Energy Vault Closes $300 Million Preferred Equity Investment with Orion Infrastructure Capital (OIC), Officially Launching "Asset Vault" Platform in Move to Energy Asset Management and Long-Term Asset Development

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in grid-scale energy storage solutions, announced the successful closing of its $300 million preferred equity investment with leading North American infrastructure investment firm OIC L.P. ("OIC"), officially launching "Asset Vault," the Company's fully consolidated subsidiary dedicated to developing, building, owning and operating energy storage assets globally. OIC is an ideal partner with a proven track record of backing transformative energy infrastructure projects, for Energy Vault as the Company advances Asset Vault to consolidate a growing portfolio of contracted and operational storage projects.

The completion of this transaction with OIC represents a validation of Energy Vault's IPP strategy to build, own and operate energy storage assets, accelerating the deployment of +1.5GW in attractive priority markets and upper-tier IRR projects. The preferred equity instrument is non-dilutive to common shareholders and includes milestones for common equity participation in the listed company for strong shareholder alignment.

Including the recapitalization of the recently completed Calistoga Resiliency Center (CRC) in California, as well as the Cross Trails BESS, located in Snyder, Texas, Energy Vault expects to draw nearly $200 million over the next six months to commence work on two additional late-stage projects in the U.S. and Australia, which includes the 125MW / 1,000MWh Stoney Creek BESS, along with the advancement of additional pipeline projects under development.

"Closing this transformational investment with OIC marks a pivotal moment in Energy Vault's evolution to a fully-integrated Independent Power Producer with proven execution capabilities," said Robert Piconi, Chairman of the Board and CEO of Energy Vault. "OIC's deep expertise in infrastructure investing and their confidence in the strength and financial attractiveness of our Asset Vault portfolio provides tremendous validation of our ability to deliver sustainable, profitable growth while addressing the critical energy storage needs of our rapidly evolving grid infrastructure and rapidly growing AI data center infrastructure."

The Asset Vault platform creates a vertically integrated ecosystem that captures value across the entire energy storage lifecycle, combining Energy Vault's proven operational expertise with long-term asset ownership to generate predictable, recurring cash flows. Energy Vault will self-perform engineering, procurement, construction (EPC), and long-term service agreements for Asset Vault projects, creating multiple cash flow streams, while maintaining the flexibility to optimize returns through strategic capital deployment.

"Energy Vault has demonstrated exceptional execution capability in developing and operating energy storage projects, and we believe the Asset Vault platform positions the company to capture significant value in the rapidly expanding energy storage market," said Chris Leary, Head of Infra Equity, OIC. "The combination of Energy Vault's integrated capabilities, strong project pipeline, and experienced management team creates a compelling investment opportunity in critical energy infrastructure as the demand for power continues to grow at unprecedented rates."

Asset Vault consolidates Energy Vault’s growing portfolio of contracted and operational storage projects, with 3GW and 12+ GWh of top-tier projects identified, acquired and/or in operation today across the U.S., Europe and Australia. Current U.S. projects managed under the Asset Vault platform include the 57 MW / 114 MWh Cross Trails Battery Energy Storage System (BESS) as well as the 8.5 MW / 293 MWh Calistoga Resiliency Center, a hybrid energy storage system combining clean hydrogen with battery cells. Both projects are supported by long-term offtake agreements and benefit from Investment Tax Credit (ITC) incentives as well as project-level debt financing, positioning the platform for 15% + targeted levered IRRs over a 20-year asset life, yielding highly-visible, profitable and recurring cash flows. Also managed under the Asset Vault platform is the recently-acquired 125 MW / 1.0 GWh Stoney Creek BESS, located in New South Wales, Australia and backed by a 14-year Long-Term Energy Service Agreement (LTESA) with AEMO Services as the Consumer Trustee under the New South Wales Electricity Infrastructure Roadmap.

The Company expects Asset Vault to generate over $100 million in recurring annual EBITDA within the next 3-4 years, representing significant additive value to Energy Vault's existing Energy Storage Solutions business.

For more details on Asset Vault, the company is scheduling a virtual Investor and Analyst Day on Wednesday October 29th, 2025. Registration details can be accessed here: https://www.energyvault.com/rsvpinvestorday2025

Advisors

Jefferies LLC acted as sole placement agent and exclusive financial advisor, and Vinson & Elkins LLP acted as legal advisor, to Energy Vault. Greenberg Traurig, LLP acted as legal advisor to OIC.

Energy Vault | www.energyvault.com

OIC | www.oic.com