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Utah San Rafael Energy Lab Signs MOU with NuCube Energy for Test Reactor to Deploy NuCube’s Revolutionary Nuclear Fission Technology

June 10, 2025. SALT LAKE CITY & IDAHO FALLS, Idaho

The Utah San Rafael Energy Lab (USREL), a unit within the Utah Office of Energy Development (OED), and NuCube Energy (NuCube), an innovative nuclear energy company designing a revolutionary fission reactor capable of producing electricity and high temperature heat, announced today the signing of a memorandum of understanding (MOU). The MOU establishes a collaboration for siting one of NuCube’s microreactors at USREL, Utah’s premier energy lab, located in Orangeville, Utah. The MOU is also a key step in bringing NuCube’s modular reactors to market. NuCube’s technology is capable of producing the highest-temperature heat from a fission reactor that can be easily integrated with chemical processes and energy conversion technologies; thus, the reactors provide double value by generating electricity or providing heat for other industrial processes. More specifically, NuCube’s reactor design utilizes TRISO (tristructural-isotropic) fuel and heat pipe technology, among other innovations, that are designed to minimize the use of moving parts within the reactor, thereby enhancing safety and reliability. The microreactors are housed in a stainless-steel compartment that increases safety and streamlines permitting. Testing of NuCube’s microreactors at USREL will be the next step in the technology’s development. Unique in the industry, NuCube’s nuclear reactor can produce electricity via high temperature heat greater than 1,000 degrees Celsius. It is the only reactor that can compete with natural gas for high temperature industrial customers. The technology can deliver cost competitive electricity and can also be operated independently from existing power grids, which could be transformative for rural areas in states such as Utah. The MOU between USREL and NuCube comes at a time when the United States as a whole is seeing renewed interest in nuclear energy – an interest being driven by both an increased need for more energy and newer and safer nuclear technologies. Utah has already begun attracting significant investment in its nascent nuclear industry, and the USREL will play a critical role in bridging the gap between research and development and deployment, including the NuCube project. NuCube and USREL have already begun discussions about community outreach and engagement. “Utah has an enormous amount of momentum as it explores how best to leverage nuclear energy to meet the needs of its residents and businesses,” said Cristian Rabiti, Chief Executive Officer and Cofounder, NuCube Energy. “NuCube’s innovative reactor is ideal for Utah and we’re looking forward to bringing the highest temperature application for nuclear energy to the state for the first time. We are especially excited to be working with USREL given its proven track record of demonstrating advanced power generation technologies including a supercritical carbon dioxide power cycle.” “The USREL has the space and equipment necessary to host projects like NuCube Energy’s test reactor,” said Emy Lesofski, OED director. “The lab will be a site for a variety of research projects that focus on keeping our energy clean, affordable, reliable and sustainable. The research at USREL will play a critical role in bringing promising technologies to market safely and quickly so the state can continue to increase its reliable and clean energy supply, while also working with local community members. We’re particularly excited about NuCube’s technology because of the opportunities around research it will afford.” About the San Rafael State Energy Lab In 2023, management of the San Rafael State Energy Lab was transferred to the Utah Office of Energy Development (H.B. 410). The lab fosters innovation and supports technological developments in the energy sector through community engagement and collaboration with industry leaders, researchers, entrepreneurs, investors and other stakeholders. About OED OED is Utah’s primary office for energy and mineral development. The office is charged with developing and implementing energy policy and resources, creating energy-related educational and workforce development programs and promoting energy efficiency and infrastructure. Media contact: OED Public Information Officer Tracy M. Rees at 385-775-9253 About NuCube Energy NuCube Energy is an innovative technology company designing a revolutionary nuclear fission reactor capable of producing electricity via high temperature heat. Uniquely, the company’s technology is capable of servicing both the electrical and the high temperature industrial heat markets. NuCube’s elegantly designed modular microreactor is exceptionally safe, simple, and economical. It is the only reactor that can produce heat greater than 1,000 degrees Celsius for industrial processes. NuCube’s technology can replace natural gas for industrial customers and provide cost competitive electricity. An Idealab Studio company, NuCube cofounders include legendary entrepreneur Bill Gross and Dr. Rabiti, a visionary innovator who has dedicated his career to advancing and reshaping the field of nuclear energy. For more information on NuCube, please visit www.nucube.energy. Media contact: media@nucube.energy

