Deployment of the innovative EVx™ platform
expected to generate up to $520 million in revenue
Energy Vault, Inc. (“Energy Vault”), the company developing
sustainable, grid-scale energy storage solutions with its
proprietary technology, today announced that it has entered into an
energy storage system agreement with DG Fuels LLC (“DG Fuels”), an
emerging leader in renewable hydrogen and biogenic based, synthetic
sustainable aviation fuel (”SAF”) and diesel fuel.
Under the terms of the agreement, Energy Vault agreed to provide
1.6 gigawatt hours (GWh) of energy storage to support DG Fuels
across multiple projects, with the first project slated for 500
megawatt hours (MWh) in Louisiana. This initial project will be
followed by additional projects in British Columbia and Ohio. DG
Fuels has developed a carbon conversion fuel production process
that is targeting a 93% carbon conversion efficiency, which reduces
the amount of feedstock required to produce SAF and lowers cost of
production.
DG Fuels will deploy Energy Vault’s gravity storage systems to
provide green electricity in conjunction with photovoltaic solar to
firm and shape the renewable energy to match the demand load of the
green hydrogen production. The renewable power will be used to
power HydrogenPro water electrolysis for both hydrogen and oxygen
feedstock production.
Energy Vault’s advanced gravity energy storage solutions are
based on the proven physics and mechanical engineering fundamentals
of pumped hydroelectric energy storage, but replace water with
custom-made composite blocks, or “mobile masses”, which do not lose
storage capacity over time. The composite blocks can be made from
low-cost and locally sourced materials, including the excavated
soil at the construction site, but can also utilize waste materials
such as mine tailings, coal combustion residuals (coal ash), and
fiberglass from decommissioned wind turbine blades.
Additionally, the Energy Vault systems are intended to minimize
environmental and supply chain risks, which was a critical factor
in the final selection by DG Fuels. The systems are automated with
advanced computer control and machine vision software that
orchestrate the charging and discharging cycles while meeting a
broad set of storage durations starting from 2 hours and continuing
to 12 hours, or more.
Energy Vault expects this agreement to provide up to $520
million in revenue across the three projects, the first of which
expected to commence in mid-2022.
Robert Piconi, CEO and Co-Founder of Energy Vault, commented,
“We are proud to collaborate with DG Fuels and its partners to
economically enable 24/7 renewable power, supporting DG Fuels to
execute against their plans to efficiently deliver green fuel to
the aviation industry. Our energy storage systems are designed to
maximize the use of local materials and stimulate local job
creation, thus amplifying the sustainability benefits of DG Fuels’
deployment plans. These projects will play a critical role in
reducing our reliance on fossil-based fuels while further advancing
our country’s decarbonization goals.”
Michael C. Darcy, CEO of DG Fuels said, “We are pleased to be
partnering with Rob and the Energy Vault team to deploy their
innovative energy storage system which best meets our needs for
reliable, cost effective, safe and sustainable energy storage.
Energy Vault’s system will play a critical role within our
technology and vendor ecosystem to efficiently deliver SAF to the
transportation industry.”
About Energy Vault
Energy Vault develops sustainable energy storage solutions that
are transforming the world’s approach to utility-scale energy
storage for grid resiliency. Our proprietary Energy Management
System software and Gravity-based Energy Storage Technology are
intended to help utilities, independent power producers and large
industrial energy users to significantly reduce their levelized
cost of energy while maintaining power reliability. Utilizing
eco-friendly materials with the ability to integrate waste
materials for beneficial re-use , Energy Vault is accelerating the
shift to a circular economy and a fully renewable world. Learn more
at www.energyvault.com.
Energy Vault previously announced an agreement for a business
combination with Novus Capital Corporation II (NYSE: NXU, NXU.U,
NXU WS), which is expected to result in Energy Vault becoming a
public company listed on the New York Stock Exchange in the first
quarter of 2022, subject to customary closing conditions.
About DG Fuels
DG Fuels is building a zero-CO2 life cycle emissions synthetic
fuel system based on high carbon conversion technology reaching 93%
efficiency. The DG Fuels’ technology does not require the
development of new engines or an expanded hydrogen transportation
and storage infrastructure. DG Fuels’ innovative technology
produces a hydrogen via water electrolysis and biomass derived
carbon replacement fuel for aircraft, and potentially for
locomotives, vessels and trucks as well.
DG Fuels delivers a significant value proposition to
end-customers, including meaningful environmental benefits and the
ability to materially address sustainability goals. If successful,
DG Fuel’s carbon efficient solution will tie together all critical
elements to power, fuel, and provide SAF to its customers. Learn
more at www.dgfuels.com.
