Batteries and Energy Storage Systems Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS

Ramp Reality Resets the Storage Set as One Buyer Moves for Scale

This update covers the movers, company announcements and M&A activity in Batteries and Energy Storage Systems from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS

   Cover slide introducing the September 14–28, 2026 bi-weekly update on Batteries and Energy Storage Systems.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for Batteries and Energy Storage Systems from September 14–28, 2026. We start with the market moves before turning to the period's one agreed transaction.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › BATTERIES AND ENERGY STORAGE SYSTEMS Ramp Reality Resets the Storage Set as One Buyer Moves for Scale This update covers the movers, company announcements and M&A activity in Batteries and Energy Storage Systems from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Delivery Risk Repriced While a Platform Buyer Kept Moving

   Summarizes the two-week period's market moves and the period's one M&A transaction across 12 covered names.

   Seven of the twelve names we track fell over the two-week period, with a median move of -2.6% against the S&P 500's +0.8%, so the covered set lagged a market that was moving higher. Fluence Energy's -20.3% move followed a revised fiscal 2026 guide, while NeoVolta's 58% reported revenue growth still finished at -36.1%, so delivery execution mattered more than the growth headline. Energy Vault's agreement to buy the Goshe Energy Storage portfolio was the period's one signed deal. Together these threads set up the detail on the following pages.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Delivery Risk Repriced While a Platform Buyer Kept Moving The two-week period in one page · 12 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 12 Covered Names Fell; The Median Move Was -2.6% The S&P 500 returned +0.8% over the same two-week period, so the covered set lagged a market that edged higher. 2 A Guidance Revision Set the Tone for the Period Fluence Energy, Inc. (FLNC) returned -20.3% over the two-week period, with its largest single-day fall of -15.4% on Sep 17, the day after it announced revised fiscal 2026 guidance. 3 Reported Growth Did Not Hold the Price NeoVolta Inc (NEOV) reported 58% revenue growth for fiscal 2026 on Sep 23 and still finished the two-week period at -36.1%, including -24.3% on Sep 24. 4 The Period's One Agreed Transaction Bought Contracted Projects Energy Vault Holdings, Inc. (NRGV) announced an agreement to acquire the Goshe Energy Storage portfolio, adding U.S. battery energy storage projects to its Asset Vault platform. +11.2% Best mover — Microvast Holdings, Inc. (MVST) worst: NEOV -36.1% · 5 up / 7 down of 12 covered -2.6% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Delivery Beats Announcement: Where the Set Was Repriced

   Shows each covered company's close-to-close price move for the two-week period against sector and market benchmarks.

   We size each move against a -2.6% sector median and a +0.8% S&P 500 return, with a materiality bar of 15.9% flagging the moves worth a closer look. Fluence Energy's -20.3% and NeoVolta's -36.1% both cleared that bar, tying price to specific filings and headlines rather than sentiment. Where no driver is recorded in the window, we say so rather than guessing, so the read stays disciplined. That discipline is what lets the next page's catalysts carry weight.

   Everything on this page

   PUBLIC MARKET MOVERS Delivery Beats Announcement: Where the Set Was Repriced Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.6% · S&P 500 +0.8% · materiality bar ±15.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.6% NeoVolta Inc (NEOV) -36.1% The move appears to reflect the fiscal 2026 results published on Sep 23, which paired 58% revenue growth with a manufacturing ramp still ahead of it Growth off a small revenue base does not settle the questions about a gigafactory ramp. COMPANY-SPECIFIC Fluence Energy, Inc. (FLNC) -20.3% Shares moved following the revised fiscal 2026 guidance announced on Sep 16, with the largest single-day fall, -15.4%, coming on Sep 17; a new chief operating officer was named the same day. A guidance reset in a Discount-tier name puts the weight back on backlog quality, not backlog size. COMPANY-SPECIFIC Eos Energy Enterprises, Inc. (EOSE) -19.6% No notable in-window news was identified that clearly explains the move. The -19.6% return sat well below the set's median move of -2.6%. Our read: Core-tier storage names are still judged on delivered volumes more than on funding milestones. UNEXPLAINED Microvast Holdings, Inc. (MVST) +11.2% No notable in-window news was identified that clearly explains the move. The +11.2% return stood against the set's median move of -2.6%. Our read: even in a soft two-week period, individual Core-tier names can move on their own clock. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Funded Capacity, a Partnership Expansion and a Litigation Overhang

   Lists the two-week period's highest-impact company announcements, including a guidance revision, a partnership expansion and a litigation development.

