Novus Capital Corp. II and Energy Vault Announce Effectiveness of Registration Statement and the February 10, 2022 Special Meeting of Stockholders to Approve Business Combination
Novus Capital Corporation II (NYSE:NXU, NXU WS) announced the SEC has declared effective its Registration Statement on Form S-4 regarding a merger with Energy Vault, Inc., a sustainable energy storage solutions provider. A Special Meeting for Novus stockholders is set for February 10, 2022, to approve the Business Combination, with a deadline for proxy submissions by February 9, 2022. If approved, trading under the new ticker symbol 'NRGV' is anticipated to begin shortly thereafter. Energy Vault's solutions aim to reduce costs for utilities and enhance energy supply reliability.
- Merger with Energy Vault expected to close soon, creating a new public company.
- Energy Vault aims to transform energy storage, reducing costs for utilities and enhancing supply reliability.
- Strategic agreements with industry leaders like DG Fuels and BHP to enhance market position and potential revenue.
- Regulatory approvals for the Business Combination depend on shareholder votes and could face delays.
- Market uncertainties and operational risks may affect the anticipated benefits from the merger.
Upon closing, Energy Vault’s stock is expected to be listed on NYSE under the new ticker symbol “NRGV”
Novus will mail the definitive proxy statement/prospectus (the “Proxy Statement”) to stockholders of record as of the close of business on
The Special Meeting to approve the pending Business Combination, among other items, is scheduled to be held on
Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, Novus requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible and by no later than
If any individual Novus stockholder does not receive the Proxy Statement, such stockholder should (i) confirm his or her Proxy Statement’s status with his or her broker or (ii) contact
“We are pleased to have achieved this milestone in the transaction process and announce a date for the Special Meeting of Novus stockholders,” said
Following investment and energy storage collaboration announcements earlier in the year from industry leaders
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Energy storage system agreement with
DG Fuels LLC , an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel and diesel fuel. Under the terms of the agreement, Energy Vault agreed to provide 1.6 gigawatt hours (GWh) of energy storage to supportDG Fuels across multiple projects, with the first project slated for 500 megawatt hours (MWh) inLouisiana . Energy Vault expects this agreement to provide the opportunity for up to in revenue across the three projects, the first of which is expected to commence in mid-2022.$520 million
- Joint collaboration with BHP, a leading natural resources company, that will focus on the deployment and implementation of Energy Vault’s energy storage solutions in BHP’s key operations and other potential applications for the technology. The parties have signed a Memorandum of Understanding focused on studying the application of Energy Vault’s technology to support power supply and energy storage at certain BHP operations while exploring opportunities for new applications relevant to BHP’s business.
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Strategic partnership for renewable energy storage with Korea Zinc Co., Ltd., a global leader in non-ferrous metal smelting production including leading positions in Zinc, Lead, Silver and rare metal Indium. The partnership supports Korea Zinc’s strategy to decarbonize their refining and smelting operations focused initially under wholly owned subsidiary
Sun Metals Corporation Pty. Ltd. The companies expect to begin project deployment in mid-2022. In addition to the strategic partnership, Korea Zinc has executed a subscription agreement committing an additional investment to the$50 million private placement investment in Novus that was announced in connection with the signing of the business combination agreement.$100 million
About
Novus raised approximately
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. Its 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.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the agreement with
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.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; redemption rates; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to Energy Vault’s receiving partial payment in the form of subordinated debt; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with
Important Information About the Proposed Business Combination and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 (the “Registration Statement”) with the
Participants in the Solicitation
Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
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