Energy Vault, the Technology Company Using Gravity-based, Grid-Scale Energy Storage to Accelerate Global Decarbonization, to List on the NYSE Through Merger with Novus Capital Corporation II

San Carlos, CA – February 21, 2023 – Enel X Way North America, the Enel Group's global e-mobility business, recently signed a contract with Kentucky’s largest utilities, Louisville Gas and Electric Company and Kentucky Utilities Company. The five-year agreement, awarded through the utilities’ competitive bidding process, will provide LG&E and KU with DC fast electric vehicle (EV) charging infrastructure, software, and operations and maintenance services. The partnership with Enel is the first step in the utilities’ commitment to add fast EV charging to as many as eight locations across their service territories to increase accessibility, reduce range anxiety and support the growing number of EV motorists in and traveling through Kentucky. The first phase of the project will include four locations to be determined by LG&E and KU in 2023 and will provide EV drivers with access to eight Enel X Way 350-kilowatt (kW) DC fast charging stations, capable of simultaneous charging. “As part of our business, we’re constantly working to understand our customers’ energy needs, how those are evolving and to develop programs and services to assist them,” said LG&E and KU Vice President of Customer Services Eileen Saunders. “We know our customers, like motorists across the nation, are increasingly interested in driving electric and many of them will do so within this decade. We’ve made it a priority to do what we can to expand the EV charging network and to empower them with the information they need to confidently make the switch.” Kentucky was one of the first states to get its National Electric Vehicle Infrastructure (NEVI) funding contract approved and is set to make a total of $86.9 million available for EV charging infrastructure over the next five years (with matching funds). According to the Lane Report, Kentucky has already attracted more than $9 billion in investments from EV battery makers and automotive suppliers have received federal approval to develop a nearly $70 million EV charging network. “As the Infrastructure Investment and Jobs Act aims to develop a national network of 500,000 EV chargers, Enel X Way is supporting efforts to build out and optimize EV charging infrastructure in states across the country alongside our trusted partners,” says Chris Baker, Head of Enel X Way North America. “With federal NEVI funding and LG&E and KU’s investment in EV infrastructure, Kentucky will be accelerating EV adoption and bringing range confidence to new EV drivers.” This agreement expands upon a long-standing partnership between Enel North America and LG&E and KU. The companies have worked together for a number of years to provide business customers with customized energy-reduction plans through the Commercial Demand Conservation Program. The program provides LG&E and KU’s commercial and industrial customers with metering devices that allow them to track their energy usage through a personalized web application that is owned and operated by Enel. Through the web application, customers can monitor their energy loads on a day-to-day basis and curb their usage during times of high demand to earn monetary incentives. Around 30 businesses throughout Kentucky, comprising over 23 megawatts (MWs), benefit from this program. About Enel X Way Enel X Way is a subsidiary company of Fortune 200 renewable energy leader, the Enel Group, and is dedicated to electric mobility. Enel X Way operates in 16 countries and manages nearly 430,000 charging ports worldwide and around 160,000 in North America, both directly and through roaming agreements or joint ventures. As a global platform for e-Mobility, the company is focused on developing flexible charging technologies and solutions to improve the customer experience and enable the electrification of transport for consumers, businesses, cities and public administrations. Enel X Way's flagship home charging station, the JuiceBox, has been named the "best EV charger overall" by CNET, Car and Driver, Popular Mechanics, and Road & Track. For more information, visit our website and follow us on Instagram, Facebook and YouTube. About Louisville Gas and Electric Company and Kentucky Utilities Company Louisville Gas and Electric Company and Kentucky Utilities Company, part of the PPL Corporation (NYSE: PPL) family of companies, are regulated utilities that serve more than 1.3 million customers and have consistently ranked among the best companies for customer service in the United States. LG&E serves 333,000 natural gas and 429,000 electric customers in Louisville and 16 surrounding counties. KU serves 566,000 customers in 77 Kentucky counties and five counties in Virginia. More information is available at www.lge-ku.com. .b-content-item__body ._quote { margin: 33px 0; padding: 30px;text-align: center; color: #007bff; border-top: 1px solid #007bff; border-bottom: 1px solid #007bff; font-style: italic; } .b-content-item__body h3 {margin-bottom: 0; } .b-content-item__body ul { margin: 30px 0 30px 20px; font-style: italic; }.b-content-item__body li { list-style: disc;} .b-content-item__body li + li {padding-top: 5px; }

Energy Vault, the Technology Company Using Gravity-based, Grid-Scale Energy Storage to Accelerate Global Decarbonization, to List on the NYSE Through Merger with Novus Capital Corporation II

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Energy Vault, the Technology Company Using Gravity-based, Grid-Scale Energy Storage to Accelerate Global Decarbonization, to List on the NYSE Through Merger with Novus Capital Corporation II

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