Energy Vault, a global leader in sustainable energy storage solutions, today announced an agreement with the State Electricity Commission (SEC), a renewable energy company in the state of Victoria, Australia, to supply and install a 100 MW/200 MWh Battery Energy Storage System (BESS) at the SEC Renewable Energy Park - Horsham, Victoria. This hybrid solar and BESS project is an important step toward providing reliable and affordable renewable energy to Victoria.

The SEC Renewable Energy Park – Horsham is one of Australia's first fully government-owned renewable energy projects. The project includes more than 212,000 solar photovoltaic panels generating 119 MW of solar energy, with an annual capacity of 242,000 MWh. The integration of a grid-forming BESS from Energy Vault will ensure a stable and controllable power supply to manage peak demand with a storage duration of two hours.

SEC's $370 million investment will provide enough renewable energy to power approximately 51,000 homes and create approximately 246 jobs and economic benefits for the Horsham region during construction. Pre-construction work on the SEC Renewable Energy Park in Horsham began this week and full operations are expected to be achieved by the end of 2027.

The BESS system is built using Energy Vault's proprietary X-VAULT™ integration platform, using the company's proprietary UL9540-certified B-VAULT™ product and VaultOS™ energy management system to control, manage and optimize hybrid BESS operations. Energy Vault's innovative system architecture provides customers with a choice of battery and inverter vendors, and unique AC and DC coupled configurations provide the drop-in flexibility needed.

" We are delighted to expand our energy storage presence in the dynamic and fast-growing Australian market and to work with the SEC on this innovative hybrid project architecture," said Robert Piconi, Chairman and CEO of Energy Vault. " As our first collaboration with the government, this government project is consistent with our mission to accelerate the transition to clean energy through sustainable and efficient energy storage solutions and will be instrumental in enabling a secure supply of renewable energy."

“ We are excited to be working with Energy Vault to deliver and integrate the battery energy storage system at SEC Renewable Energy Park – Horsham,” said Chris Miller, CEO at SEC. “ This project demonstrates SEC’s ongoing efforts to drive Victoria’s transition to renewable energy.”

Today's announcement marks a major step forward for Energy Vault's growing commercial presence in the Australian market and follows a number of BESS deployment agreements signed with Enervest and ACEN Australia, among others. To date, Energy Vault's B-VAULT portfolio includes projects with a total capacity of more than 2 GWh, either deployed or under development.

About Energy Vault:

Energy Vault ® designs and implements industrial-scale energy storage solutions to transform the world's approach to sustainable energy storage. The company's extensive portfolio includes proprietary gravity-based storage, battery storage and green hydrogen energy storage technologies. Each storage solution is supported by the company's hardware-agnostic energy management system software and integration platform.

Energy Vault's innovative technology portfolio is unique in the industry and provides customized short- and long-term energy storage solutions that enable utilities, independent power producers and large industrial users to significantly reduce their energy costs while maintaining power reliability. By utilizing environmentally friendly materials and the ability to reuse waste materials, Energy Vault's gravity-based energy storage technology facilitates the transition to a circular economy while accelerating the global transition to clean energy for the company's customers. For more information, visit www.energyvault.com .

About the SEC:

The SEC is a state-owned renewable energy company focused on:

• Investing in renewable energy and energy storage projects that accelerate the transition and deliver sustainable returns
• Supporting households in the energy transition to reduce energy costs and emissions
• Training of workers in the field of renewable energies needed for the energy transition
• Find out more at secvictoria.com.au .

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's current beliefs and relate to, among other things, the Company's business and financial performance, including the Horsham BESS. Forward-looking statements include information regarding possible or assumed future operating results, including descriptions of our business plan and strategies. These statements often contain words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "project," "forecast," "estimate," "target," "predict," "should," "could," "would," "may," "might," "will" and other similar expressions. These forward-looking statements or predictions are based on our current expectations, plans and assumptions based on our past experience in our industry and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. These forward-looking statements are based on our beliefs, assumptions and expectations regarding future performance, taking into account information currently available to us. These forward-looking statements are only predictions based on our current expectations and forecasts about future events. These forward-looking statements involve substantial risks and uncertainties that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, among others, failure to execute definitive agreements, changes in our strategy, expansion plans, customer potential, future business operations, future financial condition, estimated revenues and losses, projected costs, prospects and plans; the uncertainty of our orders, order intake, backlog and approval timing and developed pipeline corresponding to future revenues; the lack of certainty that non-binding letters of intent and other expressions of interest will result in binding orders or sales; the possibility that our products may be defective or allegedly defective or that other errors may occur; the implementation, market acceptance and success of our business model and growth strategy; our ability to build and maintain our brand and reputation; developments and forecasts relating to our business, our competitors and our industry; the ability of our suppliers,timely delivery of the components or raw materials necessary to build our energy storage systems; the impact of epidemics on our business and the actions we take in response; our expectations regarding our ability to obtain and maintain protection for our intellectual property and not to infringe the rights of others; expectations regarding the length of time we will be an emerging growth company under the JOBS Act; our future capital needs and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to finance our operations and future growth; our business, expansion plans and opportunities, and other important factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 13, 2024, as such factors may be updated from time to time in the Company’s other filings with the SEC, which are available on the SEC’s website atwww.sec.gov . New risks emerge from time to time and our management cannot anticipate all risks, nor can we estimate the impact of all factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we make. All forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements contained in this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. Readers of this press release are cautioned not to place undue reliance on forward-looking statements.

The source language in which the original text is published is the official and authorized version. Translations are provided for ease of understanding. Only the language version that was originally published is legally binding. Therefore, compare translations with the original language version of the publication.

Contacts
Energy Vault – Contact

Media
media@energyvault.com

Investors
energyvaultIR@icrinc.com

SEC – Contact
Debbie.guest@secvictoria.com.au

Source: businesswire.com

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