Energy Vault is a Swiss-based, global energy storage company specializing in gravity and kinetic energy based, long-duration energy storage products. Energy Vault’s primary product uses a multi-headed crane to store energy by stacking heavy blocks made of composite material into a tower, capturing potential energy in the elevation gain of the blocks. When demand for electricity is high, the crane lowers these blocks to the ground, with the motors functioning as generators and delivering electricity to the grid.
The SPAC company that is reported to be merging with Energy Vault is Novus Capital, which trades under the ticker symbol: NXU.
Demand for the Energy Sector is ever increasingly growing. As Wall Street and other big institutional funds load up trillions worth of capital into the Green/Clean Energy Transition, Energy Vault expects to start it’s sales in 2023 then rapid growth following after, as Clean Energy gets more prominent.
“We need as much as we can get, We’re seeing all the demand even come forward.”Robert Piconi – Energy Vault’s CEO
Energy Vault has raised $100 Million from investors like SoftBank and Aramco and is expected to raise another $100 million from private equity firms.