Energy Vault Announces Appointments to its Board of Directors and Formation of New Strategic Advisory Council

Representatives of existing strategic investors from major global energy and industrial companies to advance Energy Vault’s mission to accelerate global decarbonization through the deployment of its scalable, cost-effective, and environmentally sustainable energy storage and software technologies

Existing Investor Leonardo DiCaprio Joins Strategic Advisory Board

LUGANO, Switzerland & WESTLAKE VILLAGE, California, February 24, 2022–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”) today announced that Mary Beth Mandanas and Thomas Ertel have been appointed to the Board of Directors of Energy Vault.

“Mary Beth and Thomas are invaluable additions to the Energy Vault Board of Directors,” said Robert Piconi, Energy Vault President and CEO. “In addition to their exceptional experience and deep knowledge in their respective fields that will enhance our Board of Directors, they are also highly respected leaders who share our values ​​as a company and who have built very successful careers. Mary Beth’s depth of renewable energy background and previous investment banking experience in the power and utility sectors will be a strong asset as we expand the deployment of our technology to accelerate decarbonization globally. Tom’s extensive finance and accounting expertise at very senior levels will further enhance the depth of capabilities at Energy Vault as a public company.”

Ms. Mandanas is currently Chief Executive Officer of Onyx Renewable Partners, LP, a renewable and distributed energy solutions platform serving the commercial, industrial and municipal sectors in North America. Since July 2021, Ms. Mandanas has been an Independent Director, Audit Chair, on the board of directors of TortoiseEcofin Acquisition Corp III. From August 2020 to August 2021, she consulted and served as Chief Investment Officer for Sol Systems, LLC, a Washington, DC-based renewable energy infrastructure and impact investment firm. Previously, from Fall 2015 to May 2020, Ms. Mandanas served as Executive Vice President, Chief Strategy Officer, CleanChoice Energy, Inc., a retail renewable energy supply and community solar energy, where she led strategic planning. and was responsible for raising capital, bank/investor relations, and establishing risk management and financial reporting protocols. Early in her career, she held Managing Director and Director positions in the energy and utilities sectors at major investment banks, Citigroup and Credit Suisse, for over 15 years.

Mr. Ertel serves as Chief Accounting Officer at Strada Education Network and has over 30 years of leadership experience advising audit committees and senior executives on global corporate governance and financial matters. Mr. Ertel’s experience in mergers and acquisitions includes due diligence work, complex accounting, valuation matters, internal control assessment, and financial and integration personnel assessment. Mr. Ertel also has extensive experience coordinating legal, tax, valuation and financial experts to ensure efficient and thorough acquisition processes. He spent 15 years with Ernst & Young in Indianapolis, as an insurance partner and senior customer service partner, and worked with multinational and national companies in various industries.

Formation of the Strategic Advisory Board

Energy Vault also announced the formation of a new Strategic Advisory Board (SAB), comprised of respected industry leaders from Energy Vault’s existing strategic investor and customer base who bring relevant industry experience, in-depth knowledge of the evolving technology landscape and a proven track record of shareholder value creation. The inaugural SAB includes executives from CEMEX Ventures (NYSE:CX), BHP Ventures (NYSE:BHP), Saudi Aramco Energy Ventures (TADAWUL:SAUDI ARAMCO), Enel Green Power (ENEL.MI), PlusVolta, Pickering Energy Partners, Ark Energy Corporation Pty Ltd, a wholly owned subsidiary of Korea Zinc (KRX 010130), a strategic investor in Energy Vault, and Atlas Renewable. The SAB will formally meet quarterly to review the most relevant technologies and market trends, as well as the intersection of these trends with Energy Vault’s own technology and strategic roadmap to optimize direction. company’s energy storage solutions and longer-term strategic evolution.

“This is an outstanding group representing some of the world’s leading energy and industrial companies who uniformly share our passion and urgency to decarbonize the planet,” Piconi said. “We are formalizing the Strategic Advisory Council to leverage the unparalleled market experience, global footprint and collective commitment of these companies to sustainability and decarbonization as we enter the global deployment phase of our solutions. It is an honor to have the opportunity to work with such an esteemed group of leaders as investors and partners as we focus on executing customers at the scale and our mission to advance Energy Vault technology to combat global climate change.

Existing Investor Leonardo DiCaprio Joins Strategic Advisory Board

Energy Vault is also pleased to announce that actor and environmentalist Leonardo DiCaprio, an existing investor in the company for the past two years, will join the Strategic Advisory Board.

“Expanding the use of renewable energy is imperative to tackling the climate crisis and achieving the goals of the Global Climate Action Plan announced at COP26,” said Leonardo DiCaprio. “Energy Vault’s innovative energy storage technology enables the use of clean energy around the clock, replacing the need for fossil fuels. With a focus on sustainability, Energy Vault is able to use recycled materials and waste to make the composite blocks that are at the heart of its technology. . I am proud to join Energy Vault in its mission to accelerate the decarbonization of our planet.”

“In my time meeting with Leo and discussing our shared urgency to decarbonize the planet, I have been very impressed with his priority and personal commitment to sustainability, and specifically the upliftment of the discussion about the need to fight climate change more aggressively as a global community,” said Robert Piconi, co-founder and CEO of Energy Vault. “In addition to his multiple investments in Energy Vault over the past two years, we are delighted that he is taking a more active role as a strategic advisor given the unique perspectives of his global clientele and his ability to reach a wider audience to accelerate decarbonization. “

About the Energy Vault
Energy Vault develops sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage for grid resilience. The Company’s proprietary gravity-based energy storage technology and energy storage management and integration platform is intended to help utilities, independent power producers and large energy users. industrial energy companies to significantly reduce their levelized cost of energy while maintaining power supply 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.

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: developments and changes in the general market, the continued impact of COVID-19, political, economic and commercial; 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, which is available on our website at investor.energyvault.com and on the SEC’s 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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