Energy Vault and NuCube Energy Form Strategic Partnership to Power AI Data Centers with Nuclear Microreactors, Offering Flexible Baseload, Energy Storage and Grid Services Capabilities

January 15, 2025

Strategic partnership to expedite NuCube’s NuSun™ microreactor, coupled with Energy Vault material science and storage solutions, for rollout at high-energy demand locations, including data centers This flexible baseload solution will serve the U.S. data center market estimated to consume 500 TWh in 2028, equivalent to 60GW of power generation needs WESTLAKE VILLAGE, Calif. & IDAHO FALLS, Idaho--(BUSINESS WIRE)-- Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced a strategic partnership with NuCube Energy, Inc. (NuCube), a breakthrough nuclear technology company, to accelerate the delivery of NuCube’s NuSun platform. NuSun is a dedicated deployment of NuCube technology to meet large energy use sites such as data centers. The joint technical development effort will focus on the integration of the NuSun platform with Energy Vault’s VaultOS™ Energy Management System (EMS) and B-VAULT™ Battery Energy Storage System (BESS) to enable rapid deployment of carbon-free, safe and cost-effective baseload generation with the operational flexibility required by data centers and large energy users. Through this collaboration, Energy Vault and NuCube will seek to accelerate the deployment of the NuSun platform integrated with VaultOS software controls, grid services and accompanying energy storage systems (ESS) by the end of 2028/beginning of 2029. Energy Vault will leverage expertise in advanced material science technologies from its gravity storage research and development to expedite the development of shielding and containment systems utilized by NuSun. This involves using specialized composite admixtures to enhance safety while streamlining production for large-scale deployment. As part of the strategic partnership, Energy Vault will design, engineer, and deploy customized software capability within its VaultOS software suite to enable joint control of NuSun and Energy Vault’s proprietary B-VAULT BESS product. This will enable battery storage of excess energy generated during periods of lower demand and dispatch of stored energy during peak demand helping to ensure AI data centers can operate 24/7 without any power or business disruption. The integration of the NuSun hardware stack into Energy Vault’s VaultOS software platform will also unlock multi-unit project deployments and enable dynamic load-following capabilities across multiple reactor units, improving responsiveness and efficiency for diverse energy demands. NuSun, the result of more than 100 years of combined nuclear industry experience, is an extremely safe, advanced nuclear microreactor that combines cutting edge technology like TRISO fuel and heat pipes for the production of heat and a proprietary heat to electricity conversion system that drastically reduces the number of components. This combination of technologies eliminates most moving parts, creating a walk away safe nuclear reactor that provides large energy users, such as data centers, with zero-carbon power and continuous operation for many years without refueling. Several modules will be assembled to match data center power needs, allowing for streamlined permitting and scalable deployment. This flexible baseload solution will serve the U.S. data center market estimated to consume 500 TWh by 2028. The NuSun platform will be fully enclosed within a stainless-steel containment vessel and readily transportable. NuCube’s design adopts innovative proprietary technology that will maximize the fuel utilization overcoming some of the limitations of very compact nuclear designs. The safety characteristics are such that the expected emergency zone planning (EZP) of the reactor will be limited to the building itself. To shorten the licensing timeline, NuCube’s design uses materials and fuel which have been characterized and, in some instances, already approved by the Nuclear Regulatory Commission, such as TRISO fuel in order to help reduce the risks associated with licensing and deployment. “The NuSun™ platform will offer a cost competitive carbon free solution to address the growing needs of power driven by the exponential growth of data centers,” commented Cristian Rabiti, Co-Founder and Chief Executive Officer, NuCube Energy. “Its design simplicity is the key to achieving low cost and a high degree of safety. By coupling the NuSun platform with Energy Vault’s digital and hardware platform, we expect to be able to improve the operational flexibility and efficiency of NuSun for single and multi-unit configurations, ensuring that AI data centers can easily incorporate NuSun in their power procurement operations and manage fluctuations in demand to operate continuously. This ability combined with the modularity and scalability of NuSun could represent the missing link for establishing a highly resilient, dependable and secure energy supply that is deployable anywhere that the market needs.” “As the demand for AI data centers continues to surge, ensuring a reliable and uninterrupted power supply – and, necessarily, storage – has become paramount,” said Marco Terruzzin, Chief Commercial and Product Officer, Energy Vault. “By integrating microreactors with Energy Vault’s unique approach to energy storage, we can ensure that AI data centers have access to carbon free electricity and operate seamlessly. Through this important strategic partnership, Energy Vault and NuCube aim to bring NuSun to market as the safest and most cost-effective dispatchable carbon-free solution for the growing data center market.” 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 G-Vault™ 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 NuCube NuCube is an innovative technology company designing a revolutionary nuclear fission reactor capable of producing electricity via high temperature heat. The company’s technology is capable of servicing both the electrical and the high temperature industrial heat markets and has been designed with an elegant modular microreactor to be exceptionally safe, simple, and economical. NuCube offers nuclear technology that will produce the highest temperature heat for industrial customers and provide cost competitive electricity. For more information on NuCube, please visit http://www.nucube.energy. Forward-Looking Statements This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance, including the proposed partnership. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings and backlogs and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the timing of permits; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 12, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.

