[Form 4] Energy Vault Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Energy Vault Holdings, Inc. (NRGV) reported an insider transaction involving a major shareholder. SoftBank Vision Fund (AIV M2) L.P., acting as a 10% owner, indirectly sold 3,000,000 shares of common stock of Energy Vault on January 15, 2026 at a price of $5.65 per share, according to a Form 4 filing.

After this sale, AIV M2 continued to beneficially own 15,535,631 shares of Energy Vault common stock indirectly. SB Investment Advisers (UK) Limited, which is authorized and regulated by the UK Financial Conduct Authority, serves as the alternative investment fund manager for AIV M2 and is exclusively responsible for decisions regarding AIV M2’s investments, including acquisition, financing, voting, and disposal.

Insights

Equity ownership and governance analyst

Large Energy Vault shareholder sells 3M shares but keeps sizable stake.

The filing shows SoftBank Vision Fund (AIV M2) L.P., a 10% owner of Energy Vault Holdings, Inc., executed a sale of 3,000,000 shares of common stock at $5.65 per share on January 15, 2026. The transaction is coded "S", indicating a sale of non-derivative securities.

Following the sale, AIV M2 still indirectly held 15,535,631 shares, so this is a partial reduction rather than a full exit. The footnote explains that SB Investment Advisers (UK) Limited acts as the alternative investment fund manager, with exclusive authority over acquisition, structuring, financing, voting, and disposal decisions for AIV M2's investments. This underlines that decisions are made at the fund manager level rather than by individuals named in the signature block.

The filing does not state any reasons for the sale or link it to changes in strategy, so interpretation is limited to the fact of a significant transaction and ongoing large ownership position. Future company filings may provide additional context on any subsequent ownership changes or governance implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SOFTBANK VISION FUND (AIV M2) L.P.

(Last) (First) (Middle)

1521 CONCORD PIKE

(Street)

WILMINGTON DE 19803

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Energy Vault Holdings, Inc. [ NRGV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/15/2026		S		3,000,000	D	$5.65	15,535,631	I	See footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

SOFTBANK VISION FUND (AIV M2) L.P.

(Last) (First) (Middle)

1521 CONCORD PIKE

(Street)

WILMINGTON DE 19803

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SB INVESTMENT ADVISERS (UK) LTD

(Last) (First) (Middle)

69 GROSVENOR STREET

(Street)

LONDON X0 W1K 3JP

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Securities held of record by SoftBank Vision Fund (AIV M2) L.P. ("AIV M2"). SB Investment Advisers (UK) Limited ("SBIA UK") has been appointed as alternative investment fund manager ("AIFM") and is exclusively responsible for managing AIV M2 in accordance with the Alternative Investment Fund Managers Directive and is authorized and regulated by the UK Financial Conduct Authority accordingly. As AIFM of AIV M2, SBIA UK is exclusively responsible for making all decisions related to the acquisition, structuring, financing, voting and disposal of AIV M2's investments

	SoftBank Vision Fund (AIV M2) L.P., By: SB Investment Advisers (UK) Limited, its manager, By: /s/ Amanda Sanchez-Barry, General Counsel	01/20/2026
	SB Investment Advisers (UK) Limited, By: /s/ Amanda Sanchez-Barry, General Counsel	01/20/2026
	** Signature of Reporting Person	Date
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