Novus Capital Corp. II (NXU) Adds $50M to PIPE for Energy Vault Deal

Novus Capital Corp. II (NYSE:NXU) has added $50 million to its PIPE for its combination with kinetic energy storage company Energy Vault.

This new funding came from an accredited investor under the same $10 per share terms as the existing PIPE. Novus Capital II originally announced that it is financing the deal with $287.5 million from its current trust along with a $100 million PIPE. The original PIPE drew investment from institutional investors Adage Capital Partners, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures (NYSE: CX), and Palantir Technologies (NYSE: PLTR).

The SPAC disclosed that the purpose of the additional PIPE is to ensure the combined company will have access to further capital after the transaction closes.

Novus Capital II and Energy Vault initially announced their $1.13 billion combination on September 9. Westlake Village, California-based Energy Vault is developing a utility scale energy storage solution that uses gravity to release energy by de-stacking heavy slabs.

More recently, Energy Vault announced a strategic agreement with leading global natural resources company BHP to support decarbonization of natural resources production.