Energy Vault increases convertible debenture facility to $150M, adds $38M tranche, extends maturity

Energy Vault Holdings, Inc.

Amended securities purchase agreement to increase aggregate principal to $150M and issued additional $38M of senior secured convertible debentures at 95% of par.
Amended and restated debenture bears 7.50% interest, extends maturity to July 1, 2027, and sets conversion floor at $1.19 per share.
Subsidiary Calistoga Resiliency Center prepaid $5.0M of senior secured notes with waiver of make-whole amount and deferred DSCR testing to November 30, 2026.
Subsidiary Cross Trails Energy Storage obtained consent to modify debt service coverage ratio calculations and waiver of defaults for Q1 and Q2 2026.
Company reported material increase in sales backlog from $1.3 billion as of March 31, 2026.

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