CLIMATE TRANSITION Next Phase of Renewables Energy Vault Accelerating the transition to a low-carbon economy will Goldman Sachs acted as 昀椀nancial advisor to Energy Vault require innovative solutions that catalyze not only renewable in its $1.1 billion merger with Novus Capital Corporation II to energy generation but also improvements in energy e昀케ciency become a public company. Energy Vault is a creator of gravity- and storage, as well as grid services to shift to a clean energy based, grid-scale energy storage solutions that recycle waste future. We work with our clients to develop market-based, products like coal ash and glass 昀椀bers from retired wind commercially viable solutions as we look to unlock the next turbine blades into energy storage. These solutions are key phase of rapid renewable expansion. to building needed energy storage infrastructure at locations where lithium battery storage or pumped-storage hydropower Marin Clean Energy may not be feasible. In 2021, Goldman Sachs executed its 昀椀rst renewable energy prepay transaction with Marin Clean Energy (MCE), leveraging our expertise in municipal prepays and renewables to adapt a transaction structure commonly used to procure natural gas and apply it to enable savings in the procurement of clean energy. This approach will help lower MCE’s procurement costs for existing renewable power purchase agreements over the next six years and is expected to lower energy costs by more than $14 million for the more than one million residents and businesses in the San Francisco Bay Area served by MCE. Hydrostor Energy storage is a key enabler to continued renewable energy penetration on the power grid. The existing energy grid requires signi昀椀cant advancement to add more renewable power to the system. Through a preferred equity 昀椀nancing commitment, our Asset Management group committed to invest $250 million in Hydrostor Inc., a long-duration energy technology company. The company is developing Advanced Compressed Air Energy Storage (A-CAES) technology targeting the growing long-duration “Through the deployment energy storage market globally. With A-CAES, Hydrostor of our transformative leverages existing industrial equipment with established supply chains to evolve the energy grid. technology … Energy Vault is rede昀椀ning the role that energy storage companies can and should play within a circular economic framework.” Sustainability Report 2021 ROBERT PICONI Climate Transition | Accelerating Innovation CEO and Co-founder, Energy Vault 30