First gravity-based storage agreement between a
U.S. and Chinese company to support China’s stated goals of Carbon
Peak by 2030 and Carbon Neutrality by 2060
$50 million new investment subscription at $10
per share upsizes previously announced and already upsized PIPE
from $150 million to $200 million in conjunction with Energy
Vault’s agreement to become a publicly-traded company through
business combination with Novus Capital Corporation II
$50 million in technology licensing to be
recognized in 2022 as part of a multi-year License and Royalty
agreement signed with Atlas Renewable LLC toward future multi-GWh
deployments of Energy Vault’s innovative EVx platform; first 100MWh
EVx project to begin in 2022 at a pre-selected site in Rudong,
Jiangsu Province, outside of Shanghai
Energy Vault and China Tianying, a China
Fortune 500 public company, to collaborate to maximize the
beneficial re-use of waste and recycling materials within the
Energy Vault eco-brick composites leveraging China Tianying’s local
leadership in the treatment and re-use of waste
$200 million upsized PIPE, combined with the
initial licensing agreement, more than fully funds business plan
before Novus’s potential additional cash-in-trust funds; satisfies
the remaining minimum cash condition for business combination and
clears an important milestone for the closing of the business
combination
Energy Vault, Inc. (“Energy Vault”), the company developing
sustainable, grid-scale energy storage solutions, today announced a
License and Royalty agreement for renewable energy storage with
Atlas Renewable LLC (“Atlas Renewable”) and their majority investor
China Tianying Inc. (CNTY) (CN: 000035), an international
environmental management and waste remediation corporation engaged
in smart urban environmental services, resource recycling and
recovery, and zero-carbon clean energy technologies. The agreement
supports the deployment of Energy Vault’s proprietary gravity
energy storage technology and energy management software platform
within mainland China and the Special Administrative Regions (SAR)
of Hong Kong and Macau. In addition, Atlas Renewable is making a
$50 million investment to upsize the current private placement
investment (“PIPE”) from $150 million to $200 million, and paying
an additional $50 million in 2022 licensing fees for use and
deployment of Energy Vault’s gravity energy storage technology.
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the full release here:
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Energy Vault Resiliency Center™ (Photo:
Business Wire)
China has one overarching State mandated environmental policy:
Carbon Peak in 2030 and Carbon Neutrality in 2060 commonly referred
to as “30-60.” This policy drives modern China and results from
commitments made by the Chinese leadership: 30-60 is an industrial,
environmental, energy, social and political policy rolled into one.
China will reduce waste, promote renewables and next generation
fuels like hydrogen and reform its electricity grid while
increasing wind and solar capacity to 1200 gigawatts by 2030 – all
to cut off increased carbon emissions growth. The much harder part
is Carbon Neutrality 2060: a state of net-zero carbon dioxide
emissions. This phase calls for the reduction of carbon emissions
on a societal basis by 2060, essentially phasing out a carbon-based
economic model for a non-carbon-based economy. Deployment of
economical and sustainable grid-scale energy storage technology is
a critical component to accelerating the growth of renewable energy
in China and advancing China’s decarbonization goals.
Atlas Renewable Signs Licensing and Royalty Agreement for
Mainland China and the Special Administrative Regions of Hong Kong
and Macau
Energy Vault and Atlas Renewable have signed a $50 million
licensing agreement for the use of Energy Vault’s proprietary
gravity-based energy storage technology in China. The agreement
includes terms governing volume-based deployment royalties and
covers maintenance, monitoring and the beneficial re-use of waste
materials within Energy Vault’s composite blocks. The payments of
the $50 million licensing fees are scheduled to be made in
2022.
The agreement represents the first gravity-based storage
partnership between a U.S. and Chinese company for the deployment
of the technology in China. The licensing agreement, which also
marks a first of its kind for Energy Vault, is for the use of its
EVx™ and EVRC™ product platforms. The companies expect to start
construction of the first 100MWh system in Q2 2022 at the selected
site in Rudong, Jiangsu Province located outside of Shanghai. The
companies will also assess the reuse of available waste materials
such as coal combustion residuals, mine tailings, waste fiberglass
and concrete debris as a beneficial re-use within the “mobile
masses” used in the construction of the gravity energy storage
systems. The licensing agreement is separate and additional to
Atlas Renewable LLC’s $50 million PIPE investment.
