Energy Vault, Wellhead Electric, and W Power ink pact for 275 MWh ES project in California

Energy Vault Holdings Inc. has announced the signing of the Stanton Energy Storage System (SESS) EPC contract with Wellhead Electric Company, Inc. and W Power, LLC. The project will be operated by Wellhead Services, Inc., one of the most experienced developers and operators of innovative energy generation and storage facilities in California, which is headquartered in Sacramento,

Energy Vault will begin implementation immediately in 2022 of a 275.2 MWh battery storage project at the W Power Energy Reliability Center in Stanton, California. The project has an accelerated schedule to meet the critical energy needs of Southern California and is expected to be completed by mid-2023. Energy Vault will also support W Power and Wellhead in the development and implementation of future energy storage projects. in California, representing approximately 600 MWh+ of additional capacity in the short term.

The system will be based on Energy Vault Solutions (EVS) proprietary integration platform and EVS energy management software. Launched in Q4 2021, the EVS platform leverages the most advanced optimization algorithms and software architecture, enabling the integration and orchestration of multiple energy assets across a multitude of use cases. Together with the Company's current sustainable gravity energy storage technology offering, Energy Vault continues to advance the global transition to a carbon-free and resilient power grid

"We look forward to developing this project with Wellhead and W Power, which will be based on our proprietary system and reflects the execution of our previously announced EVS strategy," said Robert Piconi, president, and CEO of Energy Vault.

"This exciting project reflects our extensive experience and capability in energy storage across multiple underlying storage technologies while optimizing energy density and performance requirements, which was a key factor in meeting Wellhead's requirements. The demanding implementation timelines and the need for certainty of execution demonstrate our ability to be customer-centric, agile, and responsive to the rapidly expanding needs of the global storage market."

"Our EVS solutions are a natural complement to Energy Vault's long-duration gravity storage capabilities, which are being deployed in parallel around the world, and a key component of our vision to be a leading technology partner in the energy storage for our customers who require innovation and creativity to deal with grid complexities," continued Mr. Piconi.

"With EVS we have been able to expand our service market and we are proud to offer a wide portfolio of solutions, from short to long term, with our EVx TM technology gravity-based solutions that help customers achieve their decarbonization goals while maximizing economic performance. This is fundamental to the Company's mission."

"The Energy Vault team has greatly impressed us with both their extensive knowledge of energy storage solutions and their critical engineering, integration, and construction experience," said Hal Dittmer, CEO of Wellhead Electric.

"They have earned our trust by their dedication to finding the optimal solution for our Stanton facility. In addition, thanks to the EVS technology platform, with the highest energy density and security features, we were able to install the maximum capacity of energy storage at our site, with the full confidence of meeting the expected performance of the system and the economic return requirements of the project".