Energy Vault Achieves Major Strategic Milestone with Commercial Operation of Cross Trails BESS, Marking the First Asset Placed in Service Under “Own & Operate” Growth Strategy

Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, announced the successful completion and start of commercial operation of the 57 MW two-hour Cross Trails BESS in Scurry County, Texas. The project, which marks the first fully executed asset under Energy Vault’s “Own & Operate” growth strategy, was completed ahead of schedule and will be supported by a 10-year offtake agreement with Gridmatic, a leading AI-enabled power marketer.

The Cross Trails BESS is now operating to provide energy and ancillary services to meaningfully support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Energy Vault notably achieved mechanical completion of the Cross Trails BESS ahead of schedule, successfully meeting all construction milestones through effective project management and close collaboration among engineering, procurement, and construction teams. Commissioning began immediately thereafter, and ERCOT’s Checklist Part 3—including all required commissioning tests and documentation—was also completed early, allowing the project to enter commercial operation ahead of plan. This accelerated timeline was further enabled by Energy Vault’s second-generation B-VAULT AC system, whose modular, pre-integrated design supports rapid installation and energization.

The BESS leverages Energy Vault's fully integrated solution stack of hardware, software, and service offerings. Cross Trails will also serve as the first deployment of Energy Vault's second-generation B-VAULT AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault’s VaultOS Energy Management System to control, manage and optimize the BESS operations.

Importantly, the offtake agreement is the first physically settled revenue floor contract to be signed for a BESS in ERCOT. The agreement is backed by Gridmatic’s previously announced Energy Storage Fund, and will provide both Energy Vault and Gridmatic with the benefit of Gridmatic’s AI-based forecasts, which have delivered the top Day Ahead energy trading results in the ERCOT market. As part of the agreement, Gridmatic will also provide QSE services.

“This milestone demonstrates the unique ability of the Energy Vault team to execute complex energy storage deployments with speed, quality, and attractive economics,” said Marco Terruzzin, Chief Revenue Officer, Energy Vault. “Completing Cross Trails ahead of schedule and achieving ERCOT certification early is a testament to our team’s expertise and the commitment of the entire leadership team to delivering long-term, sustainable shareholder value under the ‘Own & Operate’ growth strategy announced in 2024.”

The completion of the Cross Trails BESS marks a significant milestone related to Energy Vault’s “Own & Operate” strategy, demonstrating the Company’s ability to execute on its strategic vision while maximizing capital efficiency. This project serves as a reflection of the Company’s ability to leverage its expertise in designing, building and operating energy storage assets under the most efficient capital and operating expense profiles, supported by its project financing and ITC sales engagements which will continue to put cash back on the balance sheet.

Energy Vault | www.energyvault.com