Energy Vault and DG Fuels More Than Double the Size and Expand the Scope of Initial Energy Storage Project to Support Green Hydrogen Production for Sustainable Aviation Fuel

LUGANO, Switzerland & WESTLAKE VILLAGE, CA & WASHINGTON–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable grid-scale energy storage solutions, today announced an increase in the scope of its initial energy storage project with DG Fuels LLC (“DG Fuels”) in Louisiana. As previously announced in October 2021, Energy Vault and DG Fuels, an emerging leader in renewable hydrogen and sustainable hydrogen-based synthetic aviation fuel and diesel fuel, entered into an energy storage system agreement to support the production of green hydrogen for sustainable aviation fuel (“SAF”) across three projects, which have an expected opportunity of $520 million in revenue.

Under the terms of the initial agreement, Energy Vault has agreed to provide 1,600 megawatt hours (MWh) of energy storage to support DG Fuels in three SAF projects, with the first project initially planned for 500 MWh in Louisiana. In October 2021, Energy Vault invested alongside Black & Veatch and HydrogenPro AS in a financing round for DG Fuels to support the continued development of the first SAF project in Louisiana. Under the terms of the project expansion, the SAF project is being developed to support up to 73 megawatts (MW) for 16 hours, reflecting a total of 1,168 MWh of storage capacity. The companies plan to follow the project in Louisiana with additional projects in British Columbia and Ohio, with an opportunity for a total storage capacity of 2,234 MWh and up to $737 million in potential project revenue over time. weather.

The increased reach of the project in Louisiana was made possible by the joint Front End Loading Engineering Optimization (FEL2) between Energy Vault, DG Fuels and its engineering partners. This optimization resulted in an approximately 14% system efficiency gain in fuel efficiency at 11,650 barrels per day, and increased behind-the-meter electrical power requirements by an additional 50 MW (800 MWh). Additional electrical energy needs will be supported by up to 200 MWh of storage using Energy Vault’s EVx™ gravity energy storage technology, powered by solar energy behind the meter.

“This one-of-a-kind project is a game-changer for the production of sustainable aviation fuels and our EVx™ energy technology and management software platform, which will play a critical role in delivering the project with an energy of long lasting durable and economical. storage,” said Robert Piconi, president, co-founder and CEO of Energy Vault. “The partnership and collaboration with DG Fuels has been exceptional. The transportation sector is one of the largest contributors to greenhouse gas emissions and a critical segment that we target globally to fulfill our company’s decarbonization mission. We are excited to play an important role here in supporting DG Fuels and their partners to enable the production of green hydrogen that supports the delivery of clean and sustainable fuel to the aviation sector.

Michael C. Darcy, CEO of DG Fuels, said, “At DG Fuels, we have developed and recently improved our carbon conversion fuel production process which targets 97% carbon conversion efficiency and 2.5% carbon mineralization, which reduces the amount of raw materials necessary to produce our SAF and reduces our production costs. All of this must be accomplished without affecting food production. The project should be anchored by our existing and growing list of long-term clients.

About the Energy Vault

Energy Vault develops and deploys turnkey 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 energy management system and optimization software suite are technology agnostic in their ability to orchestrate various energy generation and storage resources to help utilities, power producers independent and large industrial energy users to significantly reduce their levelized cost of energy while maintaining the quality of electricity and the network. reliability. Energy Vault’s EVx™ Gravity Energy Storage System uses environmentally friendly materials with the ability to integrate waste for beneficial reuse. Energy Vault is facilitating the transition to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit: www.energyvault.com

About DG Fuels

DG Fuels builds a CO2-free life cycle synthetic fuel system based on high carbon conversion technology achieving 97% efficiency. DG Carburants’ technology does not require the development of new engines or an extensive hydrogen transport and storage infrastructure. DG Fuels’ innovative technology produces a biogenic water electrolysis hydrogen and biomass-derived carbon replacement fuel for aircraft, and potentially for locomotives, ships and trucks.

DG Fuels offers a significant value proposition to end customers, including significant environmental benefits and the ability to materially achieve sustainability goals. If successful, DG Fuel’s low-carbon solution will bring together all the essentials to power, fuel and deliver SAF to its customers. Learn more about www.dgfuels.com.

Forward-looking statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions, including statements regarding our 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 EVx systems as part of the expanded project announced in this press release, risks associated with the deployment of Energy Vault’s ability to obtain and maintain a performance bond; risks related to delays that impact the sale price due to Energy Vault in connection with its announced agreement with DG Fuels, the ability to negotiate definitive contractual agreements with potential customers, including a purchase and sale agreement with DG Fuels which is contemplated by the announced agreement, the uncertainty of projected financial information, unforeseen delays in the project, whether the project will be built on time or whether it will operate as planned or whether it will ever reach scale business, general market developments and changes, the continued impact of COVID-19, political, economic and business conditions; our limited operating history as a public company; and our ability to retain qualified personnel. 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 our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended March 31, 2022, which is available on our website at investor.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.