Energy Storage Veteran John G. Jung Joins
Energy Vault as President of Energy Vault Solutions Division
Energy Vault, Inc. (“Energy Vault”), the company developing
sustainable, grid-scale energy storage solutions, today announced
the launch of the division Energy Vault Solutions (EVS™), which
will provide a technology neutral energy storage management and
integration platform. Using artificial intelligence (AI) and
software optimization algorithms, the EVS platform enables the
integration of flexible energy assets and their economic
dispatching.
EVS expands upon Energy Vault’s sustainable energy storage
technology which is designed to advance the global transition to a
carbon free, resilient power grid. Through EVS, Energy Vault aims
to enhance its solutions and services to help utilities,
independent power producers and large industrial energy users
manage both short and long duration energy storage needs to reduce
their levelized cost of energy while maintaining power
reliability.
EVS will be led by energy storage veteran John G. Jung,
President of EVS, and technology leader Akshay Ladwa, Chief
Engineering Officer of EVS, both of whom bring deep experience and
expertise in grid-scale energy storage technology integration.
Prior to Energy Vault, John was Founder, President & CEO of
Greensmith Energy, a turn-key systems integrator, responsible for
delivering over a third of the total US capacity of energy storage
in 2016. Greensmith Energy was later acquired by Wärtsilä in
2017.
“Energy Vault’s goal is to be a leading energy technology
partner to the world’s largest companies as we execute on our
mission of decarbonization,” said Robert Piconi, Co-Founder and CEO
of Energy Vault. “In addition to our proprietary gravity energy
storage technology, Energy Vault Solutions will enable us to
address the market need for energy management software solutions
capable of orchestrating both generation and storage assets. With
this portfolio of solutions we can further accelerate customers’
decarbonization targets while maximizing their economic
return.”
“I am delighted to join Energy Vault and lead Energy Vault
Solutions to bring to market a best-in-class energy storage
management and integration platform that maximizes customers’
economic return during the transition to a carbon free grid,” said
John G. Jung, President of EVS. “Our software platform is designed
to serve as a front-end of any energy system and our data analytics
layer supports both internal and external opportunities to control,
optimize and manage assets – and deliver long-term value to our
customers.”
About Energy Vault
Energy Vault develops sustainable energy storage solutions
designed to transform the world’s approach to utility-scale energy
storage for grid resiliency. Our proprietary Energy Storage
Management and Integration Platform and gravity-based Energy
Storage Technology are intended to help utilities, independent
power producers and large industrial energy users 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
facilitating the shift to a circular economy and a fully renewable
world.
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 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 EVS and its anticipated benefits and capacities, 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 the performance and
availability of EVS; demand for renewable energy; ability to
commercialize and sell its solution; ability to negotiate
definitive contractual arrangements with potential customers; 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; 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.
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