Who is Energy Vault Holdings Inc?

Energy Vault Holdings Inc is a grid-scale energy storage company that is driving a faster transition to renewable power by solving the intermittence issues that are inherent to the most prevalent sources of renewable energy, solar and wind. Geographical presence in United States, China and Other. Majority of its revenue comes from U.S.

How did Energy Vault get funding?

In 2019, Energy Vault secured funding from Cemex before going on to secure $110m of Series B funding to become the first energy storage investment of the SoftBank Vision Fund, and won Fast Company's World Changing Idea Award for transformative utility-scale energy storage.

What is the market need for Energy Vault?

Clear Market Need for Energy Vault: Demand for clean energy is growing globally, with renewables expected to become 90% of total energy generation by 2050, according to a recent IRENA report.

When did Energy Vault start trading on the New York Stock Exchange?

In February 2022, Energy Vault Holdings, Inc. began trading on the New York Stock Exchange following the business combination with Novus Capital Corporation II that raised approximately $235 million in gross proceeds additive to $107M and $50M license fees from Atlas Renewable.

How does Energy Vault work?

When demand for electricity is high, these blocks are lowered with the motors functioning as generators and delivering electricity to the grid. In 2017, Energy Vault was founded by the startup studio Idealab.