Energy Vault, Turkey’s Astor Enerji Launch Global Strategic Partnership with BESS Deployments Totalling 2 GWh and 1 GW Transformer Procurement from Astor Enerji

(BUSINESS WIRE) -- Energy Vault Holdings, Inc. (NYSE: NRGV), a global leader in grid-scale energy storage solutions, and Astor Enerji (BIST: ASTOR), a leading global manufacturer of high-quality power transformers and high-voltage equipment, today announced the signing of a Global Strategic Agreement to strengthen global supply chains for battery energy storage systems (BESS) and accelerate the deployment of large-scale energy storage and grid infrastructure across multiple markets.

This global alliance brings together two fast-growing innovators in the power sector, united by a mission to enable power abundance — delivering the cost-effective and reliable clean electricity needed to fuel industrial growth, digital transformation and long-term economic prosperity. The partnership marks the formation of a powerful industrial alliance, aligning complementary strengths to unlock commercial and technological synergies — including supply chain efficiency, advanced system integration and accelerated execution for utility-scale projects. At a time when U.S. transformer wait times have stretched from 50 weeks to as long as 127 weeks, this collaboration directly addresses supply shortages by leveraging Astor Enerji's manufacturing capacity and global supply chain to ensure access to high-quality equipment from sources outside areas of U.S. concern.

Under the agreement:

• Energy Vault will supply B-VAULT™ BESS solutions for Astor Enerji’s four grid-connected photovoltaic (PV) projects in Romania, delivering a combined storage capacity of up to 2 gigawatt-hours (GWh). These systems will be integrated with Energy Vault’s VaultOS™ energy management system platform for optimal performance and grid stability.

• Astor Enerji will provide transformers and high-voltage equipment for more than 1 gigawatt (GW) of Energy Vault BESS projects planned in the United States, Australia, and Europe, creating significant supply chain efficiencies across Energy Vault’s global portfolio.

By combining Energy Vault’s portfolio of advanced long- and short-duration energy storage hardware solutions and AI-driven software platform with Astor Enerji’s manufacturing scale and global delivery track record, the partnership unlocks operational efficiency, speeds time-to-market and strengthens grid infrastructure in high-growth regions.

Energy Vault will source over 1 GW of transformers and high-voltage equipment from Astor to support its BESS projects, which are being developed and operated through Asset Vault — a fully owned subsidiary dedicated to building, owning, and operating energy storage assets in high-growth global markets. Backed by a recently announced $300 million preferred equity investment, Asset Vault underpins Energy Vault’s independent power producer (IPP) strategy, enabling long-term revenues through bankable off-take agreements and merchant market participation.

“This partnership is about more than equipment supply — it’s about aligning two high-growth companies to solve the most pressing challenges in the energy transition,” said Marco Terruzzin, Chief Revenue Officer, Energy Vault. “Together, we are building the technology and supply chain capacity to meet surging power demand from AI data centers and the rapid adoption of renewable energy. This is how we deliver power abundance and economic growth on a global scale.”

“Energy Vault’s innovative approach to energy storage, combined with their extensive global project pipeline, makes them an ideal partner as we expand our footprint in the rapidly growing battery storage sector,” said Olcay Doğan, Chief Financial Officer, Astor Enerji. “This agreement builds on our mission to deliver the grid infrastructure needed for a sustainable energy future, and we are excited to create lasting commercial and technological value together.”

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 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 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.com for more information.

About Astor Enerji
Astor Enerji (BIST: ASTOR) is a global manufacturer of power transformers, distribution transformers, and high-voltage/medium-voltage switchgear, providing robust and efficient grid solutions across Europe, Africa, Asia, and the U.S.

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