Novus Capital Corp. II (NYSE:NXU) announced this morning that it has added $50 million to the PIPE and entered into a licensing agreement for its combination with kinetic energy storage company Energy Vault.
The new investment comes at $10 per share from Atlas Renewable, upsizing the current PIPE from $150 million to $200 million. Today’s investment follows the previously announced $50 million upsize investment from Korea Zinc back in early January.
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. As a result of this increased PIPE investment, the minimum cash condition for the business combination has been satisfied.
Atlas Renewable LLC joins several other investors in the PIPE, including strategic and institutional investors Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, CEMEX Ventures (NYSE: CX), Korea Zinc, and others. Affiliates and associates of Novus Capital also participated in the PIPE investment following 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.
Additionally, Novus II entered into a $50 million License and Royalty agreement today for renewable energy storage with Atlas Renewable as well as their majority investor China Tianying Inc., an international environmental management and waste remediation corporation. The agreement supports the deployment of Energy Vault’s proprietary gravity energy storage technology and energy management software platform within mainland China and the Special Administrative Regions (SAR) of Hong Kong and Macau.
The agreement represents the first gravity-based storage partnership between a U.S. and Chinese company for the deployment of the technology in China. The payments of the $50 million licensing fees are scheduled to be made in 2022.
Novus Capital II and Energy Vault initially announced their $1.13 billion combination on September 9. Westlake Village, California-based Energy Vault is developing a utility scale energy storage solution that uses gravity to release energy by de-stacking heavy slabs.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...