LUGANO, Switzerland & WESTLAKE VILLAGE, Calif. / May 15, 2023 / Business Wire / Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that Bleecker Street Research has issued retractions and corrections to its December 2, 2022 short seller report about Energy Vault.

On December 8, 2022, Energy Vault issued a public response to the report, detailing the multiple factual inaccuracies, mischaracterizations and misinformation contained in the report.

Josh McMorrow, Chief Legal Officer of Energy Vault, stated, “The retractions issued by the short seller validate Energy Vault’s unwavering commitment to transparency, integrity, and the strength of our business. This commitment applies to every public statement or pre-approved customer announcement that we make. Bleecker Street’s retractions of its flawed ‘research report’ should help address the false and misleading information released in an attempt to negatively impact the near term performance of Energy Vault’s share price for personal gain. Our team’s daily focus remains as it always has - delivering value to our customers and shareholders.”

Bleecker Street’s retractions and corrections are as follows:

Bleecker Street Research issues the following retractions and corrections to its December 2, 2022, report on Energy Vault, following the receipt of additional information. Energy Vault’s full response to the BSR report can be found here.

With the respect to the following statement:

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

BSR Retraction / Correction: On December 12, 2022, NV Energy announced that Energy Vault was awarded the project for the 440 MWh Energy Storage System in Nevada. This project, which we previously referenced as the “large western utility” in the BSR report on Energy Vault, was never “cancelled.”

With respect to the following statement:

“More Red Flags: 820MW System In Poland”

BSR Retraction / Correction: Energy Vault has reported that the project in Poland identified by BSR is not the project previously disclosed by Energy Vault. Energy Vault has further indicated that the BSR report is incorrect in both technical characterization and location of the project, and that Energy Vault has been awarded an 820MWh short duration battery storage project in an altogether different European country.

With respect to the following statement:

“Energy Vault Is Conspicuously Absent From All Major Department of Energy Renewable Projects”

BSR Retraction / Correction: The Department of Energy renewable projects list only identifies the project operator or owner. It does not identify or list the suppliers, vendors or contractors of the project owner. Energy Vault is not the project owner or operator and, as a third party contractor, would not be listed on the Department of Energy website.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

Forward-Looking Statements

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