# EDGAR Filing Document

**Accession Number:** 0001828536
**File Stem:** 0001828536-26-000024
**Filing Date:** 2026-3
**Character Count:** 23030
**Document Hash:** e9cfb379511561e202061c899a6af480
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001828536-26-000024.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001828536-26-000024

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energy Vault Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001828536
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 853230987
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294693
- **FILM NUMBER:** 26807274

**BUSINESS ADDRESS:**
- **STREET 1:** 4165 EAST THOUSAND OAKS BLVD.
- **STREET 2:** SUITE 100
- **CITY:** WESTLAKE VILLIAGE
- **STATE:** CA
- **ZIP:** 91362
- **BUSINESS PHONE:** 805-852-0000

**MAIL ADDRESS:**
- **STREET 1:** 4165 EAST THOUSAND OAKS BLVD.
- **STREET 2:** SUITE 100
- **CITY:** WESTLAKE VILLIAGE
- **STATE:** CA
- **ZIP:** 91362

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Novus Capital Corp II
- **DATE OF NAME CHANGE:** 20201015

**As filed with the Securities and Exchange Commission on March 27, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933** 

**Energy Vault Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br>**(State or other jurisdiction of**<br>**incorporation or organization)** | **85-3230987**<br>**(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **4165 East Thousand Oaks Blvd., Suite 100<br>Westlake Village, California**<br>(Address of Principal Executive Offices) | **91362**<br>(Zip Code) |

---

**ENERGY VAULT HOLDINGS, INC. 2022 EQUITY INCENTIVE PLAN** 

(Full title of the plan)

**Amy Blakeway<br>Chief Legal Officer and Corporate Secretary<br>4165 East Thousand Oaks Blvd., Suite 100<br>Westlake Village, California 91362**

(Name and address of agent for service)

**(805) 852-0000**

(Telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Michael Beer**<br>**Chief Financial Officer**<br>**4165 East Thousand Oaks Blvd., Suite 100**<br>**Westlake Village, California 91362**<br>**Tel: (805) 852-0000** | **Benjamin N. Heriaud, Esq.**<br>**Vinson & Elkins LLP**<br>**1114 Avenue of the Americas, 32nd Floor**<br>**New York, NY 10036**<br>**(212) 237-0000**  |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ⌧ |
| | | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act").

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**EXPLANATORY NOTE** 

Energy Vault Holdings, Inc. (the "Registrant") is filing this Registration Statement pursuant to General Instruction E of Form S-8 to register the offer and sale of an additional 34,000,000 shares of its common stock, par value $0.0001 per share (the "Common Stock") for issuance under the Energy Vault Holdings, Inc. 2022 Equity Incentive Plan (the "Plan"). These additional shares of Common Stock have become reserved and available for issuance under the Plan as a result of (i) the operation of the "evergreen" provisions in the Plan, which provides that the total number of shares subject to the Plan will be increased each year pursuant to a specified formula, (ii) the rollover of additional shares that were previously authorized for issuance under certain predecessor plans and became available for issuance under the Plan pursuant to Section 3.1(b) of the Plan, and (iii) additional shares that have or may again become available for delivery with respect to awards under the Plan pursuant to the share counting, share recycling, and other terms and condition of the Plan.

The contents of the Registrant's registration statements on Form S-8 relating to the Plan, which were filed with the Securities and Exchange Commission (the "Commission") on July 29, 2022 (File No. 333-266402) and December 9, 2022 (File No. 333-268744) are incorporated by reference into this Registration Statement, as permitted by General Instruction E of Form S-8.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 6. Indemnification of Directors and Officers**.

The Second Amended and Restated Charter provides that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as it now exists or may in the future be amended. In addition, the Second Amended and Restated Charter provides that our directors will not be personally liable for monetary damages to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors.

The Second Amended and Restated Bylaws permit us to secure insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification. We have purchased a policy of directors' and officers' liability insurance that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify the directors and officers.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

We have entered into written agreements with our directors to provide contractual indemnifications. Each indemnification agreement provides, among other things, for indemnification to the fullest extent permitted under Delaware law against liabilities that may arise by reason of such director's service to us. The indemnification agreements provide for the advancement or payment of all expenses to the indemnitee, subject to certain exceptions. We also intend to enter into written agreements with our officers to provide contractual indemnification.

