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

Rhea-AI Filing Summary

Robert Piconi, identified as Chief Executive Officer, Director and a >10% owner of Energy Vault Holdings, Inc. (NRGV), reported purchases on 08/28/2025. The Form 4 shows a purchase of 55,000 shares of common stock at a weighted average price of $1.7057 per share (prices ranged $1.64–$1.79). After the reported transaction, 20,087,526 shares are shown as directly beneficially owned. Two separate indirect holdings of 4,307,946 shares each are disclosed and attributed in footnotes to the Piconi Family 2021 Delaware Trust and the Piconi 2021 Delaware Trust, for which the reporting person serves as investment advisor. The filing is signed by the company CFO.

Positive

• Insider purchase of 55,000 shares at a weighted average price of $1.7057
• Clear disclosure of direct beneficial ownership totaling 20,087,526 shares
• Trust holdings disclosed with footnotes attributing 4,307,946 shares to each named trust

Negative

• No additional context provided on purpose or timing of the purchases beyond transaction dates
• Weighted average price reported without per-lot breakdown (footnote offers to provide details only on request)

Insights

Financial Analyst

TL;DR: Insider CEO purchased 55,000 shares at a ~$1.71 weighted average price; direct holdings exceed 20.0 million shares.

The reported purchase is a straightforward open-market acquisition totaling 55,000 shares at a weighted average of $1.7057 on 08/28/2025. Post-transaction direct beneficial ownership is reported at 20,087,526 shares, with two disclosed indirect trust holdings of 4,307,946 shares each. For investors, this filing documents insider accumulation but does not provide context on timing or intent beyond the transaction details reported.

Corporate Governance Expert

TL;DR: CEO and director disclosed purchases and trust ownerships, filed under Section 16 as required.

The Form 4 correctly identifies roles (CEO, director, >10% owner) and reports acquisition details and trust-held positions with explanatory footnotes. The reporting person is listed as investment advisor to two Delaware trusts that hold identical share amounts, which is disclosed in the form. The filing appears to satisfy Section 16 reporting elements visible in the document.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Piconi Robert

(Last) (First) (Middle)

4165 EAST THOUSAND OAKS BLVD, SUITE 100

(Street)

WESTLAKE VILLAGE CA 91362

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

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

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

X	Form filed by One Reporting Person
	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	08/28/2025		P		55,000	A	$1.7057(1)	20,087,526	D
Common Stock								4,307,946	I	See Footnote(2)
Common Stock								4,307,946	I	See Footnote(3)

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $1.64 to $1.79. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. Held by Piconi Family 2021 Delaware Trust for which the Reporting Person serves as investment advisor.

3. Held by Piconi 2021 Delaware Trust for which the Reporting Person serves as investment advisor.

Remarks:

	/s/ Michael Beer, Chief Financial Officer	08/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Robert Piconi report on the Form 4 for NRGV?

The Form 4 reports that Robert Piconi purchased 55,000 shares of Energy Vault (NRGV) common stock on 08/28/2025 at a weighted average price of $1.7057 per share.

How many shares does Robert Piconi beneficially own after the reported transaction?

After the reported purchase, the filing shows 20,087,526 shares as directly beneficially owned by the reporting person.

Are there indirect holdings disclosed by the reporting person in this Form 4?

Yes. The filing discloses two indirect holdings of 4,307,946 shares each, attributed to the Piconi Family 2021 Delaware Trust and the Piconi 2021 Delaware Trust, for which he serves as investment advisor.

What price range did the purchased shares trade at according to the filing?

The filing states the shares were purchased in multiple transactions at prices ranging from $1.64 to $1.79, with a weighted average of $1.7057.

Who signed the Form 4 filing for Energy Vault?

The signature block shows /s/ Michael Beer, Chief Financial Officer with the date 08/28/2025.