Energy Vault Holdings, Inc. begins trading on the New York Stock Exchange

The company begins trading under the stock symbols NRGV and NRGV WS today, February 14, 2022

Negotiation follows successful business combination with Novus Capital Corporation II

The transaction raises approximately $235 million in gross proceeds in addition to its recently announced $107 million Series C and $50 million license fee from Atlas Renewable to fund the execution of its growth strategy

LUGANO, Switzerland & WESTLAKE VILLAGE, California, February 14, 2022–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), the company that develops sustainable grid-scale energy storage solutions, will begin operations today, on February 14, 2022, following the completion of its business combination with Novus Capital Corporation II.

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Energy Vault Resiliency Center™ (Photo: Business Wire)

Robert Piconi, President and CEO of Energy Vault, said, “We are thrilled to begin this exciting new chapter in Energy Vault’s history as we transition to a public company. The proceeds of this transaction, coupled with the additional strategic partnerships we have signed with some of the largest energy and industrial leaders around the world, provide us with an important avenue to drive shareholder value and execute our growth strategy. thank all of our employees, partners and investors for their support in advancing our decarbonization mission to enable a renewable world.”

Company presentation
Energy Vault develops sustainable, grid-scale energy storage solutions designed to advance the transition to a resilient, carbon-free power grid. Energy Vault’s mission is to accelerate the decarbonization of our economy through the development of sustainable and cost-effective energy storage technologies. To achieve this, Energy Vault develops proprietary energy storage technologies and energy management software solutions based on artificial intelligence (AI) and advanced optimization algorithms designed to control and optimize both generation and storage technologies, as well as a flexible energy storage integration platform suitable to complement any underlying storage technology. Energy Vault’s portfolio of solutions aims to help utilities, independent power producers and large industrial power 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-designed composite blocks, or “masses”. mobiles”, which can be made from inexpensive and local materials. source materials, including local soil, mine tailings, coal combustion residues (coal ash) and decommissioned wind turbine blades at end of life.

Additionally, Energy Vault EVx™ systems are intended to minimize environmental and supply chain risk while increasing local jobs in the communities in which the systems are built, providing 50% to 75% of the investment. storage to local economies in the form of construction contracts to build the EVx structures and manufacture the composite bricks locally on site, as well as long-term maintenance contracts during the operation of the systems over time. Systems are automated with advanced computer control and machine vision software that orchestrates charge and discharge cycles while meeting a wide range of storage times from 2 hours to 12 hours or more.

Following 2021 energy storage investment and collaboration announcements from industry leaders Saudi Aramco Energy Ventures and Enel Green Power, including joint development for remediation and beneficial reuse of fiberglass wind turbine blades with Enel, Energy Vault continued its global commercial progress and its 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 engaged in smart urban environment services, recycling and resource recovery and zero-carbon clean energy technologies. Atlas Renewable completed a $50 million investment, which increased the private placement investment (“PIPE”) from $150 million to $200 million, and agreed to pay an additional $50 million as that license fees payable in 2022 for the use and deployment of Energy Vault’s gravity energy storage technology in mainland China, Hong Kong and Macao.

  • Strategic Renewable Energy Storage Alliance with Korea Zinc Co., Ltd., a world leader in the production of non-ferrous metal smelting, with leading positions in zinc, lead, silver and indium, a rare metal. The partnership supports Korea Zinc’s strategy to decarbonize its refining and smelting operations, initially concentrated under wholly-owned subsidiary Sun Metals Corporation Pty. ltd. The companies plan to begin rolling out the project in mid-2022. In addition to the strategic partnership, Korea Zinc invested $50 million in the PIPE, which increased the PIPE by $100 million announced as part of the signing of the business combination agreement.

  • Joint collaboration with BHP, a leading natural resources company, which will focus on deploying and implementing Energy Vault’s energy storage solutions in key BHP operations and other potential applications of the technology. The parties signed a memorandum of understanding focused on studying the application of Energy Vault technology to support power supply and energy storage in 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 sustainable hydrogen-based synthetic aviation fuel and diesel fuel. Under the terms of the agreement, Energy Vault has agreed to provide 1.6 gigawatt hours (GWh) of energy storage to support DG Fuels in several projects, with the first project planned for 500 megawatt hours (MWh) in Louisiana. Energy Vault expects this deal to provide the potential to generate up to $520 million in revenue from the three projects, the first of which is expected to begin in mid-2022.

About the Energy Vault
Energy Vault develops sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage for grid resilience. The Company’s proprietary gravity-based energy storage technology and energy storage management and integration platform is intended to help utilities, independent power producers and large energy users. industrial energy companies to significantly reduce their levelized cost of energy while maintaining power supply reliability. Using environmentally friendly materials with the ability to integrate waste for beneficial reuse, Energy Vault is facilitating the shift to a circular economy while accelerating the transition to clean energy for its customers.

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 are generally accompanied by words such as “believe,” “can”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “should”, “plan” , “predicted”, “potential”. seem’, ‘seek’, ‘future’, ‘prospects’, ‘designed’ and similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the benefits of the business combination, the competitive environment and expected future performance (including future revenues, pro forma enterprise value and balance of cash) and Energy Sauter’s market opportunities.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many real events and circumstances are beyond the control of Energy Vault.

These forward-looking statements are subject to a number of risks and uncertainties, including the failure to realize the anticipated benefits of the business combination; the risk that the business combination will disrupt Energy Vault’s current plans and operations following the completion of the business combination; costs related to the business combination; changes in applicable laws or regulations; the possibility that Energy Vault will be adversely affected by other economic, business and/or competitive factors; risks related to the rollout of Energy Vault’s activities and the timing of expected business milestones; risks relating to the inability or unwillingness of Energy Vault customers to perform sales contracts; demand for renewable energy; Energy Vault’s ability to market and sell its solution; ability to negotiate definitive contractual agreements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unexpected costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related cost increases; the effects of competition on Energy Vault’s future business; and the factors discussed in Energy Vault’s registration statement on Form S-4 regarding the business combination under the heading “Risk Factors”, and its annual report on Form 10-K for the fiscal year ended on December 31, 2021 under “Risk Factors”, and other Company documents filed or to be filed with the SEC.

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