------

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 8. Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| &nbsp;&nbsp;&nbsp;4.1 | <u>[Amended and Restated Certificate of Incorporation of Energy Vault Holdings, Inc. (incorporated by reference to Exhibit 3.2 to Energy Vault Holdings, Inc.'s Current Report on Form 8-K (File No. 001-39982), filed with the SEC on February 14, 2022).](https://www.sec.gov/Archives/edgar/data/1828536/000110465922023106/tm225795d16_ex3-2.htm)</u> |
| &nbsp;&nbsp;&nbsp;4.2 | <u>[Amended and Restated Bylaws of Energy Vault Holdings, Inc. (incorporated by reference to Exhibit 3.1 to Energy Vault Holdings, Inc.'s Current Report on Form 8-K (File No. 001-39982), filed with the SEC on February 14, 2022).](https://www.sec.gov/Archives/edgar/data/1828536/000110465922023106/tm225795d16_ex3-1.htm)</u> |
| &nbsp;&nbsp;&nbsp;5.1\* | <u>[Opinion of Vinson & Elkins LLP as to the legality of the securities being registered.](a51nrgv-formsx8legalopinio.htm)</u> |
| &nbsp;&nbsp;&nbsp;23.1\* | <u>[Consent of Vinson & Elkins LLP (contained in Exhibit 5.1).](a51nrgv-formsx8legalopinio.htm)</u> |
| &nbsp;&nbsp;&nbsp;23.2\* | <u>[Consent of BDO USA, P.C, independent registered public accounting firm.](formofconsent_2322022equit.htm)</u> |
| &nbsp;&nbsp;&nbsp;24.1\* | <u>[Power of Attorney (included](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[on](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[the signature page to this](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[R](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[egistration](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[S](#ib4c321b1532b49dd954e3145a5cc2cdd_114)[tatement).](#ib4c321b1532b49dd954e3145a5cc2cdd_114)</u> |
| &nbsp;&nbsp;&nbsp;99.1 | <u>[Energy Vault Holdings, Inc. 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 to Energy Vault Holdings, Inc.'s Quarterly Report on Form 10-Q (File No. 001-39982), filed with the SEC on May 16, 2022).](https://www.sec.gov/Archives/edgar/data/1828536/000182853622000013/a2022equityincentiveplan.htm)</u> |
| &nbsp;&nbsp;&nbsp;107.1\* | <u>[Calculation of Filing Fee Table](exfilingfees.htm)</u> |

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\*Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Westlake Village, State of California on March 27, 2026.

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| | |
|:---|:---|
| ENERGY VAULT HOLDINGS, INC. | ENERGY VAULT HOLDINGS, INC. |
| By | /s/ Robert Piconi |
| Name: | Robert Piconi |
| Title: | Chief Executive Officer |
| | (Principal Executive Officer) |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Robert Piconi and Amy Blakeway, and each of them, his true and lawful attorneys-in-fact and agents, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully and to all intents and purposes as they might or could not in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on March 27, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Robert Piconi | Chief Executive Officer and Chairman of the Board |
| Robert Piconi | (Principal Executive Officer) |
| /s/ Michael Beer | Chief Financial Officer |
| Michael Beer | (Principal Financial and Accounting Officer) |
| /s/ Theresa Fariello | Non-Executive Director |
| Theresa Fariello | |
| /s/ Larry Paulson | Non-Executive Director |
| Larry Paulson | |
| /s/ Stephanie Unwin | Non-Executive Director |
| Stephanie Unwin | |
| /s/ Mary Beth Mandanas | Non-Executive Director |
| Mary Beth Mandanas | |
| /s/ Thomas Ertel | Non-Executive Director |
| Thomas Ertel | |
| /s/ Dylan Hixon | Non-Executive Director |
| Name: Dylan Hixon | |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Energy Vault Holdings, Inc.**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, $0.0001 par value per share | Other | 34000000 | $3.42 | $116280000.00 | 0.0001381 | $16058.27 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $116280000.00  |  | $16058.27  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $16058.27  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The Form S-8 registration statement to which this Exhibit 107.1 is attached (the "Registration Statement") registers 34,000,000 shares of common stock, $0.0001 par value per share (the "Common Stock"), of Energy Vault Holdings, Inc., a Delaware corporation, that may be delivered with respect to awards under the Energy Vault Holdings, Inc. 2022 Equity Incentive Plan (the "Plan"), including approximately 22,000,000 shares that were automatically added to the shares reserved for issuance under the Plan pursuant to an "evergreen" provision contained in the Plan and additional shares of Common Stock that may again become available for delivery with respect to awards under the Plan pursuant to the share counting, share recycling, and other terms and conditions of the Plan, including shares that were previously authorized for issuance pursuant to predecessor plans that will again become available for issuance under the Plan. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the Registration Statement shall be deemed to cover an indeterminate number of additional shares of Common Stock that may become issuable as a result of stock splits, stock dividends or similar transactions pursuant to the adjustment or anti-dilution provisions of the Plan. The proposed maximum offering price per share and proposed maximum aggregate offering price for the shares of Common Stock covered by this Registration Statement have been estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act based upon the average of the high and low prices of a share of Common Stock as reported on the New York Stock Exchange on March 23, 2026 (a date within five business days prior to the date of filing the Registration Statement), which was equal to $3.42.

