Sustainability Report 2021 Climate Transition | Accelerating Innovation “Through the deployment of our transformative technology ... Energy Vault is redefining the role that energy storage companies can and should play within a circular economic framework.” ROBERT PICONI CEO and Co-founder, Energy Vault Next Phase of Renewables Accelerating the transition to a low-carbon economy will require innovative solutions that catalyze not only renewable energy generation but also improvements in energy efficiency and storage, as well as grid services to shift to a clean energy future. We work with our clients to develop market-based, commercially viable solutions as we look to unlock the next phase of rapid renewable expansion. Marin Clean Energy In 2021, Goldman Sachs executed its first renewable energy prepay transaction with Marin Clean Energy (MCE), leveraging our expertise in municipal prepays and renewables to adapt a transaction structure commonly used to procure natural gas and apply it to enable savings in the procurement of clean energy. This approach will help lower MCE’s procurement costs for existing renewable power purchase agreements over the next six years and is expected to lower energy costs by more than $14 million for the more than one million residents and businesses in the San Francisco Bay Area served by MCE. Hydrostor Energy storage is a key enabler to continued renewable energy penetration on the power grid. The existing energy grid requires significant advancement to add more renewable power to the system. Through a preferred equity financing commitment, our Asset Management group committed to invest $250 million in Hydrostor Inc., a long-duration energy technology company. The company is developing Advanced Compressed Air Energy Storage (A-CAES) technology targeting the growing long-duration energy storage market globally. With A-CAES, Hydrostor leverages existing industrial equipment with established supply chains to evolve the energy grid. CLIMATE TRANSITION Energy Vault Goldman Sachs acted as financial advisor to Energy Vault in its $1.1 billion merger with Novus Capital Corporation II to become a public company. Energy Vault is a creator of gravity- based, grid-scale energy storage solutions that recycle waste products like coal ash and glass fibers from retired wind turbine blades into energy storage. These solutions are key to building needed energy storage infrastructure at locations where lithium battery storage or pumped-storage hydropower may not be feasible. 30