July 16, 2024
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Energy Vault prepares to start trading on NYSE


Westlake Village-based Energy Vault will begin trading on the New York Stock Exchange the morning of Feb. 14, the company announced Feb. 11.

Energy Vault, which uses a gravity-based system to store and release energy generated by renewable sources, announced plans in September to go public through a merger with Novus Capital Corp. II, a special purpose acquisition company that trades under the symbol NXU.

The merger was approved by Novus shareholders on Feb. 10.

In connection with the approval, Novus has been renamed Energy Vault Holdings, and the combined company will begin trading under the new symbol NRGV.

Energy Vault expects to receive approximately $235 million in gross proceeds, including $195 million from a PIPE, or public investment in public equity, led by strategic partners Korea Zinc and Atlas Renewables as well as investors from Adage Capital Partners , SoftBank Investment and more, the company said in a news release.

When the merger is complete, Novus will issue around 106 million shares of its stock to Energy Vault’s shareholders, worth around $1.06 billion.

Energy Vault’s existing stockholders will own about 68% of the post-merger company, led by Energy Vault CEO Robert Piconi at 9.9%, according to Novus’ SEC filings.

Energy Vault develops gravity-based energy storage systems that the company says are more durable and efficient than other methods to store energy, such as batteries. The system uses cranes that lift heavy bricks to store renewable energy and then lower them to release it. One of its systems is connected to Switzerland’s national power grid.

The company also raised $107 million in a Series C funding round in September.