Shares of Energy Vault Inc. started trading Monday on the New York Stock Exchange, closing down 18 percent on the first day.
The Westlake Village company that has developed gravity energy storage technology went public by combining with Novus Capital Corp. II, a special purpose acquisition company in Indianapolis, which has been renamed Energy Vault Holdings Inc. Its common stock trades under the symbol NRGV.
The company’s technology works by taking extra energy created by wind turbines and solar panels and storing it, then releasing it at peak demand times by lowering 35-ton blocks from an elevator-like shaft. The technology allows electric utilities and generation companies to adjust delivery of power to when customers need it, rather than when wind and sunlight is available.
Robert Piconi, chief executive of Energy Vault, said that the company was pleased to begin this new chapter of its history as it transitions into a public company.
“The proceeds enabled by this transaction, coupled with the additional strategic partnerships we have signed with some of the largest energy and industrial leaders across the globe, provide a significant runway for us to drive shareholder value and execute against our growth strategy,” Piconi said in a statement. “I would like to thank all our employees, partners and investors for their support in advancing our mission of decarbonization to enable a renewable world.”
Shares of Energy Vault (NRGV) closed down Wednesday at $2.16, or more than 18 percent, to $9.39, on a day when then the Dow Jones closed down a fraction of a percent.