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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Mercedes-Benz is gearing up to unveil the electric version of its best-selling SUV, the GLC, later this year. With its official debut just around the corner, Mercedes revealed a few new details, offering an exclusive first look at the new EV.
Mercedes offers an exclusive look at the new electric GLC
Although we got a sneak peek of the electric SUV in March during winter testing in Northern Sweden, Mercedes is giving us a better idea of what to expect.
“We’re not just introducing a new model – we’re electrifying our top seller,” Mercedes-Benz Group CEO, Ola Källenius, said on Thursday.
Mercedes promises the electric GLC “sets new standards” with a sleek new design, advanced tech, and its new MB.OS operating system.
The new GLC EV is an upgrade over the current model, offering significantly more space and improved ride quality. Since the wheelbase is 3.1″ longer than the current gas-powered SUV, the electric version has more legroom and headroom for front and rear passengers.
With all the seats folded, the electric SUV offers 61.4 cubic feet of space. The gas-powered model features up to 56.3 cubic feet of cargo space. Plus, you get an extra 4.5 cu ft of space in the trunk (front trunk).
Källenius said that with Mercedes’ new 800V electric architecture and latest batteries, the electric GLC can regain around 260 km (161 miles) WLTP range in just ten minutes. He added that DC fast charging at over 320 kW is possible.
The GLC 400 4MATIC with EQ Technology will arrive with impressive towing capability of up to 5,291 lbs. In comparison, the Tesla Model Y can only tow up to 3,500 lbs.
Added features, such as ESP trailer stabilization and trailer maneuvering assistant, make it even easier to tow with optimized stability and control.
Källenius also teased the new electric GLC design, calling it the start of a “new era” and “a new face of the brand as the first in a family of upcoming vehicles.”
The inside is just as impressive, providing a holistic experience. A “majestically floating next generation MBUX Hyperscreen” is optional, providing a spatial experience powered by the new MB.OS supercomputer.
Mercedes will unveil the new electric GLC at the 2025 International Motor Show in Munich on September 7, 2025.
Although official range figures will be revealed at the event, according to Car and Driver, which tested a prototype model, Mercedes said it expects the new GLC to provide a WLTP range of just over 400 miles, or slightly more than 300 miles on the EPA scale, from a 94.5 kWh battery.
Prices will also be announced in due time, but given that the current GLC 350e 4MATIC PHEV starts at $59,900 in the US, you can expect the electric model to be priced slightly higher, at around $65,000.
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Tesla (TSLA) announced its 2025 annual shareholders meeting at the very last minute, and it pushed it all the way to November, the latest it has ever held the meeting.
Tesla generally holds its annual meeting in the summer and announces it way ahead of time.
Today, the automaker announced that the meeting will be held on November 6:
The board of directors (the “Board”) of Tesla, Inc. (“Tesla”) has designated November 6, 2025 as the date of Tesla’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”).
This is highly unusual for Tesla. Here are the dates of Tesla’s last 5 annual meetings:
- 2020: September 22, 2020
- 2021: October 7, 2021
- 2022: August 4, 2022
- 2023: May 16, 2023
- 2024: June 13, 2024
At those meetings, shareholders vote on several matters, including the reelection of directors and shareholders’ proposals.
Tesla has not released any yet, but they are expected to be in the upcoming proxy statement, which Tesla should release in the coming weeks.
Why does Tesla need more time?
Electrek’s Take
I think Tesla is working on some proposals that are going to take time to put together and then to sell to shareholders – hence why the meeting is set for November.
There are two suspects: a new CEO compensation package for Musk or a merger/acquisition of xAI.
It could also be both, but I think that would be harder to swallow for some shareholders as both initiatives have a clear aim of giving Musk a bigger stake in Tesla.
I think sane investors should not want that, but Tesla shareholders don’t fit in that category. Much of Tesla’s value is attached to Musk’s lies and ridiculous predictions. The value will have to come down to reality at some point, but they are a bunch of gamblers who are enjoying the ride in the meantime.
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A three-row electric SUV for less than $30,000? Sign me up. NIO (NYSE: NIO) opened pre-orders for the new Onvo L90 on Thursday, starting from 193,900 yuan, or about $27,000.
NIO kicks off Onvo L90 pre-orders in China
NIO claims the Onvo L90 is the lightest full-size three-row SUV in its class, with a curb weight just under 5,000 lbs (2,250 kg). In comparison, the Lucid Gravity has a curb weight of 5,966 lbs (2,712 kg).
The new flagship model is designed as a family-friendly SUV, offering ample interior space and advanced technology.
At 5,145 mm long, 1,998 mm wide, and 1,766 mm tall, the Onvo L90 is slightly bigger than the Lucid Gravity. In China, it will go head-to-head with higher-end electric SUVs like Li Auto’s L9.
However, the L9 is an extended-range electric vehicle (EREV) and starts at around 409,800 yuan ($57,000), more than double the price of the Onvo L90.
The low price of 193,900 yuan ($27,000) applies only to those who rent the battery. Nio’s Battery as a Service (BaaS) costs 899 yuan ($125) a month. With the battery included, the Onvo L90 still starts at just 279,900 yuan ($39,000).
Nio’s new electric SUV is offered in six and seven-seat configurations. The interior features a massive 17.2″ floating infotainment screen at the center.
Other interior highlights include a three-zone climate control system, massage, heating, and ventilation for every seat, as well as an additional entertainment screen for rear passengers. And like many new vehicles in China nowadays, it even comes with a built-in refrigerator.
Powered by an 85 kWh battery, the Onvo L90 offers a CLTC range of 605 km (367 miles). It’s also based on NIO’s next-gen 900V platform, unlocking class-leading energy consumption of just 14.5 kWh per 100 km.
Buyers can choose from single and all-wheel-drive powertrains. The AWD version boasts up to 590 hp (440 kW), good for a 0 to 100 km/h (0 to 62 mph) sprint in just 4.7 seconds.
NIO is offering an incentive for early pre-order holders. Those who place an order with a 2,000 yuan deposit will receive a 5,000 yuan credit off the vehicle and an extra 5,000 yuan for optional features and more. Nio plans to begin delivering Onvo L90 to customers, starting on August 1.
The L90 is the second Onvo-branded EV to arrive in China, following the smaller L60, launched last September.
Source: CarNewsChina, NIO Onvo
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