Tuesday, February 1, 2022

Energy Vault In $100M Investment Deal With Chinese Investors

Westlake Village-based gravity energy storage technology developer Energy Vault announced this morning that it is in a $100M transaction with two companies, Atlas Renewable and China Tianying, which involves a $50M investment subscription and an expansion of a PIPE agreement from $150M to $200M. Energy Vault--which is developing technology to store energy via massive bricks made from coal combustion residuals, mine tailings, waste fiberglass and concrete debris--said the deal is tied into its efforts to become a publicly traded company through a special purpose acquisition company (SPAC). The company is currently in a deal to go public via a merger with Novus Capital Corporation II. Energy Vault said the investments are tied into a 100MWh project in Rudong, Jiangsu Province, outside of Shanghai