After completing its business combination with Novus Capital Corporation II, Energy Vault got listed on the New York Stock Exchange yesterday. The transaction raised $235 million in gross proceeds, adding to its $107M series C round and $50M license fee from Atlas Renewable. During the first day of trading, the share price fell. By the evening, the company was valued at 415 million dollars.
In September 2021, cleantech startup Energy Vault announced its intentions to go public on the New York Stock Exchange (NYSE) through a merger with Novus Capital Corporation II, a U.S. publicly traded special purpose acquisition company (SPAC). In connection with the completion of the business combination, Novus has been renamed Energy Vault Holdings, Inc. and its common stock and warrants commenced trading on the NYSE on Monday, February 14, 2022 under the ticker symbols “NRGV” and “NRGV WS” respectively.
The company has received approximately $235 million of gross proceeds in the transaction, including $195 million from a common stock PIPE, complemented by the recently announced Series C of $107 million and a $50 million license fee from Atlas Renewable to fund the execution of its growth strategy. Since the opening day, the company’s stock has fallen to -18.70% valuing the company at $415 million.
Robert Piconi, Chief Executive Officer of Energy Vault, said, “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 globally, provide a significant runway for us to drive shareholder value and execute our growth strategy.”
Based in Lugano, Switzerland, Energy Vault develops sustainable, grid-scale energy storage solutions. The company is developing proprietary energy storage technologies and energy management software solutions based on artificial intelligence (AI) and advanced optimization algorithms designed to control and optimize both generation and storage technologies. It also develops a flexible energy storage integration platform to complement any underlying storage technology.
(Press release/RAN)
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