Novus Capital II in an 8-K filing today disclosed it has added $50 million in additional PIPE funding to support its acquisition of Energy Vault. An accompanying news release states that Atlas Renewable is the investor. The lastest funding raises the SPAC’s PIPE to $200 million.
The SPAc has set a Feb. 10 meeting for shareholders to vote on the merger with Energy Vault, which develops sustainable, grid-scale energy storage solutions.
The deal values the combined company at $1.1 billion. The transaction is expected to provide up to $388 million in gross cash proceeds to Energy Vault. Read more.
