Energy Vault To List On NYSE Via SPAC

Westlake Village-based gravity-based energy storage technology developer EnergyVault says it will list on the NYSE, via a merger with a special purpose acqisition company (SPAC), Novus Capital Corporation II. According to the two companies, they are in a definitive agreement for a business combination, where the combined company will trade on the NYSE under the symbol GWHR. The two said the combined firm will have an implied pro-forma enterprise value of $1.1 billion and is expected to additionally provide up to $388 million in gross cash to the company. That new funding will come on top of $100M in a PIPE which came from Adage Capital Partners, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures, Palantir Technologies Inc., and others. Energy Vault's yet-to-be-deployed energy storage technology is based on using gravity to store and release energy, and is based on technology originally developed at Pasadena-based Idealab. The company's original system was based on very large concrete blocks being moved up and down using a crane system.