“We are excited to partner with Energy Vault to establish the
first commercial licensing agreement of the company’s innovative
gravity storage technology platform, which we look forward to
deploying in China, the world’s largest market for renewable energy
development,” said Neil Bush Chairman of Atlas Renewable LLC. “We
see broad applications for implementing Energy Vault’s unique
gravity energy storage and power generation system. Energy Vault’s
novel solution lifts large mobile masses into position using excess
power from solar, wind, or other power generation facilities and
generates electricity by lowering blocks using natural
gravitational forces when it is needed most.”
Eric Fang, Chief Executive Officer of Atlas Renewable, noted
further, “EV’s technology removes a key obstacle to full
utilization of energy produced globally from green energy sources.
Following China’s commitment to achieving Carbon Peak in 2030 and
Carbon Neutrality in 2060 : Renewable Energy Storage is and will be
the answer.”
Chairman of CNTY, Mr. Yan Shengjun, stated, “As China’s new
green energy industry is booming, the introduction of world class
innovative energy storage technology this year will be showcased in
China by Energy Vault. This effort is of great importance to the
nation and to supporting China’s stated goals of Carbon Peak by
2030 and Carbon Neutrality by 2060. We believe we can help
accelerate China’s decarbonization timeline, and CNTY is privileged
to undertake this strategic key to energy transformation as Energy
Vault’s partner in China.”
“This key element of storage,” Chairman Yan said, “will allow
renewable energy to play an increasing role in providing the people
and China, as a whole, with a solution to capturing energy which
would otherwise be lost and that non-carbon solution is based upon
the natural force of gravity. We have a core strategic synergy with
Energy Vault in the sustainable way they have designed their system
to take advantage of waste materials for recycling to avoid
landfilling these materials, and this will be a strong advantage of
our cooperation.”
EIPC Expert Chairman, Former State Counsellor Mr. Shi Dinghuan
reflected on the Energy Vault relationship with Atlas Renewable:
“This is a bright example of Sino-U.S. cooperation on gravity
energy storage technology, which is one of the only proven and
sustainable technologies for utility scale energy storage, and an
important achievement in implementing the Sino-U.S. government's
Glasgow Joint Declaration on Strengthening Climate Action in the
2020s: it represents a strong cooperation in the field of
technological innovation on a cross-border basis. We thank all
parties for their efforts in this regard, and look forward to the
early success of the demonstration projects of the cooperation
between the two parties, making important contributions to the
response to climate change between China, the United States and the
world.”
“Our agreement with Atlas Renewable and broader relationship
with China Tianying marks a significant new milestone representing
the company’s first licensing agreement and also the expansion of
our global footprint into what will become the largest renewable
energy storage growth market in the world over the next 10 years,”
said Robert Piconi, CEO and Co-Founder, Energy Vault. “While
entering the China market was not originally a part of our
five-year business plan, the global imperative to arrest the growth
of GHG’s in a country which releases the highest amount of CO2
emissions in the world by a factor of two required our action and
priority. The incremental investments and licensing fees of $100
million this year create tremendous financial flexibility for
Energy Vault to execute our plans across the globe to progress our
mission of decarbonizing the planet. I applaud the leadership of
Atlas Renewable and Chairman Yan of China Tianying in moving with
speed and agility to forge a partnership with Energy Vault that
seeks to minimize the current planned growth of GHG’s through 2030
in China while accelerating China’s broader transition to full net
carbon neutrality.”
Mr. Piconi concluded, “Much like the global COVID pandemic, the
climate change crisis knows no borders and compels us to set aside
our political biases and unite as a global community to solve this
problem. What we are announcing today represents a first step
toward this goal and was achieved through the leadership, courage,
fortitude, and humility of all those involved. Energy Vault is
privileged to be a part of this group and will act swiftly to
deliver on our commitments.”
New Investment from Atlas Renewable LLC Upsizes Novus Capital
Corporation II PIPE to $200 Million
In conjunction with its previously announced business
combination with Novus Capital Corporation II (NYSE: NXU), Energy
Vault announced this private placement investment. In addition to
the strategic partnership and licensing agreement announced today,
Atlas Renewable has executed a subscription agreement committing a
$50 million investment to Novus’s PIPE.