GAIN Vouchers Awarded to Advance Recycling Technologies and Reactor Concepts

December 19, 2024

WASHINGTON, D.C. – The Gateway for Accelerated Innovation in Nuclear (GAIN) announced today that four companies will be provided vouchers to advance nuclear fuel and technologies. The vouchers provide companies access to the extensive nuclear research capabilities and expertise available across the U.S. Department of Energy (DOE) national laboratory complex. Curio Solutions (Washington, D.C) will collaborate with Pacific Northwest National Laboratory to analyze its nuclear fuel recycling process and recommend waste management strategies for safe disposal. Abstract Deep Fission, Inc. (Berkeley, CA) will work with Idaho National Laboratory to assess the thermal hydraulics of its underground microreactor conceptual design. Abstract Kairos Power LLC (Alameda, CA) will partner with Pacific Northwest National Laboratory to improve how the chemical composition of salt coolants is monitored for high temperature reactors using either liquid-fuel or solid-fuel. Abstract NuCube Energy (Idaho Falls, ID) will team up with Idaho National Laboratory to assess and optimize the performance of a heat exchanger conceptual design for potential use in a process that converts carbon dioxide gas into solid carbon, which can be used to develop materials for a variety of applications. Abstract GAIN voucher recipients do not receive direct financial awards. Vouchers provide funding to DOE laboratories to help businesses overcome critical technological and commercialization challenges. All awardees are responsible for a minimum 20 percent cost share, which could be an in-kind contribution. GAIN was established by DOE’s Office of Nuclear Energy and provides the nuclear community with the technical, regulatory, and financial support necessary to move innovative nuclear technologies toward commercialization while ensuring the continued, safe, and economic operation of the existing fleet. This is the first round of GAIN vouchers awarded for FY 2025.

