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

A Blank Rome team is representing Novus Capital Corporation, a publicly traded special purpose acquisition company, or SPAC, in its business combination agreement with Energy Vault, Inc., a company creating gravity-based, grid-scale energy storage solutions with its proprietary technology. Blank Rome also represented Novus in its initial public offering that closed in February 2021. 

The transaction will provide $388 million of gross proceeds to Energy Vault, including a $100 million fully committed common stock PIPE at $10.00 per share, assuming no Novus stockholder redemptions. The pro forma equity value of the transaction is approximately $1.1 billion, at the $10.00 per share PIPE price and assuming minimal Novus stockholder redemptions. Net cash from the transaction is intended to be used to fund growth of the combined company and global deployment of Energy Vault’s breakthrough technologies.

For more information, please read:

  • Energy Vault, the Technology Company Using Gravity-based, Grid-Scale Energy Storage to Accelerate Global Decarbonization, to List on the NYSE Through Merger with Novus Capital Corporation II (press release, Sept. 9, 2021)
  • Energy Vault Develops A Gravity Energy Storage Platform (Ameritrade Interview, Sept. 9, 2021)

The Blank Rome team is led by partners Robert J. MittmanKathleen A. Cunningham, and Brad L. Shiffman, with the assistance of Manny Faust, Peter Melampy, Naomi Gallimore, and Ashley Catalano-Leckerman (Corporate); Joseph T. Gulant and David Gilbert (Tax); Mark Thronson and Jon England (IP); and Mike Kadlec (Employee Benefits & Executive Compensation).