The new commitment announced today brings proceeds from the PIPE
transaction to $200 million, and follows the previously announced
$50 million upsize investment form Korea Zinc. These proceeds,
combined with up to $288 million in Novus’s cash trust account,
will be used to fund Energy Vault’s operations and support new and
existing growth initiatives. Additionally, as a result of this
increased PIPE investment, the minimum cash condition for the
business combination has been satisfied, clearing an important
milestone for the closing of the business combination.
Atlas Renewable LLC joins several other leading investors
committed to participate in the Business Combination by investing
in the PIPE. The PIPE is anchored by strategic and institutional
investors, including funds and accounts managed by Adage Capital
Partners LP, Pickering Energy Partners, Sailingstone Capital Energy
Transition Strategy Fund, SoftBank Investment Advisers, CEMEX
Ventures (NYSE: CX), Korea Zinc, and other investors. Affiliates
and associates of Novus Capital also participated in the PIPE
investment. This follows the recent Series C funding round
previously announced on August 28, 2021 which closed at $107.5
million and included strategic investments from Saudi Aramco Energy
Ventures, BHP Ventures, +Volta Energy Technologies and Softbank
Vision Fund, among others.
Completion of Energy Vault’s Business Combination with Novus II
Capital Corporation is expected in the first quarter of 2022 and is
subject to approval by Novus’ stockholders, the Registration
Statement on Form S-4 relating to such business combination (the
“Registration Statement”) being declared effective by the SEC, and
other customary closing conditions.
Demand for clean energy is growing globally and exponentially,
with renewables expected to become 90% of total energy generation
by 2050. To support this transition, grid-scale energy storage
capacity would need to increase tenfold in the next ten years, with
over $270 billion of investment expected over that timeframe.
Current storage solutions are insufficient; pumped hydroelectric
energy storage (pumped hydro) – which is currently 90% of the
market – and chemical batteries, both face significant issues with
scalability, economics and environmental risks. Energy Vault has
designed a cost-efficient, reliable and environmentally sustainable
system that outperforms alternatives and is best-placed to fulfill
this unmet market demand.
Energy Vault’s gravity-based, long duration storage technology
is aimed at transforming the way electricity is stored and
distributed, making it possible – for the first time – for
renewable energy to be dispatchable and competitive with fossil
fuels all day, every day. The company’s advanced gravity energy
storage solutions are based on the proven physics and mechanical
engineering fundamentals of pumped hydro, but replace water with
custom-made, environmentally-friendly composite blocks which do not
lose storage capacity or degrade over time. The blocks can be made
from low-cost and locally sourced materials, including the
excavated soil at customer construction sites. Importantly, waste
materials that traditionally must be remediated at considerable
cost, such as mine tailings, coal combustion residuals (coal ash),
and fiberglass from decommissioned wind turbine blades, can also be
used to make the blocks, creating a circular economy that is both
more economical and sustainable.
The company’s EVx™ product platform is designed to be a highly
scalable and modular architecture that can scale to multi-GW-hour
storage capacity. EVx™ is the natural evolution that leverages all
current performance attributes of Energy Vault’s proven technology
including zero degradation in storage medium, high round-trip
efficiency, long technical life, a sustainable supply chain, and
composite bricks.
The Energy Vault Resiliency Center™ (EVRC™) is designed to be a
highly scalable and modular system architecture that is built to
scale to manage energy disruptive climate events such as wildfire
or extreme weather. Using the EVx™ design as a building block, the
EVRC™ can be built out in 10MWh increments that can scale to
multi-GW-hour storage capacity.
About Energy Vault Energy Vault develops sustainable
energy storage solutions designed to transform the world’s approach
to utility-scale energy storage for grid resiliency. The company’s
proprietary, gravity-based Energy Storage Technology and the Energy
Storage Management and Integration Platform are intended to help
utilities, independent power producers and large industrial energy
users significantly reduce their levelized cost of energy while
maintaining power reliability. Utilizing eco-friendly materials
with the ability to integrate waste materials for beneficial
re-use, Energy Vault is facilitating the shift to a circular
economy while accelerating the clean energy transition for its
customers.
