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First gravity-based storage agreement between a U.S. and Chinese company to support China''s stated goals of Carbon Peak by 2030 and Carbon Neutrality by 2060
$50 million new investment subscription at $10 per share upsizes previously announced and already upsized PIPE from $150 million to $200 million in conjunction with Energy Vault''s agreement to become a publicly-traded company through business combination with Novus Capital Corporation II
$50 million in technology licensing to be recognized in 2022 as part of a multi-year License and Royalty agreement signed with Atlas Renewable LLC toward future multi-GWh deployments of Energy Vault''s innovative EVx platform; first 100MWh EVx project to begin in 2022 at a pre-selected site in Rudong, Jiangsu Province, outside of Shanghai
Energy Vault and China Tianying, a China Fortune 500 public company, to collaborate to maximize the beneficial re-use of waste and recycling materials within the Energy Vault eco-brick composites leveraging China Tianying''s local leadership in the treatment and re-use of waste
$200 million upsized PIPE, combined with the initial licensing agreement, more than fully funds business plan before Novus''s potential additional cash-in-trust funds; satisfies the remaining minimum cash condition for business combination and clears an important milestone for the closing of the business combination
Atlas Renewable Signs Licensing and Royalty Agreement for Mainland China and the Special Administrative Regions of Hong Kong and Macau
Energy Vault and Atlas Renewable have signed a $50 million licensing agreement for the use of Energy Vault''s proprietary gravity-based energy storage technology in China. The agreement includes terms governing volume-based deployment royalties and covers maintenance, monitoring and the beneficial re-use of waste materials within Energy Vault''s composite blocks. The payments of the $50 million licensing fees are scheduled to be made in 2022.
"We are excited to partner with Energy Vault to establish the first commercial licensing agreement of the company''s innovative gravity storage technology platform, which we look forward to deploying in China, the world''s largest market for renewable energy development," said Neil Bush Chairman of Atlas Renewable LLC. "We see broad applications for implementing Energy Vault''s unique gravity energy storage and power generation system. Energy Vault''s novel solution lifts large mobile masses into position using excess power from solar, wind, or other power generation facilities and generates electricity by lowering blocks using natural gravitational forces when it is needed most."
Eric Fang, Chief Executive Officer of Atlas Renewable, noted further, "EV''s technology removes a key obstacle to full utilization of energy produced globally from green energy sources. Following China''s commitment to achieving Carbon Peak in 2030 and Carbon Neutrality in 2060 : Renewable Energy Storage is and will be the answer."
Chairman of CNTY, Mr. Yan Shengjun, stated, "As China''s new green energy industry is booming, the introduction of world class innovative energy storage technology this year will be showcased in China by Energy Vault. This effort is of great importance to the nation and to supporting China''s stated goals of Carbon Peak by 2030 and Carbon Neutrality by 2060. We believe we can help accelerate China''s decarbonization timeline, and CNTY is privileged to undertake this strategic key to energy transformation as Energy Vault''s partner in China."
"This key element of storage," Chairman Yan said, "will allow renewable energy to play an increasing role in providing the people and China, as a whole, with a solution to capturing energy which would otherwise be lost and that non-carbon solution is based upon the natural force of gravity. We have a core strategic synergy with Energy Vault in the sustainable way they have designed their system to take advantage of waste materials for recycling to avoid landfilling these materials, and this will be a strong advantage of our cooperation."
Mr. Piconi concluded, "Much like the global COVID pandemic, the climate change crisis knows no borders and compels us to set aside our political biases and unite as a global community to solve this problem. What we are announcing today represents a first step toward this goal and was achieved through the leadership, courage, fortitude, and humility of all those involved. Energy Vault is privileged to be a part of this group and will act swiftly to deliver on our commitments."
New Investment from Atlas Renewable LLC Upsizes Novus Capital Corporation II PIPE to $200 Million
The new commitment announced today brings proceeds from the PIPE transaction to $200 million, and follows the previously announced $50 million upsize investment form Korea Zinc. These proceeds, combined with up to $288 million in Novus''s cash trust account, will be used to fund Energy Vault''s operations and support new and existing growth initiatives. Additionally, as a result of this increased PIPE investment, the minimum cash condition for the business combination has been satisfied, clearing an important milestone for the closing of the business combination.
