Energy Vault To Be Listed On The NYSE
Energy Vault, which recently raised $100 million in Series C funding, has achieved another milestone. The technology company, which uses gravity-based grid-scale energy storage to accelerate global decarbonization, will be listed on the New York Stock Exchange (NYSE) through a merger with Novus Capital Corporation II.
The two companies jointly announced that they’ve entered into a business agreement in order to trade on the NYSE under the symbol $GWHR. The transaction values the newly combined company at $1.1 billion and is expected to provide an additional $388 million in gross cash.
Robert Piconi will lead the combined company as the Chairman and CEO. In a press release that was emailed to me, the company pointed out that the demand for clean energy is growing globally. Renewables are expected to become 90% of total energy generation by 2050, and the company wants to support this transition by doing its part to increase grid-scale energy storage capacity tenfold, which will be needed in the next ten years.
To do this, Energy Vault developed a gravity energy storage platform designed to be cost-efficient, reliable, and safe to operate while also benefitting the environment. The press release noted:
“It is inspired by pumped hydro plants that rely on the power of gravity to store and discharge energy, combined with Energy Vault’s own material science and software innovations: it has replaced water with custom-made composite blocks, made with locally sourced soil or waste material, which are lifted and lowered to store and release energy on-demand. This proprietary system is orchestrated by Energy Vault’s AI-enabled software platform that incorporates advanced computer control and machine vision. The end result is a resilient supply of power and storage capacity with a system designed to have greater operational flexibility for both short and long duration storage, high round-trip-efficiency, lower capital and operating expenses, and an overall higher asset efficiency than competitors given the lack of degradation in the storage medium over.”
Energy Vault has also worked with large global utilities and independent power producers to optimize its energy storage technology platform and to ensure flexibility. Its first commercial-scale, 5 MW energy storage system was successfully connected to Switzerland’s national grid in 2020. The focus was on ancillary service performance, system round trip efficiency, and continuous power dispatching protocols; all of which were incorporated into the company’s latest design of a modular, flexible, higher power, and compact product architecture: the EVx™ platform.
The company focuses on addressing the issue of waste from existing energy generation assets. It’s doing this through a circular economic approach to the supply chain that is built upon the foundations of recyclability and environmental sustainability. Its technology is capable of recycling waste materials. An example of such is coal combustion residuals and glass fivers from decommissioned wind turbine blades. These normally end up in landfills.
The company utilizes advanced material science in collaboration with CEMEX’s material science lab and is able to sequester the waste materials within the composite blocks of its gravity-based energy storage systems. The company also has a pipeline of customers that are trying to address the issue of sustainable disposal as well as beneficial re-use of coal combustion residuals, which are the largest industrial waste streams generated in the U.S. every year.
Robert Piconia, CEO & Co-Founder of Energy Vault, shared thoughts on the new business combination with Novus.
“Energy Vault’s technology is designed to provide a cost-efficient, flexible and sustainable energy storage solution to meet the immediate needs of utilities, power producers and large industrial energy consumers that must solve the problem of power intermittency that is inherent with wind and solar energy generation. We developed our energy storage solution to get to market quickly given the urgent and global imperative to accelerate the decarbonization of the energy sector. Through the deployment of our transformative technology, which can store clean energy for grid-scale deployments while uniquely utilizing waste materials for beneficial reuse in the process, Energy Vault is re-defining the role that energy storage companies can and should play within a circular economic framework.
“We are excited to announce our business combination with Novus and look forward to becoming a public company given our recent advances in commercial scale technology validation and rapid customer adoption, which require additional capital to meet the global, multi-continent demand. As we focus now on the execution and deployment phase of the technology, we are thrilled to partner with the team at Novus who fully supports our mission of decarbonization and brings a deep experience set in new technology market development on a global scale.”
Robert Laikin, CEO of Novus, also gave a statement:
“Energy Vault is bringing an entirely new energy storage solution to the energy market and will lower the costs for utility companies and power producers that are transitioning to renewables but who need to maintain consistent energy supply to deliver dispatchable power. Their unique approach to addressing the need for dispatchable power delivery through their creation of transformative technologies while reusing waste materials in their process, sets them apart from any other player in the market, and makes them an obvious choice as a partner.
