Swiss renewable energy company Energy Vault announced last Thursday it will be going public via a SPAC merger deal it landed with Novus Capital Corporation II (NXU). The deal values Energy Vault at $1.1b and includes a $100m private investment in public equity.
Founded in 2017, Energy Vault operates gravity-based block tower systems to store and release clean renewable energy. Utilizing artificial intelligence and its high-tech proprietary software, the company bases production off demand to generate energy as efficiently as possible.
In the relatively short amount of time it’s been around, Energy Vault has garnered investment from Japan’s SoftBank and Aramco Ventures (Saudi Aramco’s venture capital fund). Energy Vault expects to generate revenue in 2022, using the money raised with this SPAC deal to fund its growth strategy.
why it matters
You know renewable energy is the future when Saudi Aramco is investing in it. According to the International Renewable Energy Agency, renewable energy is expected to account for 90% of the world's energy generation by 2050.