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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Employees stand inside a supermarket without lights in Burgos on April 28, 2025, during a massive power cut affecting the entire Iberian peninsula and the south of France.
Cesar Manso | Afp | Getty Images
A catastrophic power outage affecting much of Spain, Portugal and the south of France has thrust the role of renewables and energy security into the spotlight.
An abrupt and widespread blackout, one of Europe’s worst in living memory, affected the entire Iberian Peninsula on April 28.
The outage, which lasted for several hours, plunged much of the region into darkness, stranded thousands of train passengers and left millions without phone or internet coverage or access to cash from ATMs.
Spanish authorities have since launched several investigations to determine the root cause of the incident, including a probe into whether a cyberattack could be to blame.
Alongside Spanish opposition parties, some external observers have flagged renewables and net-zero emissions targets as possible reasons for the outage, particularly given Spain and Portugal both rely on high levels of wind and solar for their electricity grid.
“It’s very sad to see what’s happened to Portugal and Spain and so many people there, but you know, when you hitch your wagon to the weather, it’s just a risky endeavor,” U.S. Energy Secretary Chris Wright told CNBC’s “Power Lunch” on April 28.
Spanish Prime Minister Pedro Sanchez and the country’s grid operator Red Electrica de Espana (REE) have both said record levels of renewable energy were not at fault for the blackout.
People queue at a bus stop at Cibeles Square in downtown Madrid as subway and trains are totally out of service due to a massive power outage in Spain, on April 28, 2025.
Thomas Coex | Afp | Getty Images
European Union energy chief Dan Jorgensen, meanwhile, said that there was “nothing unusual” about the sources of energy supplying electricity to the system at the time of the outage.
“So, the causes of the blackout cannot be reduced to a specific source of energy, for instance renewables,” he added.
‘Europe needs more energy’
European energy technology companies called for observers to refrain from drawing their own conclusions in the absence of a formal explanation from authorities.
Henrik Andersen, CEO of Danish wind turbine manufacturer Vestas, said he’d encourage “a degree of statesmanship” over the blackout, particularly as Spanish policymakers continue to investigate.
“First of all, energy security means that you can run societies without having blackouts. That’s stating the obvious,” Andersen told CNBC’s “Squawk Box Europe” on Tuesday.
“Everyone is grasping quick root causes and blaming each other, and I simply just don’t want to go there because until we know the root cause of why grids can fail across Spain and Portugal, let’s not second guess or try to blame someone at cybersecurity or blame individual energy sources,” he added.
“Europe needs more energy — and we probably also need a stronger grid. That goes without saying,” Andersen said.
Siemens Energy CEO Christian Bruch, meanwhile, said the German energy tech group was holding talks with the relevant transmission and utility operators following the blackout.
“What you do see is that when you build an energy system, you need to think about the generation, like solar, wind, gas, whatever, but you also need to think about how the overall system on the grid side [is[ operating and how you stabilize that,” Bruch told CNBC on Thursday.
Solar panels on the Seat Cupra SA plant in Martorell, Spain, on Thursday, March 13, 2025.
Bloomberg | Bloomberg | Getty Images
“This is sometimes underestimated in its complexity, and this is why products from us for grid stabilizations are in demand at the moment to balance these things out,” he continued.
“It’s possible to solve it but it will require investments and it’s not easy. It’s not just a couple of solar cells and some batteries. It’s a little bit more complex than this,” Bruch said.
‘Cash suddenly becomes really important’
For those on the ground at the time of the outage, the lack of power underlined the challenges of a digital society.
“Cash suddenly becomes really important,” Roseanna, a resident of the southern Spanish city of Málaga, told CNBC. She said she only had 40 euros ($45.16) available when the power cut just after midday.
“Obviously you can’t get money out and you can’t pay with card, so it’s certainly important to have a little bit of cash in your pocket at all times,” she continued.
“We’ve gone all digital but the system’s ruined if there’s no electricity,” Roseanna said.
— CNBC’s Karen Gilchrist contributed to this report.
Lease deals get all the hype, but most people still want to own the car after they’re done making all those payments on it. If that sounds like you, and you’ve been waiting for the interest rates on auto loans to drop, you’re in luck: there are a bunch of great plug-in cars you can buy with 0% financing in May, 2025!
As I was putting this list together, I realized there were plenty of ways for me to present this information. “Best EVs ..?” Too opinion based. “Cheapest EVs ..?” Too much research. “Best deal ..?” Too opinion based. In the end, I went with alphabetical order, by make. And, as for which deals are new this month? You’re just gonna have to check the list. Enjoy!
Acura ZDX
New for 2024, Acura ZDX uses a GM Ultium battery and drive motors, but the styling, interior, and infotainment software are all Honda. That means you’ll get a solidly-built EV with GM levels of parts support and Honda levels of fit, finish, and quality control. All that plus Apple CarPlay and (through June 2nd) 0% financing for up to 72 months makes the ZDX one the best sporty crossover values in the business.
