Novus Capital II today announced plans to merge with Energy Vault, which is engaged in gravity-based, grid-scale energy storage solutions.
If approved, Energy Vault Holdings is expected to list on the NYSE.
The transaction is expected to provide up to $388 million in gross cash proceeds to the combined company. As part of the transaction, Novus II has received $100 million of commitments for a common stock PIPE anchored by Adage Capital Partners, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures, Palantir Technologies and other investors. Affiliates and associates of Novus Capital also participated. Read more.