Halliburton Labs Welcomes Five New Companies to Accelerate the Future of Energy

Dec 18, 2024

HOUSTON--(BUSINESS WIRE)--Halliburton Labs added five innovative companies to its collaborative ecosystem. The new cohort features 360 Energy, Cella, Espiku, Mitico, and NuCube. The companies will enter a vibrant environment to help advance their commercialization with support from Halliburton's practitioners and business network. “We welcome these innovative energy startups,” said Dale Winger, managing director of Halliburton Labs. “We are eager to help these participant companies use their time and capital efficiently to progress new solutions that meet industry requirements for cost, reliability, and sustainability.” 360 Energy brings a new market for natural gas to the oil field. With its innovative In-Field Computing technology, 360 Energy captures flared or stranded gas and monetizes it through modular data centers. This provides a valuable solution for resource owners. "Upstream producers are eager for a real alternative to flaring," said Chris Alfano, founder and CEO of 360 Energy. "Our In-Field Computing technology reduces flaring and unlocks new revenue from natural gas. We are thrilled to join forces with Halliburton Labs to accelerate the reach of this much-needed solution and bring impactful change across the oil field." Cella advances subsurface mineralization of carbon dioxide. The company’s end-to-end services, from resource assessment to proprietary injection technology, and monitoring techniques, provide valuable geologic carbon storage solutions. Cella aims to build its first field-scale pilot to demonstrate its novel approach to mineralization. Cella’s notable team uses industry-leading scientific and operational experience supported by advisors that pioneered the field of carbon mineralization in basalt. Co-founder and Chief Technology Officer Dr. Claire Nelson said, "Collaboration with Halliburton Labs enables us to leverage world-class experience and resources to scale our technology and bring our services to market. We're excited to demonstrate how our innovations can be easily integrated with existing, state-of-the-art subsurface technologies to enable rapid advancements in the field of geologic carbon storage." Espiku develops solutions that advance water and valuable minerals recovery from brines and industrial produced water streams. With the use of low-pressure thermal cycles and a modular design, Espiku’s systems allow for rapid deployment in diverse environments that unlock the vast potential of domestic resources to support energy and material supply chains. "Espiku's innovations provide a critical pathway to a clean energy future to solve urgent water management issues for our customers,” said Tyler Manley, director of business development at Espiku. “We are excited to announce a strategic collaboration with Halliburton Labs that will expand our access to customer insights and operational expertise and accelerate our progress toward deployment at scale.” Mitico offers innovative technology and services to capture carbon dioxide (CO2). Their patent-pending granulated metal carbonate sorption technology (GMC), originally developed and validated at Caltech, captures more than 95% of the CO2 emitted from post-combustion point sources (flue gases). This includes gas-fired power plants and boilers, as well as waste-to-energy and biomass-to-energy facilities. “Mitico can enable carbon capture, utilization, and storage (CCUS) as a service at a low cost,” said Clement Cid, co-founder and CEO of Mitico. “I am excited to collaborate with Halliburton Labs to accelerate scale up of supply chain and operational deployments of our innovative technology.” NuCube Energy has a nuclear fission reactor under development. It will produce electricity and high-temperature heat for electrical and industrial markets. The modular microreactor enhances safety and lowers construction and operational costs. NuCube targets heat production at temperatures up to 1,100°C for industrial applications to offer cost-competitive electricity in remote areas. “At NuCube, our mission is to help our customers solve a major problem – how to use nuclear energy to economically meet decarbonization goals,” said Cristian Rabiti, co-founder and CEO of NuCube Energy. “The modular microreactor provides a novel solution to this complex problem. We’re excited to work with Halliburton Labs to utilize its supply chain and remote operations along with the modularization of our reactor’s design to accelerate deployment.” Join us in Denver for our next Finalists Pitch Day Halliburton Labs invites energy and decarbonization industry innovators, startups, and investors to participate in the Finalists Pitch Day in Denver on Wednesday, March 26, 2025. The pitch day event will precede registration and the opening reception of the 30th annual National Renewable Energy Laboratory (NREL) Industry Growth Forum. Finalists Pitch Day will include pitches from selected startups with the focus on the Future of Energy, Faster™. Register here to be part of the experience and contribute to the future of sustainable energy. About Halliburton Labs Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and experienced practitioners advance the future of energy faster. Halliburton Labs provides access to world-class facilities, a global business network, commercialization expertise, and financing opportunities to help participants scale their business. Visit the company's website at Halliburton Labs. Connect with Halliburton Labs on LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).

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