All the electric Chevrolet models
Chevrolet is offering 0% financing for up to 60 months on all three of its Ultium-based EVs – and they’re all winners. The Silverado can be spec’ed up to a 10,500 lb. GVWR, making it capable enough to tow whatever horse, boat, or RV you put behind it.
On the crossover side, both the Chevy Blazer EV and Equinox EV each offer their own takes on the five-passenger family SUV, with the cost of base model Equinox LT FWD models with 319 miles of EPA-rated range dropping to just $27,500 after you apply the $7,500 Federal tax credit (which, for now, is still a thing).
Dodge Charger
As Stellantis flip-flops its way towards some kind of electrified future, Dodge is hoping that at least a few muscle car enthusiasts with extra cash will find their way to a Dodge store and ask for the meanest, loudest, tire-shreddingest thing on the lot without caring too much about what’s under the hood.
For them, Dodge has the new electric Charger. And if you still owed money on the Hemi you just totaled, Dodge will help get the deal done on its latest retro-tastic ride with a $3,000 rebate plus 0% financing for up to 72 months!
GMC Hummer EV
The biggest Ultium-based EVs from GM’s commercial truck brand are seriously impressive machines, with shockingly quick acceleration and on-road handling that seems to defy the laws of physics once you understand that these are, essentially, medium-duty trucks. This month, GMC is doing its best to move out its existing inventory of 2024s and ’25s so if you’re a fan of heavy metal you’ll definitely want to stop by your local GMC dealer and give the Hummer EV a test drive.
Honda Prologue
The Honda Prologue was one of the top-selling electric crossovers last year, combining GM’s excellent Ultium platform with Honda sensibilities and Apple CarPlay to create a winning combination. Even so, there’s still some remaining 2024 inventory out there. To make room for the 2025 models, Honda is offering 0% APR for up to 72 months on the remaining 2024s.
Hyundai IONIQ 6
From some angles, the Porsche influences in the Hyundai IONIQ 6′ design are obvious – but not so much so that it seems like a copy of anything. It’s aerodynamically efficient, comfortable, quick, offers up to 361 miles of range, can charge just about anywhere, and now through June 2nd, it’s available with 0% financing for up to 48 months.
Kia EV9
If you were waiting for a three-row SUV from a mainstream brand with a great warranty and normal doors, you’ve probably already checked out the Kia EV9. You’re not alone. Kia keeps setting EV sales records, and the EV9 is helping to drive those sales forward.
Kia’s electrified sales train doesn’t seem to be slowing down anytime soon, either. In addition to seeing some substantial discounts out there, you can finance a Kia EV9 at 0% for 72 months through Memorial Day.
Lexus RZ
Starting at $55,175, the Lexus RZ promises up to 266 miles of EPA-rated range from a 72.8 kWh battery back in the “base” RZ300e (and 224 from the top-shelf RZ450e). With up to 308 hp and over 195 lb-ft of instant, all-electric torque, the RZ promises to be one Lexus’ zippier rides in any trim.
US News is reporting that remaining 2024 and ’25 Lexus RZ models qualify for 0% financing for up to 72 months in some regions.
Nissan Ariya
I’ve already said that the Nissan Ariya didn’t get a fair shake. If you click that link, you’ll read about a car that offers solid driving dynamics, innovative interior design, and all the practicality that makes five-passenger crossovers the must-haves they’ve become for most families. With up to 289 miles of EPA-rated range, Tesla Supercharger access, and 0% interest from Nissan for up to 72 months, Nissan dealers should have no trouble finding homes for these.
Subaru Solterra
Despite being something of a slow seller, this mechanical twin of the Toyota bZ4X EV seems like a solid mid-size electric crossover with some outdoorsy vibes and granola style that offers more than enough utility to carry your mountain bikes to the trail or your kayaks to the river. Add in 227 miles of range, some big discounts, and 0% financing for up to 72 months, and this should be a great month for electric Subaru fans to drive home in a new Solterra.
Volkswagen ID.4
One of the most popular legacy EVs both in the US and Europe, the ID.4 offers Volkswagen build quality and (for 2024) a Chat-GPT enabled interface. To keep ID.4 sales rolling, VW dealers are getting aggressive with discounts, making this fast-charging, 291 mile EPA-rated range, 5-star safety rated EV a value proposition that’s tough to beat.
This month, get a Volkswagen ID.4 with 0% financing for up to 72 months or a $5,000 customer cash bonus to stack with it.
Disclaimer: the vehicle models and financing deals above were sourced from CarsDirect, CarEdge, and (where mentioned) the OEM websites – and were current as of 11MAY2025. These deals may not be available in every market, with every discount, or for every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information.
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