REPT BATTERO Inks Supply Agreement with Energy Vault to Deliver 10 GWh of Batteries Enabling Global BESS deployments

SHANGHAI,May 22,2023 --REPT BATTERO Energy Co.,Ltd. ("REPT BATTERO" or "the company"),a leading new energy solution provider backed by China's stainless steel and nickel giant Tsingshan Group,has signed an agreement with Energy Vault,Inc. (NYSE: NRGV) ("Energy Vault"),a leader in sustainable,grid-scale energy storage solutions,to supply 10GWh of high-energy capacity,high-density lithium-ion battery and other high quality energy storage solutions,making another stride forward in its global expansion as it facilitates the world's economy to transition to renewables with its innovative energy storage technology.

The supply agreement for 10GWh is one of the most substantial to date,with initial deliveries expected to start in Q32023. The deal will see REPT BATTERO initially deliver 280Ah batteries,followed by the company's next-gen Wending Battery designed for larger capacity and greater life cycle to gain a stronger competitive advantage in global BESS business.

The main highlights of the lithium battery products under the agreement are the uniformity of thermal management and excellent thermal safety. Products have not only passed the latest version of UL1973,IEC62619,IEC63056 certification,but also successfully undergone full testing in accordance to the latest UL9540A standards.

REPT BATTERO Inks Supply Agreement with Energy Vault

"The Energy Vault team has proven to be the most customer-centric and rapidly growing energy storage company in the industry. We are very excited about this partnership because it will enable the exponential growth that we were aiming for in the stationary energy storage sector," said Dr. Cao Hui,Chairman & CEO of REPT BATTERO. "We are confident in Energy Vault's ability to win the largest projects worldwide,supporting our growth plan. We are pleased to leverage Energy Vault's expertise to convert our high-quality battery technology to bespoke solutions for the largest customers worldwide."

"This partnership combines REPT BATTERO's significant technical expertise and leadership in manufacturing safe,reliable and high performance liquid-cooled Li-ion battery packs which Energy Vault plants to use in its proprietary B-Vault BESS platform,one of the most advanced AC block designs in the industry that optimizes cost and maximizes reliability and uptime for our customers. Cost optimization with higher safety and reliability has been central to the design and integration of Energy Vault's B-Vault BESS Platform," said Akshay Ladwa,Chief Engineering Officer,Energy Vault. Additionally,the partnership enables successful execution and delivery of short duration and hybrid energy storage solutions to our global customer base,and further advances our strategy to provide our customers with a comprehensive portfolio of solutions to address both their short and long duration energy storage needs."

Established in 2017,REPT BATTERO is the first renewables-focused company invested in by Tsingshan Group,serving as a platform for the world's largest stainless steel producer to establish a stronghold in the new energy sector. By 2022,REPT BATTERO has secured a place among the top five energy storage battery companies in the world for product shipments and has taken the second placefor utility energy storage battery shipments in China.

The establishment of a strategic partnership represents a significant milestone for REPT BATTERO's energy storage business in its pursuit of global expansion and entry into foreign markets. Notably,the synergistic utilization of resources by both parties will further facilitate the harmonized growth of the global new energy sector and foster mutually beneficial cooperation.

About REPT BATTERO

REPT BATTERO Energy Co.,Ltd. (abbreviated as REPT BATTERO),established in 2017,is the first enterprise invested by Tsingshan Industry in new energy field. By virtue of Tsingshan's rich resources of nickel mine,REPT BATTERO focuses on research and development,production and sales of power battery and system-level applications,and offers high-quality solutions for BEV and intelligent power storage. In 2022,REPT was among the Top 5 energy storage battery companies in global shipments and No.2 in domestic utility energy storage battery shipments. The company is on track to raise its total capacity to over 150GWh in 2025. Please visit www.chinarept.comfor more information.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage,battery storage,and green hydrogen energy storage technologies. Each storage solution is supported by the Company's hardware technology-agnostic VaultOS energy management system software and integration platform. Unique to the industry,Energy Vault's innovative technology portfolio delivers customized short-and-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. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse,Energy Vault's EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.comfor more information.