Energy Vault previously announced an agreement for a business
combination with Novus Capital Corporation II (NYSE: NXU), which is
expected to result in Energy Vault becoming a public company listed
on the New York Stock Exchange. The Special Meeting to approve the
pending Business Combination, among other items, is scheduled to be
held on February 10, 2022 at 10:00 a.m. Eastern Time. (the "Special
Meeting"). The Special Meeting will be conducted virtually, and can
be accessed via live webcast at
https://www.cstproxy.com/novuscapitalcorpii/2022. If the proposals
at the Special Meeting are approved, the parties anticipate that
the Business Combination will close and trading of the combined
entity's stock and warrants will continue to be listed on the NYSE
under the new ticker symbols "NRGV" and "NRGV WS", respectively,
shortly thereafter, subject to the satisfaction or waiver, as
applicable, of all other closing conditions.
About China (CNTY) Tianying Inc., Nantong City, Jiangsu
Province China Tianying Inc. (CNTY) is the largest
environmental services firm in China. A listed international
company, CNTY is engaged in smart urban environmental services,
resource recycling and recovery, and zero-carbon clean energy
technologies (stock code: 000035). The company’s business expands
from smart urban environmental services, waste-to-energy (WtE)
power generation, renewable energy power generation, regional
energy centers, hydrogen energy centers, and investment,
construction, and operation of circular economy industrial parks,
to reduction, recycling, and harmless treatment of catering waste,
hazardous waste, construction and demolition waste. CNTY also
researches, develops, and manufactures environmental protection
equipment and energy storage systems. CNTY has established a
whole-industry-chain business coverage from cleaning services, to
waste collection, transfer, and end treatment.
Driven by innovation and backed by top-notch equipment
manufacturing and R&D capabilities, CNTY strives to lead
renewable energy upgrades and business model transformation through
informatization, automatization, and industrialization solutions.
These solutions include plasma technology, automated sorting
systems, intelligent integrated urban service cloud platforms,
zero-carbon energy network centers, and smart IoT centers,
contributing to the realization of China’s carbon peak and
neutrality goals.
About Sky Tower Energy Co., Beijing, China Sky Tower
Energy is a platform company dedicated to the coordinated
development of energy policy, industry, technology and capital,
integrating the development, construction and operation of
"wind-solar hydrogen storage" projects within China. Sky Tower is
built on a 20 year history of working to advance climate change
understanding and low carbon resiliency. Sky Tower is EIPC most
important strategic partner and a key member of the Energy
Investment Professional Committee (EIPC) a trade association of
significant companies with varied interests across the energy
production and delivery spectrum but all dedicated to low carbon
sustainable development.
About Atlas Renewable LLC, Houston, Texas Atlas Renewable
LLC is structured as an integral part of the project development
and execution process led by CNTY in China. Atlas Renewable LLC
serves as an American facilitation bridge between Chinese
institutions, investors and regulatory entities and Energy Vault to
identify projects, help pre-qualify and oversee financing efforts
through the available mechanisms supported by Chinese Local,
Provincial and National policies. Atlas Renewable LLC can evaluate
situations quickly for Energy Vault, help to solve problems and
give context to the new world of getting things done in China
efficiently and effectively. Atlas Renewable LLC principals each
have decades of experience and relationships in China with people
at all levels.
About NCSD - National Center for Sustainable Development,
Washington, DC NCSD is a national 501 c 3 nonprofit corporation
established in 2001 and dedicated to building sustainable
prosperity within the context of low carbon economic development.
NCSD was founded 20 years ago and pursues its NGO mandate and
mission by aiding in the creation of demonstration projects where
appropriate technologies can “demonstrate” new solutions to
persistent problems in the energy and environmental sectors. Much
of the work of NCSD has been related to the Founder’s 35 years of
experience in China and other developing countries with policies
and programs related to Climate Change and Sustainability.
About Novus Capital Corporation II Novus raised
approximately $287.5 million in its February 2021 IPO and its
securities are listed on the NYSE under the ticker symbols “NYSE:
NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition company
organized for the purpose of effecting a merger, share exchange,
asset acquisition, stock purchase, recapitalization,
reorganization, or other similar business combination with one or
more businesses or entities. Novus Capital is led by Robert J.
Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman,
Ron Sznaider and Vince Donargo, who have significant hands-on
experience helping high-tech companies optimize their existing and
new growth initiatives by exploiting insights from rich data assets
and intellectual property that already exist within most high-tech
companies.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” “designed,” and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding estimates and forecasts of
financial and performance metrics, sufficiency of cash, and sources
of cash, projections of market opportunity, expectations and timing
related to the rollout of Energy Vault’s business and timing of
deployments, including with respect to EVS and its anticipated
benefits and capacities, the proposed features and designs of the
EVx and the Energy Vault Resiliency Center (EVRC) platforms, the
availability of low-cost and locally sourced materials to produce
“mobile masses,” customer growth and other business milestones,
potential benefits of the proposed business combination and PIPE
investment (the “Proposed Transactions”), and expectations related
to the timing of the Proposed Transactions.
These statements are based on various assumptions, whether or
not identified in this press release, and on the current
expectations of Energy Vault’s and Novus’ management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by an investor as, a guarantee,
an assurance, a prediction, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Energy Vault and
Novus.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign
business, market, financial, political, and legal conditions; the
inability of the parties to successfully or timely consummate the
Proposed Transactions, including the risk that any regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the Proposed Transactions or
that the approval of the stockholders of Novus or Energy Vault is
not obtained; failure to realize the anticipated benefits of the
Proposed Transactions; risks relating to the uncertainty of the
projected financial information with respect to Energy Vault; risks
related to the rollout of Energy Vault’s business and the timing of
expected business milestones, including the project announced in
this press release; risks related to negotiating and executing a
funding agreement with ARL; risks related to the inability or
unwillingness of Energy Vault’s customers to perform under sales
agreements; risks related to Energy Vault’s the performance and
availability of EVS; demand for renewable energy; ability to
commercialize and sell its solution; ability to negotiate
definitive contractual arrangements with potential customers; the
impact of competitive technologies; ability to obtain sufficient
supply of materials; unanticipated costs; the impact of Covid-19;
global economic conditions; ability to meet installation schedules;
construction and permitting delays and related increases in costs;
the effects of competition on Energy Vault’s future business; the
amount of redemption requests made by Novus’ public shareholders;
and those factors discussed in the Registration Statement and in
Novus’ Registration Statement on Form S-4 relating to the business
combination under the caption “Risk Factors”, and its Annual Report
on Form 10-K for the fiscal year ended December 31, 2020 under the
heading “Risk Factors,” and other documents of Novus filed, or to
be filed, with the SEC.
Important Information About the Proposed Business Combination
and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving Novus and Energy Vault. Novus has
filed a registration statement on Form S-4 with the SEC, a
definitive proxy statement/prospectus of Novus, and certain related
documents, to be used at the meeting of stockholders to approve the
proposed business combination and related matters. Investors and
security holders of Novus are urged to read the definitive proxy
statement/prospectus, as well as any amendments thereto and other
relevant documents that will be filed with the SEC, carefully and
in their entirety because they contain important information about
Energy Vault, Novus and the business combination. The definitive
proxy statement has been mailed to stockholders of Novus as of a
record date to be established for voting on the proposed business
combination. Investors and security holders will also be able to
obtain copies of the registration statement, the definitive proxy
statement and other documents containing important information
about each of the companies once such documents are filed with the
SEC, without charge, at the SEC’s web site at www.sec.gov. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Novus and its directors and executive officers may be deemed
participants in the solicitation of proxies of Novus’ shareholders
in connection with the proposed business combination. Energy Vault
and its executive officers and directors may also be deemed
participants in such solicitation. Security holders may obtain more
detailed information regarding the names, affiliations and
interests of certain of Novus’ executive officers and directors in
the solicitation by reading Novus’ Annual Report on Form 10-K for
the fiscal year ended December 31, 2020, Quarterly Report on Form
10-Q for the nine months ended September 30, 2021 and the
definitive proxy statement/prospectus and other relevant documents
and other materials filed with the SEC in connection with the
business combination when they become available. As they become
available, these documents can be obtained free of charge from the
sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
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