Deals
Energy Storage Startup Using Gravity Will Go Public in SPAC Deal
- Deal valuing Energy Vault at $1.6 billion will close in 2022
- Company uses big blocks to store energy at large scale
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Energy Vault, a startup using building blocks and gravity to store large amounts of energy, plans to go public in a merger that values it at $1.6 billion.
The deal with special purpose acquisition company Novus Capital Corporation II will provide as much as $388 million in gross cash proceeds, the two firms said in a statement. The funds will be used to deploy Energy Vault’s system worldwide at a time when demand is growing for ways to store the variable output of solar power plants and wind farms.