Energy Vault Resiliency Center. (Photo: Business Wire)
February 14 (Renewables Now) - Energy storage company Energy Vault Inc announced today it is initiating trading on the New York Stock Exchange (NYSE) following its merger with special purpose acquisition company Novus Capital Corporation II.
The company said in a statement that the transaction has raised some USD 235 million (EUR 207m) in gross proceeds in addition to the USD 107 million it got from a recent Series C funding round and the USD 50 million in 2022 licensing fee payments from Atlas Renewable LLC announced at the start of the month.
Atlas Renewable, which counts China Tianying Inc (SHE:000035) as a majority investor, just recently made a USD-50-million contribution to Energy Vault’s private placement investment (PIPE), boosting it to USD 200 million. In addition, it is paying the same amount of money as a licensing fee for use and deployment of Energy Vault’s gravity energy storage technology in Mainland China, Hong Kong and Macau.
Energy Vault is a developer of proprietary energy storage technologies and energy management software. The company offers gravity-based solutions based on the physics and mechanical engineering fundamentals of pumped hydroelectric energy storage. However, its technology replaces water with custom-made composite blocks that can be made from local soil, mine tailings, coal ash and other low-cost and locally-sourced materials.
“We are pleased to begin this exciting new chapter in Energy Vault’s history as we transition to a public company. The proceeds enabled by this transaction, coupled with the additional strategic partnerships we have signed with some of the largest energy and industrial leaders across the globe provide a significant runway for us to drive shareholder value and execute against our growth strategy,” commented CEO Robert Piconi.
Energy Vault has a strategic partnership for renewable energy storage with Korea Zinc Co Ltd (KRX:010130) and a joint collaboration with Melbourne-based natural resources company BHP (ASX:BHP).