About Novus Capital Corporation II
Novus raised approximately $287.5 million in its February 2021
IPO and its securities are listed on the NYSE under the ticker
symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose
acquisition company organized for the purpose of effecting a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other similar business
combination with one or more businesses or entities. Novus Capital
is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry
Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have
significant hands-on experience helping high-tech companies
optimize their existing and new growth initiatives by exploiting
insights from rich data assets and intellectual property that
already exist within most high-tech companies.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” “designed,” and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding estimates and forecasts of
financial and performance metrics, projections of market
opportunity, expectations and timing related to the rollout of
Energy Vault’s business and timing of deployments, including with
respect to the agreement with DG Fuels and the associated projects,
expectations with respect to revenue generated under the agreement
with DG Fuels, the consummation of the agreement with DG Fuels, the
proposed features and designs of the EVx and the Energy Vault
Resiliency Center (EVRC) platforms, the availability of low-cost
and locally sourced materials to produce “mobile masses,” customer
growth and other business milestones, potential benefits of the
proposed business combination and PIPE investment (the “Proposed
Transactions”), and expectations related to the timing of the
Proposed Transactions.
These statements are based on various assumptions, whether or
not identified in this press release, and on the current
expectations of Energy Vault’s and Novus’ management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by an investor as, a guarantee,
an assurance, a prediction, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Energy Vault and
Novus.
These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign
business, market, financial, political, and legal conditions; the
inability of the parties to successfully or timely consummate the
Proposed Transactions, including the risk that any regulatory
approvals are not obtained, are delayed or are subject to
unanticipated conditions that could adversely affect the combined
company or the expected benefits of the Proposed Transactions or
that the approval of the stockholders of Novus or Energy Vault is
not obtained; failure to realize the anticipated benefits of the
Proposed Transactions; risks relating to the uncertainty of the
projected financial information with respect to Energy Vault; risks
related to the rollout of Energy Vault’s business and the timing of
expected business milestones; risks related to the inability or
unwillingness of Energy Vault’s customers to perform under sales
agreements; risks related to Energy Vault’s ability to obtain and
maintain a performance bond; risks related to Energy Vault’s
receiving partial payment in the form of subordinated debt; risks
related to timing delays that impact the sales price due to Energy
Vault under its announced agreement with DG Fuels; demand for
renewable energy; ability to commercialize and sell its solution;
ability to negotiate definitive contractual arrangements with
potential customers, including a purchase and sale agreement with
DG Fuels that is contemplated by the announced agreement; the
impact of competitive technologies; ability to obtain sufficient
supply of materials; the impact of Covid-19; global economic
conditions; ability to meet installation schedules; construction
and permitting delays and related increases in costs; risks related
to the performance of systems delivered to DG Fuels; the effects of
competition on Energy Vault’s future business; the amount of
redemption requests made by Novus’ public shareholders; and those
factors discussed in the Registration Statement and in Novus’
Registration Statement on Form S-4 relating to the business
combination under the caption “Risk Factors”, and its Annual Report
on Form 10-K for the fiscal year ended December 31, 2020 under the
heading “Risk Factors,” and other documents of Novus filed, or to
be filed, with the SEC.
Important Information About the Proposed Business Combination
and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving Novus and Energy Vault. Novus has
filed a registration statement on Form S-4 with the SEC, which
includes a preliminary proxy statement/prospectus of Novus, and
certain related documents, to be used at the meeting of
stockholders to approve the proposed business combination and
related matters. Investors and security holders of Novus are urged
to read the proxy statement/prospectus, as well as any amendments
thereto and other relevant documents that will be filed with the
SEC, carefully and in their entirety because they contain important
information about Energy Vault, Novus and the business combination.
The definitive proxy statement will be mailed to stockholders of
Novus as of a record date to be established for voting on the
proposed business combination. Investors and security holders will
also be able to obtain copies of the registration statement and
other documents containing important information about each of the
companies once such documents are filed with the SEC, without
charge, at the SEC’s web site at www.sec.gov. The information
contained on, or that may be accessed through, the websites
referenced in this press release is not incorporated by reference
into, and is not a part of, this press release.
Participants in the Solicitation
Novus and its directors and executive officers may be deemed
participants in the solicitation of proxies of Novus’ shareholders
in connection with the proposed business combination. Energy Vault
and its executive officers and directors may also be deemed
participants in such solicitation. Security holders may obtain more
detailed information regarding the names, affiliations and
interests of certain of Novus’ executive officers and directors in
the solicitation by reading Novus’ Annual Report on Form 10-K for
the fiscal year ended December 31, 2020, Quarterly Report on Form
10-Q for the six months ended June 30, 2021 and the proxy
statement/prospectus and other relevant documents and other
materials filed with the SEC in connection with the business
combination when they become available. Information concerning the
interests of Novus’ participants in the solicitation, which may, in
some cases, be different than those of their stockholders
generally, will be set forth in the proxy statement/prospectus
relating to the business combination when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211027005554/en/
Investors energyvaultIR@icrinc.com
Media energyvaultPR@icrinc.com
Novus Capital Corporatio... (NYSE:NXU.U)
過去 株価チャート
から 5 2024 まで 6 2024
Novus Capital Corporatio... (NYSE:NXU.U)
過去 株価チャート
から 6 2023 まで 6 2024