Cases and Deals

Blank Rome Represents Novus Capital Corporation II in Business Combination with Energy Vault, Inc.

Energy Vault, Inc. Began Trading on NYSE on February 14, 2022

A Blank Rome team represented Novus Capital Corporation II, a publicly traded special purpose acquisition company, or SPAC, in closing its business combination with Energy Vault, Inc., on February 11, 2022.

Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. Blank Rome also represented Novus in its initial public offering that closed in February 2021, for which Cowen and Company, LLC served as the underwriter. 

Key highlights of this deal include:

  • The transaction provided $235 million of gross proceeds to Energy Vault, including a $195 million fully committed common stock PIPE at $10.00 per share.
  • The pro forma equity value of the transaction is approximately $1.34 billion.

For more information, please read Novus Capital Corporation II and Energy Vault, Inc. Announce Completion of Business Combination, Establishing Public Sustainable, Grid-scale Energy Storage Solutions Provider (press release, February 11, 2022).

The Blank Rome team representing Novus Capital Corporation was led by partners Robert J. MittmanKathleen A. CunninghamBrad L. ShiffmanEmanuel J. Adler, and Joseph T. Gulant, with significant assistance from Peter Melampy, Naomi Gallimore, and John Winton.