Atlas Renewable LLC joins several other leading investors committed to participate in the Business Combination by investing in the PIPE. The PIPE is anchored by strategic and institutional investors, including funds and accounts managed by Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, CEMEX Ventures (NYSE: CX), Korea Zinc, and other investors. Affiliates and associates of Novus Capital also participated in the PIPE investment. This follows the recent Series C funding round previously announced on August 28, 2021 which closed at $107.5 million and included strategic investments from Saudi Aramco Energy Ventures, BHP Ventures, +Volta Energy Technologies and Softbank Vision Fund, among others.
Completion of Energy Vault''s Business Combination with Novus II Capital Corporation is expected in the first quarter of 2022 and is subject to approval by Novus'' stockholders, the Registration Statement on Form S-4 relating to such business combination (the "Registration Statement") being declared effective by the SEC, and other customary closing conditions.
Demand for clean energy is growing globally and exponentially, with renewables expected to become 90% of total energy generation by 2050. To support this transition, grid-scale energy storage capacity would need to increase tenfold in the next ten years, with over $270 billion of investment expected over that timeframe. Current storage solutions are insufficient; pumped hydroelectric energy storage (pumped hydro) – which is currently 90% of the market – and chemical batteries, both face significant issues with scalability, economics and environmental risks. Energy Vault has designed a cost-efficient, reliable and environmentally sustainable system that outperforms alternatives and is best-placed to fulfill this unmet market demand.
The company''s EVx™ product platform is designed to be a highly scalable and modular architecture that can scale to multi-GW-hour storage capacity. EVx™ is the natural evolution that leverages all current performance attributes of Energy Vault''s proven technology including zero degradation in storage medium, high round-trip efficiency, long technical life, a sustainable supply chain, and composite bricks.
The Energy Vault Resiliency Center™ (EVRC™) is designed to be a highly scalable and modular system architecture that is built to scale to manage energy disruptive climate events such as wildfire or extreme weather. Using the EVx™ design as a building block, the EVRC™ can be built out in 10MWh increments that can scale to multi-GW-hour storage capacity.
About Energy Vault Energy Vault develops sustainable energy storage solutions designed to transform the world''s approach to utility-scale energy storage for grid resiliency. The company''s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.
Driven by innovation and backed by top-notch equipment manufacturing and R&D capabilities, CNTY strives to lead renewable energy upgrades and business model transformation through informatization, automatization, and industrialization solutions. These solutions include plasma technology, automated sorting systems, intelligent integrated urban service cloud platforms, zero-carbon energy network centers, and smart IoT centers, contributing to the realization of China''s carbon peak and neutrality goals.
About Sky Tower Energy Co., Beijing, China Sky Tower Energy is a platform company dedicated to the coordinated development of energy policy, industry, technology and capital, integrating the development, construction and operation of "wind-solar hydrogen storage" projects within China. Sky Tower is built on a 20 year history of working to advance climate change understanding and low carbon resiliency. Sky Tower is EIPC most important strategic partner and a key member of the Energy Investment Professional Committee (EIPC) a trade association of significant companies with varied interests across the energy production and delivery spectrum but all dedicated to low carbon sustainable development.
About Atlas Renewable LLC, Houston, Texas Atlas Renewable LLC is structured as an integral part of the project development and execution process led by CNTY in China. Atlas Renewable LLC serves as an American facilitation bridge between Chinese institutions, investors and regulatory entities and Energy Vault to identify projects, help pre-qualify and oversee financing efforts through the available mechanisms supported by Chinese Local, Provincial and National policies. Atlas Renewable LLC can evaluate situations quickly for Energy Vault, help to solve problems and give context to the new world of getting things done in China efficiently and effectively. Atlas Renewable LLC principals each have decades of experience and relationships in China with people at all levels.
About NCSD – National Center for Sustainable Development, Washington, DC NCSD is a national 501 c 3 nonprofit corporation established in 2001 and dedicated to building sustainable prosperity within the context of low carbon economic development. NCSD was founded 20 years ago and pursues its NGO mandate and mission by aiding in the creation of demonstration projects where appropriate technologies can "demonstrate" new solutions to persistent problems in the energy and environmental sectors. Much of the work of NCSD has been related to the Founder''s 35 years of experience in China and other developing countries with policies and programs related to Climate Change and Sustainability.
Forward-Looking Statements
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault''s and Novus'' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.
About Atlas renewable energy vault
As the photovoltaic (PV) industry continues to evolve, advancements in Atlas renewable energy vault have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Atlas renewable energy vault for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Atlas renewable energy vault featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
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