Energy Vault Agrees With Consumers Energy For Supply Of Two Battery Energy Storage Systems Totaling 75 MW/300 Mwh

Energy Vault awarded project by Michigan's largest energy provider to supply two battery energy storage systems (BESS), totaling 75 MW/300 MWh, in Iosco and Bay Counties

Battery deliveries expected to commence in Q4, 2024 enabling construction to begin in Q1 2026, with commercial operation expected by Q4 2026

Commercial agreement executed earlier this year marks Energy Vault's expansion into the Eastern U.S. utility market through a partnership with a leading Midwest public utility.

Energy Vault (NYSE:NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable energy storage solutions, today announced an agreement with Consumers Energy, Michigan's largest energy provider, for the supply of two battery energy storage systems (BESS), totaling 75 MW/300 MWh. The BESS deployments will be located in Iosco and Bay Counties, with battery deliveries expected to commence in Q4 2024, construction expected to begin in Q1 2026 and commercial operation expected by Q4 2026.

The 45 MW/180 MWh Weadock BESS will be located at the site of the now-retired John C. Weadock Power Plant in Hampton Township, while the 30 MW/120 MWh Iosco County BESS will be located in Oscoda Township. Local permitting efforts are actively underway in coordination with township officials to support project development.Both BESS deployments will be charged and discharged on a daily basis and designed to dispatch stored renewable energy at peak consumption hours to help meet Michigan's energy demand.