Energy Vault to begin trading on the New York
Stock Exchange on February 14, 2022 under the ticker symbols NRGV
and NRGV WS
Transaction proceeds coupled with recent $107
million Series C and announced Korea Zinc and Atlas Renewable
agreements provide capital above business plan needs
Novus Capital Corporation II (NYSE: NXU, NXU WS and NXU.U)
(“Novus”) today announced the completion of its business
combination with Energy Vault, Inc. (“Energy Vault”), the company
developing sustainable, grid-scale energy storage solutions.
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:
- Strategic Partnership with Atlas Renewable, 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. Atlas Renewable made a $50
million investment, which upsized the private placement investment
(“PIPE”) from $150 million to $200 million, and has agreed to pay
an additional $50 million as a licensing fee payable in 2022 for
use and deployment of Energy Vault’s gravity energy storage
technology in Mainland China, Hong Kong and Macau.
- Strategic alliance for renewable energy storage with Korea Zinc
Co., Ltd., a global leader in non-ferrous metal smelting production
including leading positions in Zinc, Lead, Silver and rare metal
Indium. The partnership supports Korea Zinc’s strategy to
decarbonize their refining and smelting operations focused
initially under wholly owned subsidiary Sun Metals Corporation Pty.
Ltd. The companies expect to begin project deployment in mid-2022.
In addition to the strategic partnership, Korea Zinc made a $50
million investment in the PIPE, which upsized the $100 million PIPE
that was announced in connection with the signing of the business
combination agreement.
- Joint collaboration with BHP, a leading natural resources
company, that will focus on the deployment and implementation of
Energy Vault’s energy storage solutions in BHP’s key operations and
other potential applications for the technology. The parties have
signed a Memorandum of Understanding focused on studying the
application of Energy Vault’s technology to support power supply
and energy storage at certain BHP operations while exploring
opportunities for new applications relevant to BHP’s business.
- Energy storage system agreement with DG Fuels LLC, an emerging
leader in renewable hydrogen and biogenic based, synthetic
sustainable aviation fuel and diesel fuel. Under the terms of the
agreement, Energy Vault agreed to provide 1.6 gigawatt hours (GWh)
of energy storage to support DG Fuels across multiple projects,
with the first project slated for 500 megawatt hours (MWh) in
Louisiana. Energy Vault expects this agreement to provide the
opportunity for up to $520 million in revenue across the three
projects, the first of which is expected to commence in
mid-2022.
Transaction Overview
As a result of this transaction, the Company has received
approximately $235 million of gross proceeds, including $195
million from a common stock PIPE anchored by strategic partners
Korea Zinc and Atlas Renewable 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), Palantir Technologies Inc., (NYSE: PLTR) and other
investors.
Advisors
Goldman Sachs served as the lead placement agent along with
Cowen and Company LLC and Guggenheim Securities, LLC in the PIPE
transaction. Guggenheim Securities, LLC, Goldman Sachs and Stifel
served as financial advisors to Energy Vault. Cowen and Company LLC
is serving as lead capital markets advisor and sole financial
advisor to Novus. Gunderson Dettmer Stough Villeneuve Franklin
& Hachigian, LLP served as legal advisor to Energy Vault.
BlankRome LLP served as legal advisor to Novus.
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.
About Novus Capital Corporation II
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 and
its securities are listed on the NYSE under the ticker symbols
“NYSE: NXU, NXU.U, NXU WS.”. 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 the benefits of the
proposed business combination, the competitive environment, and the
expected future performance (including future revenue, pro forma
enterprise value, and cash balance) and market opportunities of
Energy Vault.
These statements are based on various assumptions, whether or
not identified in this press release, and on the current
expectations of the Company’s 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 failure to realize the
anticipated benefits of the business combination; risks relating to
the uncertainty of the projected financial information with respect
to Energy Vault; the risk that the business combination disrupts
current plans and operations of Energy Vault as a result of the
consummation of the business combination; costs related to the
business combination; changes in applicable laws or regulations;
the possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; risks related to
the rollout of Energy Vault’s business and the timing of expected
business milestones; risks related to the inability or
unwillingness of Energy Vault’s customers to perform under sales
agreements; risks related to 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 the Company’s future business; and those factors
discussed in the Registration Statement and in the Company’s
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 the Company filed,
or to be filed, with the SEC.
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