Energy Vault, in Westlake Village, will have combined value of $1.1 billion upon closing of the deal with Novus Capital, a special purpose acquisition company, commonly called a SPAC, in Indianapolis.
The combined company will be named Energy Vault Holdings Inc. and will be led by current Energy Vault head Robert Piconi as chief executive and chairman.
“We expect to complete the transaction in the first quarter of 2022, subject to approval from our stockholders, Novus’ stockholders and the satisfaction of customary conditions,” Piconi said in a statement. “We will continue to operate under the Energy Vault name, and it is business as usual.”
The Westlake Village startup said it will address a large, unmet need for an energy storage solution for intermittent renewable energy sources with its EVx energy storage platform in markets in the U.S., Europe, the Middle East and Australia. The U.S. rollout is expected to begin later this year with the global ramp up through next year, the company said in a release.
The company’s EVx energy storage platform is based on a 400-foot high crane that lifts 35-ton bricks using surplus energy from wind and solar farms, typically during the day. When energy is needed, the crane drops the bricks and the energy from gravity produces electricity.