Energy Vault goes for the big lift to tackle energy storage challenge

Energy Vault goes for the big lift to tackle energy storage challenge

Energy Vault (NYSE:NRGV) has gone public with a listing on the New York Stock Exchange (NYSE), raising $235 million gross.

The energy storage company first merged with a special purpose acquisition company (SPAC), Novus Capital Corp. II, in October 2021.

Energy Vault relies on hoisting 30 tonne “mobile masses” into the air using excess energy. When the need arises for the power, the mass descends. The concept is similar to pumped hydroelectric storage.