Westlake Village-based Energy Vault will list on the New York Stock Exchange in the coming weeks, if its merger with a special purpose acquisition company receives final approval at the SPAC shareholder meeting on 10 February.
Energy Vault, which uses a gravity-based system to store energy generated from renewable sources, announced plans in September to go public through a merger with Novus Capital Corp. II, a holding company that trades under the symbol NXU. On January 24, Novus announced that its registration statement for the offer had been declared effective by the United States Securities and Exchange Commission and that it had scheduled a virtual meeting of shareholders on February 10 to approve the merger.
If Novus shareholders approve, the combined company will begin trading “shortly thereafter” under the new ticker symbol NRGV, Novus said in its Jan. 24 press release.
After the merger is complete, Novus will issue approximately 106 million shares of its stock to Energy Vault shareholders, worth approximately $1.06 billion. Existing Energy Vault shareholders will own about 68% of the company’s total shares after the merger, led by Energy Vault CEO Robert Piconi, at 9.9%, according to Novus’ SEC filings. .
Along with the merger and stock listing, Energy Vault sold about 15 million shares in a “private equity investment,” or PIPE offering, which is expected to raise about $150 million.
Energy Vault develops gravity-based energy storage systems that the company says are more durable and efficient than other energy storage methods, such as batteries. The system uses cranes that lift heavy bricks to store renewable energy, then lower them to release it. One of its systems is connected to the Swiss national electricity grid.