• Energy Vault, a Swiss gravity-based long-duration energy storage company, has entered into a definitive business combination agreement with Novus Capital Corporation II, a publicly traded special purpose acquisition company (SPAC). Following the transaction, the combined company expects to be listed on the New York Stock Exchange.

• The transaction values the combined company at USD 1.1 billion and is estimated to provide gross proceeds of up to USD 388 million, including a USD 100 million fully-committed private investment in public equity (PIPE) from Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures, Palantir Technologies, among others. Proceeds will be used to fund the growth and global deployment of Energy Vault’s breakthrough technologies.

• The boards of directors of both Energy Vault and Novus have approved the proposed transaction which now awaits shareholder approval. The transaction is expected to close in the first quarter of 2022.

<ul><li> Analyst QuickTake: Energy Vault announced its commercialization plans for the first time, following its USD 100 million Series C funding round last month. Accordingly, the company will commence US deployments towards the latter part of 2021 and a wider global scale-up is expected throughout 2022. The timing of the SPAC transaction coincides with the company’s planned global expansion into the Middle East, Europe, and Australia, while the proceeds of the recent Series C funding are likely to be used to bring its solution to the US market. Energy storage companies ESS and Solid Power also have ongoing SPAC deals.</ul>