September 16, 2021: Novus Capital Corporation II and Energy Vault, an energy storage company, announced on September 9 that the two boards of directors had entered into a definitive agreement for a merger. The new company will be known as Energy Vault Holdings.
The transaction values the combined grid storage company at roughly $1.5 billion, the companies said.
The transaction should close in the first quarter of 2022, subject to shareholder approval by the firms and regulatory conditions.
Energy Vault uses a block tower system to store and release renewable energy from wind and solar operations. It uses surplus renewable energy to store power by constructing the tower with a crane. When demand rises, the crane unstacks the tower, producing kinetic energy by dropping the blocks so that they can turn generators and create electricity.
“Energy Vault has successfully demonstrated commercial scale deployment of its technologies,” says a joint statement of the firms. “It has a strong pipeline of customer engagements, including eight executed agreements and letters of intent for 1.2GWh of energy storage capacity, with deployments planned to begin in the fourth quarter of 2021 in the US, followed by Europe, the Middle East and Australia in 2022.
Novus Capital Corporation II is known as a SPAC (a special purpose acquisition company) created as a channel to take companies to go public. Robert Piconi, a co-founder of Energy Vault, will be chairman and chief executive officer. As part of the transaction, Novus chairman Larry Paulson will join the post-closing board of directors.