“We are thrilled to be joining Rob and his team at such a pivotal moment for the company and have every confidence in their ability to capture the rapidly growing energy storage opportunity. Since our IPO in early 2021, we looked at over 100 companies and we found a fantastic company, with a public company ready management team addressing a massive global market need that is underserved with existing solutions today. In our view, Energy Vault is the only grid-scale pure ESG energy storage company that exists in the market today.”
Bill Gross, CEO and Chairman of Idealab Studio, and Co-Founder of Energy Vault, touched on how Energy Vault is helping to solve one of the largest challenges with energy storage:
“We founded Idealab 25 years ago to find technological solutions to the world’s biggest challenges, and then build companies with great leadership and talent to drive those solutions to market. One of the biggest challenges the world faces today is cost-effective, large-scale energy storage, and Energy Vault is the gravity-storage breakthrough to achieve that. I look forward to supporting Rob and his team as they take this technology globally as a public company.”
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Toyota’s new electric SUV is a surprise hit in China. Starting at just $15,000, the Toyota bZ3X is already the top-selling joint venture brand EV.
The $15,000 Toyota bZ3X is the top-selling foreign EV
After launching the bZ3X in March, Toyota’s joint venture, GAC Toyota, claimed that orders were “so popular that the server crashed.” It apparently secured over 10,000 orders in the first hour.
In its second month on the market, the bZ3X was the top-selling foreign-owned vehicle in China, beating out the Volkswagen ID.3 and ID.4 Crozz, Nissan N7, and BMW i3.
According to the latest update, the electric SUV retained the title once again in June. Peng Baolin, General Manager of Sales at GAC-Toyota, revealed on social media that the “delivery volume of Bozhi 3X in June reached 6,030 units.”
GAC Toyota announced on Weibo that cumulative deliveries have now exceeded 20,000 units, setting a new record for the fastest joint venture electric SUV sales to achieve the feat.
The company also claimed that the bZ3X “has the highest sales of new energy vehicles” among joint venture brands right now.
The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV.” It’s available in seven different trims, starting at 109,800 yuan, or about $15,000.
Two variants have an added LiDAR, making Toyota the first joint venture brand to offer it in China. The smart driving version starts at 149,800 yuan ($20,500). For 159,800 yuan ($22,000), you can upgrade to the range-topping “610 Max” trim.
Powered by a 67.92 kWh battery, the long-range model is rated with a CLTC range of up to 610 km (379 miles). The base “Air” trim features a 50.03 kWh battery, good for a 430 km (267 miles) range.
The bZ3X measures 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, or about the size of BYD’s popular Yuan Plus (sold overseas as the Atto 3).
Inside is a significant upgrade from most Toyota models we are used to seeing. It features a tech-focused interior with a 12.3″ infotainment screen and an 8.8″ driver display.
Toyota markets it as an affordable family SUV with “a mobile space that is as comfortable as home.” With all the seats folded, the interior offers nearly 10 feet (3 meters) of space.
It’s also powered by Momenta’s 5.0 smart driving system, offering advanced smart driving features such as Level 2 assisted driving, remote parking, and more.
Electrek’s Take
Although it may not seem like much with Chinese EV makers like Xiaomi securing nearly 300,000 orders for the YU7 SUV in an hour, the bZ3X is selling surprisingly well for a foreign brand vehicle.
Global automakers are struggling to keep pace in China with an influx of new low-cost domestic EVs and an intensifying price war. However, Japanese automakers, including Toyota, have been some of the hardest hit.
During GAC Toyota’s Tech Day event last month, the company announced partnerships with China’s leading tech companies, including Huawei, Xiaomi, and Momenta, as it seeks to regain market share.
Ahead of the event, the company posted on Weibo that “god-level allies are coming to help,” adding “car industry bigwigs are coming.
Through May, Toyota’s sales in China are up 7.7% from the same period last year, with 530,000 vehicles sold. Will Toyota continue gaining traction in the world’s largest EV market? With the bZ5 now rolling out and several new models on the way, Toyota is looking for a comeback.
Source: Sohu, GAC-Toyota
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If you’re planning a summer camping trip or backyard cookout, or just want to be prepared for future blackouts, BLUETTI has you covered this Prime Day with up to 65% off portable power stations. And two standout models are turning heads: the all-new Elite 100 V2 and the powerhouse Elite 200 V2.
Electrek readers get an exclusive extra 5% off sitewide with the promo code ELECTREK5OFF, but act fast! These fantastic Prime Day deals only run until July 11.
