February 14 (Renewables Now) — Energy storage company Energy Vault Inc announced today that it is opening trading on the New York Stock Exchange (NYSE) following its merger with the acquisition company at special purpose Novus Capital Corporation II.
The company said in a statement that the transaction raised some $235 million (€207 million) in gross proceeds on top of the $107 million it secured from a recent Series C funding round and of the $50 million in 2022 license fee payments from Atlas Renewable LLC announced earlier this month.
Atlas Renewable, which counts China Tianying Inc (SHE:000035) as a majority investor, recently contributed $50 million to Energy Vault’s private placement (PIPE), bringing it to $200 million. In addition, it pays the same amount as license fees for the use and deployment of Energy Vault‘s gravity energy storage technology in Mainland China, Hong Kong and Macao.
Energy Vault is a developer of proprietary energy storage technologies and energy management software. The company offers gravity solutions based on the fundamentals of physics and mechanical engineering 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 inexpensive, locally sourced materials.
“We are thrilled to begin this exciting new chapter in Energy Vault’s history as we transition to an open company. The proceeds from this transaction, coupled with the additional strategic partnerships we have signed with some of the world’s largest energy and industrial leaders, provide us with an important avenue to drive shareholder value and execute our strategy. growth,” commented CEO Robert Piconi. .
Energy Vault has a strategic renewable energy storage partnership with Korea Zinc Co Ltd (KRX: 010130) and collaboration with Melbourne-based natural resources company BHP (ASX: BHP).
(1.0 USD = 0.884 EUR)
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