NXU - SPAC Novus Capital shareholders approve merger with Energy Vault

SPAC Novus Capital Corp. II (NYSE:NXU) said that its shareholders have approved its previously announced merger with Energy Vault, a developer of sustainable energy storage solutions. Novus said the deal is set to close on Feb. 11. After the closing, the company will change its name to Energy Vault Holdings. The combined company’s shares are expected to begin trading on Feb. 14 on the NYSE under the symbol NRGV. Energy Vault has been developing technology to help utilities, independent power producers and industrial energy users levelize their energy costs while maintaining power reliability. The companies announced their proposed merger in September, with the transaction valuing the combined company on a pro forma enterprise basis at $1.1B. For a more in-depth look at the energy storage sector, check out SA contributor Enterprising Investors’ “How to Invest in Energy Storage.”

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SPAC Novus Capital shareholders approve merger with Energy Vault