to serve the utility, mining and industrial sectors.

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License executed with GESSOL (Pty), a South Africa-based consortium including WBHO, one of the largest listed EPC companies in Southern Africa (JSE: WBO), iX Engineers and Sizana Solutions (Graphic: Business Wire)

The multi-year agreement is expected to facilitate multi-gigawatt hours (GWh’s) of long duration Energy Vault GESS deployments to contribute to the SADC region’s energy storage needs, estimated to reach over 125 GWh by 2035. In addition to the technology licensing revenue, Energy Vault will receive a project revenue royalty over the complete operating life of each project, including software and maintenance revenues.

Under the terms of the agreement, GESSOL will have exclusive rights to deploy Energy Vault’s portfolio of gravity energy storage technology and VaultOS throughout the SADC region, a 16 member-state regional economic community with a mission to promote sustainable and equitable economic growth and socio-economic development. SADC’s member states are comprised of: Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, United Republic Tanzania, Zambia and Zimbabwe.