Energy Vault Appoints Senior Capital Markets Veteran Nitin Dahiya from BlackRock as Chief Financial Officer as its Global Energy Infrastructure Growth Accelerates (Form 8-K)

Energy Vault Appoints Senior Capital Markets Veteran Nitin Dahiya from BlackRock as Chief Financial Officer as its Global Energy Infrastructure Growth Accelerates

Mr. Dahiya brings over two decades experience in institutional investment, corporate finance and capital markets as Energy Vault deepens its financial leadership and global capital formation capabilities

Joining from BlackRock's Direct Private Opportunities (DPO) group, Mr. Dahiya led structured financing transactions across energy, infrastructure, private credit and specialty finance

Appointment follows recent announcements of multi-GWh IPP project growth in Australia, acquisition of 850MW IPP portfolio in Japan and AI compute infrastructure project wins in the US for modular data centers (Crusoe) and powered land (utilities/hyperscalars)

Energy Vault's recent disclosures last month of material increases in the company's Q2 2026 contract backlog and associated positive impact to its financial outlook for 2026 will be discussed more fully at its upcoming Q2 Earnings Call scheduled for August 11th

WESTLAKE VILLAGE, Calif. - July 16, 2026 - Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable grid-scale energy storage and AI compute infrastructure solutions, today announced the appointment of Nitin Dahiya, CFA, as Chief Financial Officer, further strengthening the Company's executive leadership team as it accelerates its transformation into a diversified global power infrastructure platform.

The appointment comes as Energy Vault closes new contracts yielding sharp increases in its contract backlog and future revenue visibility as the Company continues expanding across utility-scale energy storage, Asset Vault IPP infrastructure ownership, AI digital and high-performance compute (HPC) infrastructure, and software-enabled energy management systems. As Energy Vault executes on multiple high-growth opportunities across global energy and AI infrastructure markets supported by its previously announced $300M Preferred Equity fund, Dahiya's experience in capital markets and corporate finance will further support optimal capital efficiency and deployment while expanding engagements with global institutional investors.

Mr. Dahiya joins Energy Vault from BlackRock, the world's largest asset manager ($15.3 Trillion AUM), where he helped oversee investments within the firm's global investment platform as Senior Portfolio Manager and Investment Committee member of BlackRock's Direct Private Opportunities group, leading complex investments and structured financing transactions across energy, infrastructure, private credit and specialty finance. He will formally begin his new tenure on July 27, 2026.

Over a distinguished career spanning more than two decades, Dahiya has held senior investment and capital markets leadership roles at BlackRock, Paulson & Co., KLS Diversified Asset Management, Nomura, and Lehman Brothers/Barclays. Throughout his career he has developed deep expertise across strategic investments, structured finance, capital allocation, mergers and acquisitions, corporate governance, portfolio management and institutional capital formation. He has deployed billions in investment capital across public and private markets and served on boards of leading companies in both sectors.

"We are delighted to welcome Nitin to Energy Vault at an exciting point in the Company's global growth trajectory," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "As we continue executing our strategy to build one of the industry's leading integrated power infrastructure platforms spanning energy storage, AI infrastructure, software and long-term infrastructure ownership, it is imperative that we continue to invest in our people to enhance and expand the depth of experience in what is already one of the most talented, innovative and resilient teams in the industry. Nitin brings an

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exceptional combination of institutional investment expertise, strategic financial leadership and capital markets experience gained at some of the world's most respected financial firms. His appointment further strengthens our executive team as we continue expanding across multiple high-growth segments in the most attractive energy infrastructure markets, enhancing our capital formation capabilities and creating long-term value for shareholders."

Piconi continued: "This appointment reflects Energy Vault's growing and strengthening position in the market. It follows Cory Magnuson's recent appointment as President of the Asset Vault platform and underscores the momentum we have built through profitable customer execution across multiple continents-a track record that attracts experienced industry leaders to the company."

"Joining Energy Vault represents an exciting new chapter in my career," said Nitin Dahiya. "I have been incredibly impressed by Rob, the leadership team and the bold vision they have established for the Company. Energy Vault has built a highly differentiated platform operating at the intersection of energy infrastructure, energy storage and AI compute infrastructure, creating a compelling opportunity for long-term growth and value creation. I look forward to working alongside this talented team to execute the Company's strategy, support its continued expansion and help drive the next phase of growth for the benefit of our customers, partners, shareholders and employees."

As part of Mr. Dahiya's appointment, Michael Beer, current CFO of Energy Vault, will be transitioning from his role to pursue other opportunities.

About Energy Vault

Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company's technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short, long and multi-day/ultra-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. Since 2024, Energy Vault has executed an "Own & Operate" asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.