Energy Vault – Energy Vault Announces Key Finance and Corporate Development Leadership Appointments

“I am happy to welcome both equally David and Kevin to the Vitality Vault team. David brings deep community company CFO, transactional and operational finance practical experience as we establish out our world fiscal assist and infrastructure groups across numerous continents. Kevin has an huge track history of prosperous M&A transactions within established worth generation frameworks and write-up intergration results for the duration of his time at Danaher, and will perform an crucial position in Strength Vault’s strategic progress initiatives in a pretty dynamic market,” said Robert Piconi, Chairman, Co-Founder and CEO of Electricity Vault.

David Hitchcock Appointed interim Chief Money Officer

David Hitchcock has been appointed interim Main Fiscal Officer, changing Andrea Wuttke, who will be leaving the business soon after a transitional period of time. Hitchcock brings far more than three a long time of substantial operational fiscal leadership working experience on a world wide basis, including substantial money markets and M&A know-how. Hitchcock most just lately served as Main Financial and Administrative Officer of Syniverse Systems (Syniverse), a top international services supplier to the mobile telecom sector. Through Hitchcock’s 8 decades as CFO at Syniverse, he supported them producing the thriving transition from a general public enterprise (NYSE) to private firm via the 2011 sale to The Carlyle Group. Syniverse earnings greater from more than $300 million in 2007 to much more than $900 million in by means of a mixture of organic and natural and inorganic growth even though sustaining sturdy, reliable margins and drastically expanding its workforce and income base exterior of North The us.

Prior to Syniverse, Hitchcock held senior finance and operational roles at Lucent Technologies, together with Corporate Controller and Business Vice President for Lucent Globally Companies, CFO for the Worldwide Offer Chain Network firm ($6B+ scope in producing and procurement), and CFO of North The us for the write-up-merger combination of Alcatel-Lucent throughout all business segments.

Hitchcock at present serves as an Marketplace Advisor to Astra Capital Administration and is a Board Member and Chair of the Audit Committee for Communications Systems Solutions, LLC, an Astra portfolio enterprise. David earned a BS in Accounting and an MBA from Wake Forest College and is a Licensed Public Accountant.

In his new purpose, Hitchcock will be dependable for all internal and external fiscal capabilities, the oversight of Energy Vault’s general public company accounting and economic reporting, as effectively as all capital marketplaces actions.

“I am thrilled to be part of Electricity Vault at this sort of an fascinating time in the firm’s existence cycle and I appear ahead to making out a robust finance purpose. I have been continuously amazed with the depth of the management group, the major technological innovations and value proposition Power Vault has,” mentioned Mr. Hitchcock. “I am energized to get started doing the job with all our crucial stakeholders, driving the company’s strategic prepare ahead and maximizing extended-term shareholder benefit.”

Hitchcock replaces Andrea Wuttke, former Chief Economic Officer of Vitality Vault.

Kevin Keough Appointed Senior Vice President of Corporate Development

In addition, Electrical power Vault just lately appointed Kevin Keough as Senior Vice President of Company Enhancement. Kevin provides much more than 30 years of substantial strategic, operational and engineering skills that features obtaining led corporate growth at Danaher, Tektronix, Netscout, and Inet Systems across a broad vary of high development market place and technologies segments. At individuals providers, he was accountable for their extensive-variety development strategies and executing accredtive mergers and acquisitions that grew extended time period shareholder benefit.

In his new job at Energy Vault, Keough will be liable for working with Mr. Piconi and the international administration crew to set the Firm’s strategic plan and to drive all of its business improvement and strategic progress initiatives.

At Danaher, Keough used his know-how of the arduous Danaher Business enterprise System, DBS, to productively deploy much more than $5 billion of cash to obtain a lot of accretive transactions that expanded addressable marketplace measurements, exploited white house alternatives, consolidated beautiful segments, and extra crucial advancement technologies and organization property. Kevin retains a Bachelors in Electrical Engineering from the Ga Institute of Know-how in Atlanta, Georgia.

Renewable energy storage is extremely crucial to allow the decarbonization of the earth. Power Vault develops and deploys turnkey sustainable electricity storage solutions created to remodel the world’s method to utility-scale power storage in knowing decarbonization while keeping grid resiliency. The company’s proprietary electrical power administration technique and optimization program suite is engineering agnostic in its capability to orchestrate several era and electricity storage assets to support utilities, unbiased electric power producers and massive industrial energy consumers to considerably reduce their levelized price of energy whilst keeping power good quality and grid reliability.

Mr. Keough commented, “I am psyched with the major prospect for progress by means of execution of the strategic strategy coupled with a variety of strategic development initiatives. Electricity Vault has a suite of services offerings from which we can enhance our worth proposition to our buyers and travel the Firm’s mission ahead. I search ahead to doing work with Mr. Piconi and the total Power Vault workforce.”

About Strength Vault

Energy Vault develops and deploys turnkey sustainable strength storage methods intended to renovate the world’s approach to utility-scale energy storage in realizing decarbonization when protecting grid resiliency. The company’s proprietary vitality management method and optimization application suite is know-how agnostic in its ability to orchestrate different era and electrical power storage resources to aid utilities, unbiased ability producers and large industrial strength users to significantly cut down their levelized price of vitality while protecting ability high quality and grid trustworthiness. Vitality Vault’s EVx gravity-based electrical power storage program makes use of eco-helpful elements with the potential to integrate squander resources for valuable re-use. Vitality Vault is facilitating the change to a circular economic system though accelerating the thoroughly clean energy changeover for its shoppers. For supplemental details, remember to check out: www.energyvault.com

Ahead Searching Statements

This press release is made up of ahead-on the lookout statements that include pitfalls, uncertainties, and assumptions such as statements regarding our upcoming enlargement, deployments and capabilities. There are a major number of variables that could cause genuine effects to vary materially from the statements created in this push release, such as: pitfalls linked to the rollout of Energy Vault’s business enterprise and the timing of predicted organization milestones, developments and variations in the standard market place, the continuing effect of COVID-19, political, financial, and business disorders, our confined running background as a general public organization, our skill to identify and consummate acquisitions as nicely as components affecting the achievement of these types of acquisitions, and our potential to retain competent personnel. More threats and uncertainties that could have an affect on our money outcomes are provided less than the captions “Risk Components” and “Management’s Dialogue and Examination of Financial Ailment and Success of Operations” in our Variety 8-K submitted with the Securities and Trade Fee (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is out there on our web site at investors.energyvault.com and on the SEC’s web page at www.sec.gov. Supplemental info will also be set forth in other filings that we make with the SEC from time to time. All ahead-searching statements in this press launch are based on details readily available to us as of the date hereof, and we do not believe any obligation to update the ahead-wanting statements furnished to mirror occasions that take place or situations that exist just after the day on which they had been built, other than as necessary by relevant legislation.