Energy Vault enters NYSE through merger with Novus Capital Corporation II

Novus Capital Corporation II, a U.S. publicly traded special purpose acquisition company, and Energy Vault, Inc., the company creating gravity-based, grid-scale energy storage solutions with its proprietary technology, have entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Energy Vault Holdings, Inc. and is expected to be listed on the NYSE under the ticker symbols “GWHR” and “GWHR WS,” respectively.

The transaction values the combined company at an implied pro-forma enterprise value of US$1.1 billion. Pursuant to the proposed business combination, the combined company is expected to receive up to US$388 million in gross cash proceeds from a combination of cash from a US$100 million committed stock PIPE and US$288 million in cash held in Novus’ trust account, assuming no public stockholders exercise their redemption rights at closing.