SPAC Novus Capital shareholders approve merger with Energy Vault

Feb. 10, 2022 1:10 PM ETEnergy Vault Holdings, Inc. (NRGV)By: Val Kennedy, SA News Editor5 Comments

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  • SPAC Novus Capital Corp. II (NYSE:NXU) said that its shareholders have approved its previously announced merger with Energy Vault, a developer of sustainable energy storage solutions.
  • Novus said the deal is set to close on Feb. 11. After the closing, the company will change its name to Energy Vault Holdings.
  • The combined company’s shares are expected to begin trading on Feb. 14 on the NYSE under the symbol NRGV.
  • Energy Vault has been developing technology to help utilities, independent power producers and industrial energy users levelize their energy costs while maintaining power reliability.
  • The companies announced their proposed merger in September, with the transaction valuing the combined company on a pro forma enterprise basis at $1.1B.
  • For a more in-depth look at the energy storage sector, check out SA contributor Enterprising Investors’ “How to Invest in Energy Storage.”

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