As of 14 February, Energy Vault is now listed on the stock exchange. On completion of the business combination with the special purpose acquisition company (SPACE) Novus Capital Corporation II with headquarters in Indianapolis, Indiana, Energy Vault based in the Greater Zurich Area and in Westlake Village in California started trading on the New York Stock Exchange.
The hub storage power plant company intends to raise around $235 million through going public. As per an earlier press release, the company is thus valued at US$1.1 billion, making it the latest new unicorn in Switzerland.
“We are pleased to begin this exciting new chapter in Energy Vault’s history as we transition to a public company,” said Robert Piconi, Chief Executive Officer of Energy Vault, in a press release. “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,” he added. This will bring the company closer to advancing its “mission of decarbonization to enable a renewable world”.
Energy Vault has forged a strategic partnership with Atlas Renewable, an international environmental management and waste remediation corporation which is majority owned by a Chinese investor. An additional investment of US$50 million was approved for the current year.
The Ticino company also has partnerships and collaborations with Saudi Aramco Energy, Italy’s ENEL Green Power, Korea Zinc, the wholly owned Australian subsidiary Sun Metals, natural resources company BHP and the energy storage system specialist DG Fuels LLC.
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