Energy Vault to go public via SPAC

Lugano-based Energy Vault is developing energy storage systems using gravity to store and release renewable energy on-demand, underpinned by advanced material science and proprietary software technologies.Founded in 2018, the company has a strong pipeline of customer engagements and letters of intent for its new platform, including eight executed agreements and letters of intent totalling more than 1,200 MW hours of storage, with additional projects under negotiation for multi-GW hours of energy storage expected to begin deployment in the next 12-24 months.

Following the recent advances in commercial-scale technology validation and rapid customer adoption and the recent private Series C financing of $100 million, Energy Vault and Novus Capital II, a U.S. publicly traded special purpose acquisition company, have entered into a definitive agreement for a business combination. Upon closing the transaction, the combined company will be named Energy Vault Holdings, Inc. and is expected to be listed on the NYSE under the ticker symbols “GWHR” and “GWHR WS,” respectively.

The transaction, which values the combined company at $1.1 billion, will generate up to $388 million in gross cash proceeds. This includes cash from a $100 million committed stock PIPE (private investment in public equity) and $288 million in cash held in Novus’ trust account, assuming no public stockholders exercise their redemption rights at closing.

The proceeds will fund the combined company’s growth and global deployment of Energy Vault’s breakthrough technologies. The combined company currently expects to start generating recognized revenue in 2022 and, in the intermediate to longer-term, positive impacts on its operating results from volume deployments, further technology integration and economies of scale.

(Press release / RAN)