• Seasoned financial executive to bring decades of experience in the energy, tech and transportation sectors to leading global energy storage company

WESTLAKE VILLAGE, Calif. / Apr 04, 2024 / Business Wire / Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, announced today the appointment of Michael Beer as Chief Financial Officer. Beer will replace Jan Kees van Gaalen, who has served in the role since November 2022 and plans to retire. The appointment is effective April 15, 2024.

Prior to Energy Vault, Beer served as Chief Financial Officer for FreeWire Technologies, Inc. (FreeWire), an industry leader in ultra-fast EV charging, battery storage and energy management solutions, since 2021. Prior to FreeWire, he served as Head of Financial Strategy & Investor Relations at Luminar Technologies, Inc (Nasdaq: LAZR), culminating in the company’s public listing. Before Luminar, Beer spent seven years at Citigroup Inc., serving as a Senior Research Analyst in Hong Kong and Singapore, covering the transportation, logistics and infrastructure space across Asia. Previously, he covered the North American transportation sector at Bear Stearns and Wolfe Research in New York. Beer also currently serves on the Board of Directors at UK-based venture builder, Cambridge Future Tech Ltd. (CFT) and is a Partner at Vest Coast Capital.

“We’re very pleased to welcome Michael, whose depth of experience overseeing capital markets, financial operations and investor relations for high growth technology and sustainability companies will be critical to Energy Vault moving forward,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “Michael brings a strong track record of financial leadership and management for companies introducing new and disruptive technologies at large scale, and we look forward to welcoming him as we continue deployments of our innovative energy storage solutions around the globe. On behalf of the entire Energy Vault team, I would also like to thank Jan Kees van Gaalen for his valuable service during a transformational period for the company, as well as wish him a happy retirement.”

“I am honored to join the Energy Vault leadership team during such an exciting and pivotal growth period for the company,” said Michael Beer. “The company is well positioned to capitalize on the ever-growing demand for reliable, cost-effective and sustainable energy storage infrastructure. Energy Vault has a comprehensive and highly differentiated approach, offering a variety of energy storage solutions. I look forward to working alongside the leadership team to continue to execute on Energy Vault’s exciting growth trajectory.”

Beer holds an MBA from the Wharton School (University of Pennsylvania) and undergraduate degrees in Finance and Entrepreneurship from the Eller College of Management (University of Arizona). He is a frequent contributor to a variety of media outlets, including CNBC, Nasdaq TradeTalks, The Wall Street Journal, the Financial Times and Barron's.

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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