   This page ranks the events by market impact and links every 'why it matters' read back to a source filing or article. The guidance revision at Fluence Energy is the clearest example: it preceded the sharpest single-day move in the covered set. We treat each attribution as a read of recorded evidence, not a certainty, and the sourcing order keeps the record disciplined. That discipline carries into the transaction page next.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Funded Capacity, a Partnership Expansion and a Litigation Overhang The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire SES AI Corporation (SES) expanded an announced collaboration on direct-to-device services in Europe Partnership expansion is how smaller names in this set add demand visibility without funding new capacity from their own balance sheet. Collaboration and licensing structures keep substituting for outright sales at the development-stage end. Sep 14 · NEWS · GlobeNewsWire Microvast Holdings, Inc. (MVST) was named in a securities class action with a September 21 deadline Legal overhang sits alongside operating performance when lenders and strategic buyers underwrite a Core-tier manufacturer. Disclosure risk is priced into the reference set next to backlog and yield. Sep 14 · NEWS · GlobeNewsWire Eos Energy Enterprises funded a second production line at Thorn Hill with a further DOE loan advance Drawn public funding moves nameplate capacity closer to commissioned, yielding lines, and a domestic-content-eligible footprint is one of the set's clearer value drivers. Funded capacity is the step before demonstrated yield at commercial scale, which is what buyers pay for. Sep 14 · NEWS · Newsfile Corp Additional notices urged Microvast investors to make contact before the September 21 deadline Repeat notices keep the claim in front of the same investor base that funds capacity expansion in this industry. Where capacity is equity-funded, an open claim becomes a cost-of-capital question. Sep 14 · NEWS · GlobeNewsWire Another reminder of the September 21 deadline reached Microvast investors with claimed losses The steady cadence of notices signals that the claim is still gathering participants rather than narrowing. Unresolved claims lengthen diligence on chemistry and qualification records, not just on financials. Sep 14 · NEWS · GlobeNewsWire Investors were invited to seek the lead-plaintiff role in the Microvast securities claim Lead-plaintiff selection sets the pace of the case, and the pace shapes how long the overhang sits on a Core-tier name. Timing of legal process, not merit alone, shapes how the market treats an affected issuer.

5. 05
   M&A & STRATEGIC ACTIVITY

   Energy Vault Agrees to Buy the Goshe Energy Storage Project Portfolio

   Details Energy Vault's agreement to acquire the Goshe Energy Storage project portfolio, the period's one announced transaction.

   Energy Vault agreed to acquire the Goshe Energy Storage portfolio, adding contracted U.S. battery storage projects to its Asset Vault platform. We read this against a precedent set of 40 recorded deals, giving the market a reference point for how buyers are pricing ready-to-build assets versus earlier-stage technology. It is the only signed transaction in the window, so it carries outsized weight for anyone tracking buyer appetite. That appetite is what the next page translates into action.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Energy Vault Agrees to Buy the Goshe Energy Storage Project Portfolio September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 22 · Energy Vault Holdings, Inc. (NRGV) Energy Vault agreed to buy the Goshe Energy Storage portfolio for its Asset Vault platform The agreement adds U.S. front-of-meter projects, including ready-to-build capacity, rather than technology. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisors

   Translates the two-week period's price moves and transaction into observations for operators, acquirers and advisors.

   For operators, the period rewarded delivery metrics — shipped and contracted volume, utilization, yield and margin per kilowatt-hour — over growth headlines alone. For acquirers, Energy Vault's move for the Goshe portfolio signals appetite for contracted, ready-to-build U.S. projects rather than qualification-stage technology. For advisors, the sharpest evidence to lead with is Fluence Energy's guidance revision, NeoVolta's growth-without-price-support, and the one agreed portfolio deal. These are observations drawn from the record, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 1.8x 14 companies in the study 3 valuation tiers Standing thesis: Batteries and Energy Storage Systems split between industrial battery platforms and adjacent storage models FOR OWNERS & OPERATORS Delivery Metrics Carried the Period Companies in the space were read through the measures behind the announcements: gigawatt-hours shipped and under contract, factory utilization against nameplate, manufacturing yield and gross margin per kilowatt-hour. FOR ACQUIRERS One Agreed Portfolio Deal Extends the Reference Set Energy Vault Holdings, Inc. (NRGV) agreeing to buy the Goshe Energy Storage portfolio gives the record a fresh read on appetite for contracted and ready-to-build U.S. projects rather than qualification-stage technology. FOR ADVISORS Lead with Backlog Quality, Not Headline Growth The evidence to lead with is a revised fiscal 2026 guide at Fluence Energy, Inc. (FLNC), 58% reported growth at NeoVolta Inc (NEOV) that the price did not follow, and one agreed portfolio acquisition.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the data sources, attribution approach and limitations behind this bi-weekly update.

   Every figure in this update links back to the filing, price record or article it was drawn from, so each claim can be checked at the source. Attribution language throughout is calibrated — a read of recorded evidence, not asserted causation. Sources follow a fixed reliability order, with SEC filings and press releases ranked above general reporting and video or social platforms excluded entirely. That discipline is what lets the earlier pages carry commercial weight.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Batteries and Energy Storage Systems Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T113748Z_365_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · newsfilecorp.com

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