Energy Vault begins building 150 MW Texas BESS; Q4 cash up 65% to $100M+

Energy Vault Holdings, Inc.

SOSA Energy Center (150 MW/300 MWh) construction started in ERCOT; commercial operation expected Q2 2027.
Expected total revenue over $350M over technical life (~$17-20M annual high-margin recurring).
Cash and liquidity increased ~65% in Q4 2025 to over $100M, above guidance high end.
Asset Vault portfolio now over 340 MW under operation/construction; three more projects in pipeline.
Project acquired from Shell subsidiary Savion; backed by $300M OIC preferred equity.

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