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Energy Vault
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Short description

Developer of an energy storage system using stacked concrete blocks

Founded in 2017
Founded in

Company type Public Public (NRGV)
Company type

Industry Group energy & power

Sector energy storage

TRL Range 4-6
TRL 1 Basic research
TRL 2 Technology formulation
TRL 3 Applied research
TRL 4 Small scale prototype
TRL 5 Large scale prototype
TRL 6 Prototype system
TRL 7 Demonstration system
TRL 8 First of a kind commercial system
TRL 9 Full commercial application
TRL Range

Ticker

Headquarters Switzerland Lugano, Switzerland
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Updated by Sunena Gupta at on 05/17/2024

Edited by Cleantech Group on 07/01/2024

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Date Company
08/11/2023

Kore Power Kore Power

Kore Power signed an offtake agreement with Energy Vault beginning 2025 to provide battery cells with a delivery capacity of 7 GWh by 2027.

Confirmed by Kore Power
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Date Partner Type
12/15/2021
BHP BHP
Strategic agreement to work on the decarbonization of natural resources extraction.
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Confirmed by BHP
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IPO INFORMATION

Date

02/14/2022

IPO status

Listed

IPO Type

SPAC

Amount

$235M

Initial shares

Ticker symbol

NRGV

Exchange listed

NYSE

Prospectus URL

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Description

Novus Capital Corporation II and Energy Vault have entered into a definitive agreement for a business combination for the company to go public via a SPAC. The transaction values the combined company at an implied pro-forma enterprise value of $1.1 billion and is expected to additionally provide up to $388 million in gross cash proceeds. As part of the transaction, Novus II has received $100 million of commitments for a common stock. Energy Vault has successfully demonstrated commercial scale deployment of its technologies and has a strong pipeline of customer engagements, including eight executed agreements and letters of intent for 1.2 GW hours of energy storage capacity, with deployments planned to begin in the fourth quarter of 2021 in the U.S., followed by Europe, the Middle East and Australia in 2022.

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Date Investors Type Amount
02/14/2022 Korea Zinc Korea Zinc , Atlas Renewable Atlas Renewable (2)
Post-money valuation of
PIPE $195,000,000
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