January 7, 2022 Read More →

Gravity-based storage company signs $50 million investment deal

Energy Storage News:

Gravity-based energy storage technology company Energy Vault has formed a strategic partnership with non-ferrous metals smelting and refinery company Korea Zinc, including a US$50 million investment commitment. 

The announcement, made yesterday, comes as Swiss-American company Energy Vault targets a business combination with special purpose acquisition company (SPAC) Novus Capital Corporation II. The transaction is expected to close during this quarter and the combined company, to be named Energy Vault Holdings, will list on the New York Stock Exchange (NYSE) as a result.

Energy Vault said in October as it announced the intended merger that it has private investment in public equity (PIPE) commitments, largely from institutional investors and already accounting for around 6.5% shares in the combined entity. 

Korea Zinc’s US$50 million will go into that PIPE, taking its value from US$100 million to US$150 million.

As a strategic partner to the gravity storage company, Korea Zinc — involved in copper and lead refinery and smelting as well as zinc — will leverage its investment to further the decarbonisation of its operations.

[Andy Colthorpe]

More: Korea Zinc agrees to invest US$50m in gravity storage startup Energy Vault ahead of NYSE listing

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