---

| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---

## Exhibit 5.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 5.1**

March 27, 2026

Energy Vault Holdings, Inc.

4165 East Thousand Oaks Blvd., Suite 100

Westlake Village, California 91362

Ladies and Gentlemen:

We have acted as counsel for Energy Vault Holdings, Inc., a Delaware corporation (the "Company"), in connection with the Company's registration under the Securities Act of 1933, as amended (the "Act"), of the offer and sale of an aggregate of up to 34,000,000 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), pursuant to the Company's registration statement on Form S-8 (the "Registration Statement") to be filed with the Securities and Exchange Commission on March 27, 2026, which Common Stock may be issued from time to time in accordance with the terms of the Energy Vault Holdings, Inc. 2022 Equity Incentive Plan (as amended from time to time, the "Plan").

In reaching the opinions set forth herein, we have examined and are familiar with originals or copies, certified or otherwise identified to our satisfaction, of such documents and records of the Company and such statutes, regulations and other instruments as we deemed necessary or advisable for purposes of this opinion, including (i) the Registration Statement, (ii) certain resolutions adopted by the board of directors of the Company, (iii) the Plan, and (iv) such other certificates, instruments, and documents as we have considered necessary for purposes of this opinion. As to any facts material to our opinions, we have made no independent investigation or verification of such facts and have relied, to the extent that we deem such reliance proper, upon certificates of public officials and officers or other representatives of the Company.

We have assumed (i) the legal capacity of all natural persons, (ii) the genuineness of all signatures, (iii) the authority of all persons signing all documents submitted to us on behalf of the parties to such documents, (iv) the authenticity of all documents submitted to us as originals, (v) the conformity to authentic original documents of all documents submitted to us as copies, (vi) that all information contained in all documents reviewed by us is true, correct and complete, and (vii) that the Common Stock will be issued in accordance with the terms of the Plan.

Based on the foregoing and subject to the limitations set forth herein, and having due regard for the legal considerations we deem relevant, we are of the opinion that the shares of Common Stock have been duly authorized and, when the shares of Common Stock are issued by the Company in accordance with the terms of the Plan and the instruments executed pursuant to the Plan, as applicable, the shares of Common Stock will be validly issued, fully paid and nonassessable.

This opinion is limited in all respects to the General Corporation Law of the State of Delaware. We express no opinion as to any other law or any matter other than as expressly set forth above, and no opinion as to any other law or matter may be inferred or implied herefrom. The opinions expressed herein are rendered as of the date hereof, and we expressly disclaim any obligation to update this letter or advise you of any change in any matter after the date hereof.

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| | |
|:---|:---|
| **Vinson & Elkins LLP Attorneys at Law**<br>Austin Brussels Dallas Denver Dubai Dublin Houston London<br>Los Angeles New York Richmond San Francisco Tokyo Washington | Texas Tower, 845 Texas Avenue, Suite 4700<br>Houston, TX 77002<br>**Tel** +1.713.758.2222 **Fax** +1.713.758.2346 velaw.com |

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**Energy Vault Holdings, Inc.** March 27, 2026 Page 2<br>

This opinion may be filed as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;/s/ Vinson & Elkins LLP

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 23.2

**Exhibit 23.2**

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in this Registration Statement of our report dated March 18, 2026, relating to the consolidated financial statements of Energy Vault Holdings, Inc. (the Company), appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ BDO USA, P.C.

New York, New York

March 27, 2026

<br>