Compact powerhouse: Elite 100 V2 (now in pre-order!)
Meet the newly launched Elite 100 V2 – BLUETTI’s latest iteration of the AC180 portable power station that packs serious performance in a smaller frame. It’s about 30% smaller than the AC180 yet still delivers a mighty 1,800W output and 3,600W surge capacity. That’s more than enough to handle your coffee maker, induction cooktop, and even a portable AC unit.
With 11 versatile outlets and 1,000W solar input, this little powerhouse is perfect for camping trips, picnics, tailgates, or short-term home backup. It recharges in as little as 70 minutes, making it ideal for quick outdoor stops or unexpected power cuts.
The Elite 100 V2 is available now for pre-order at the early-bird price of $399 plus an extra 5% off on Amazon and at Bluetti’s official store.
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This one’s a total game-changer. With a massive 2,048Wh capacity and 2,400W output (3,900W surge), the BLUETTI Elite 200 V2 powers everything from electric grills and coffee makers to portable fridges and full camping kitchens. It’s great for family cookouts, rooftop movie nights, or camping with serious gear.
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More Prime Day BLUETTI power deals until July 11
BLUETTI is going big this year with deep discounts across the board. Here are some more hot picks:
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Summer adventures, blackouts, or weekend tailgates – whatever power solution you need, BLUETTI has a product to match. But act fast: these Prime Day deals end July 11.
About BLUETTI
BLUETTI is a committed advocate for sustainability, embedding ESG principles into product design and corporate initiatives. Through programs like LAAF (Light An African Family), it delivers affordable, sustainable energy to African communities. Partnering with Leave No Trace and the Footprint Project (a 501(c)(3) nonprofit), BLUETTI supports responsible outdoor recreation and disaster relief with clean energy solutions that minimize environmental impact. This blend of quality, reliability, and practical focus has earned trust in over 110 countries and regions.
Follow BLUETTI on Twitter/X here and on Facebook here.
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Elon Musk told Tesla’s biggest cheerleader on Wall Street, Wedbush analyst Dan Ives, to ‘shut up’ and the reason why is absolutely ridiculous.
Dan Ives is one of the biggest pushers of Tesla’s stock on Wall Street. The Wedbush analyst can often bee seen on CNBC praising Tesla and its CEO, Elon Musk.
He has one of the highest price targets on Tesla on Wall Street with $500 price per share.
After Tesla’s deliveries came way under his expectations and down 13% year-over-year in the first quarter, he reiterated his price target, which would value Tesla at over $1.5 trillion.
That’s even though Tesla’s net earnings have steadily declined over the last 2 years, and it is on track to start losing money within the next year.
Ives’ faith in Tesla stock is solely based on Musk and his promises of self-driving vehicles and robots. Just last month, he said that “Musk is the best asset of Tesla. We see him as CEO until 2030.”
You would think that Musk would like this guy, but no.
Ives took to X today to suggest that Tesla’s board should give Musk a new pay package giving him 25% control over the company.
If that were to be given through more stock options, it would virtually double his stake in Tesla and represent a $200 billion payday for Musk. In exchange, Ives is only suggesting that Musk, who runs several other companies and projects, should commit to spending a certain amount of time at Tesla and that the board has oversight on his involvement in politics.
In response to the analyst, who is one of Musk’s biggest fans and is suggesting Tesla gives him $200 billion, Musk told him to “shut up”:
Musk is seen as having complete control over Tesla’s board, which led to the rescinding of his 2018 CEO compensation package. One of the points that the judge brought up was that Tesla never even negotiated with Musk about committing his time at Tesla as part of the compensation package despite knowing the CEO already had roles at several other companies.
Now, Musk is also launching his own political party, in addition to his roles at SpaceX, X, xAI, The Boring Company, and Neuralink.
Electrek’s Take
Even Dan, who is a complete Musk sycophant, is not a big enough sycophant for Musk.
How do you tell a guy suggesting Tesla give you $200 billion to “shut up” just because he added some very mild conditions? What’s his thinking here? How dare he ask the board to do its job and supervise me? Doesn’t he know that I own the board?
The remarkable thing is that you know Musk could easily circumvent any conditions imposed by the board, and the mere fact that those conditions would have been in the contract could have helped it avoid being rescinded in the first place.
Musk’s behavior makes no sense. Honestly, he appears to be increasingly disconnected from reality.
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