Novus Capital Corporation II announced the completion of its business combination with Energy Vault, Inc. (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions.
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In connection with the completion of the business combination, Novus has been renamed Energy Vault Holdings, Inc. (the “Company”) and its common stock and warrants are expected to commence trading on the New York Stock Exchange on Monday, February 14, 2022 under the ticker symbols “NRGV” and “NRGV WS” respectively.
“We are tremendously excited to have completed this business combination with Energy Vault as they bring their proprietary energy storage solution to scale,” said Robert Laikin, Chief Executive Officer of Novus. “Rob Piconi and his team have built an incredible platform to help drive a more sustainable tomorrow through decarbonization. We are thrilled to help enable and accelerate their time to market through the capital raised from this transaction. We look forward to working with Mr. Piconi and his team over the years.”
“Our recent capital raises and strategic growth agreements more than fully funds our business and allows us to be laser focused on executing our global growth plan, and to us that means executing for customers” said Robert Piconi, Co-Founder and Chief Executive Officer of Energy Vault. “As a public company with a strong balance sheet, we are well positioned to globally scale our energy management and storage solutions toward our core mission of sustainable decarbonization.”
Company Overview
Energy Vault develops sustainable, grid-scale energy storage solutions designed to advance the transition to a carbon free, resilient power grid. Energy Vault’s mission is to accelerate the decarbonization of our economy through the development of sustainable and economical energy storage technologies. To achieve this, Energy Vault is developing a proprietary gravity-based energy storage technology. Energy Vault is also designing proprietary energy management software based on artificial intelligence (AI), advanced optimization algorithms designed to control and optimize entire energy systems and a flexible energy storage integration platform suitable for storage technologies of many durations. Energy Vault’s product platform aims to help utilities, independent power producers, and large energy users significantly reduce their levelized cost of energy while maintaining power reliability.
Energy Vault’s gravity-based solutions are based on the well-understood physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks, or “mobile masses”, that can be made from low-cost and locally sourced materials, including local soil, mine tailings, coal combustion residuals (coal ash), and end-of-life decommissioned wind turbine blades.
Additionally, the Energy Vault systems are intended to minimize environmental and supply chain risks. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.
Following investment and energy storage collaboration announcements in 2021 from industry leaders Saudi Aramco Energy Ventures and Enel Green Power, including joint development for the remediation and beneficial reuse of waste wind blade fiberglass with Enel, Energy Vault continued its global commercial progress and market strategy with: