On the morning of January 30 (Beijing time), Atlas Renewable LLC, a holding subsidiary of China Tianying Inc. (CNTY), officially signed a technology license and royalty agreement with Energy Vault, a Swiss developer of gravity energy storage technology, followed by an equity subscription agreement with Novus Capital Corporation II (a NYSE-listed company) to invest US$50 million in the SPAC through PIPE (private investment in public equity).
Witnessed by Mr. Yan Shengjun, Chairman of CNTY, Mr. Shi Dinghuan, Chairman of the Expert Committee of the Energy Investment Professional Committee (EIPC) of the China Investment Association, Mr. Sun Yaowei, President of the EIPC, and Mr. Eric Fang, Chief Executive Officer of Atlas Renewable, and other related parties, Atlas Renewable LLC Chairman Mr. Neil Bush signed the equity subscription agreement with Robert J. Laikin, CEO of Novus Capital Corporation II, and the technology license and royalty agreement with Mr. Robert Piconi, founder and CEO of Energy Vault. The signing ceremony was held online.
The online signing ceremony
Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. The company’s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. The company's energy storage blocks are made from construction waste, retired wind turbine blades and other waste materials to further accelerate the world's transition to the circular economy and a fully renewable energy system.
Compared with other energy storage methods, gravity energy storage has high efficiency, longer service life and is more environmentally friendly. Energy Vault closed a US$100 million Series C founding round in August 2021, with investments from high profile investors including Softbank Vision Fund and Saudi Aramco Energy Ventures.
One of Energy Vault’s energy storage solutions
As a listed company operating in the global environmental protection and new energy industry, CNTY insists on promoting its development through technological innovation, and has established “environmental services + new energy” as its strategy. The cooperation with Energy Vault is a major milestone for CNTY in beefing up its new energy and storage business. Back in November 2021, CNTY signed a New Energy Industry Investment Agreement with Rudong County, located in Jiangsu Province of China. And in December of the same year, the company signed the strategic cooperation agreement with Energy Vault and related partners, for the first 100MWh gravity energy storage project in China. As the first step of this long-term cooperation, the Rudong project will use Energy Vault's gravity energy storage technology to enhance the quality of renewable energy generation and usage through Energy Vault’s innovative storage methods and energy management platform.
Mr. Neil Bush, Chairman of the Board of Atlas Renewable, commented that our globe and all of humanity is facing a tremendous challenge of combating carbon emissions. “To combat it we need to move very quickly and economically to renewables. The big bottleneck in renewables has been storage and power generation. Energy Vault has developed a uniquely innovative technology that uses the gift of gravity that is competitive with, more efficient than, and greener than electrochemical battery solutions. This is a great example, a historic example, of US China collaboration on an issue that faces all of humanity.”
Mr. Neil Bush, Chairman of the Board of Atlas Renewable
Mr. Robert Piconi, CEO of Energy Vault, commented that this agreement between Energy Vault and China Tianying is a global imperative, and both parties felt the urgency to act to create this agreement and reduce GHG well before the 2030 deadline and accelerating China’s overall time line for carbon neutrality. “Much like the COVID pandemic, the climate change knows no borders. It compels us to set aside political bias and unite as a global community to solve this problem. This is the first of its kind in technology agreement, and it will become a model, I believe, for others to follow. Energy Vault is honored to be a part of this partnership and we will act swiftly and decisively to deliver on our commitments.”
Mr. Robert Piconi, CEO of Energy Vault
Mr. Yan Shengjun, Chairman of CNTY, pointed out that as China's new energy industry booming, introducing cutting-edge energy storage technology through strategic cooperation with Energy Vault is significant for both CNTY and China’s new energy industry. He also stresses that energy storage is the key for achieving energy transformation and that promoting energy storage is not only a cause beneficial to the country and the people, but a powerful manifestation of the company's social responsibility and its response to the call of the times.
Mr. Eric Fang, CEO of Atlas Renewable, pointed out that in the U.S.-China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s signed in Dec 11 2021, the two countries emphasized on policies for encouraging the integration of solar, energy storage and other clean energy solutions closer to the user side of power. “Energy Vault’s EVx? and EVRC? platform provide a solid technological foundation for such policies. We look forward to the deployment and scale of the EV platforms in China, showcasing the historic results to be achieved by our two countries in combating climate change! ”
Mr. Eric Fang, CEO of Atlas Renewable
Mr. Mitchell Stanley, Chairman of National Center for Sustainable Development (NCSD), said that Energy Vault’s Storage “solution” completes the renewable cycle between production and consumption. In the Circular Economy, the beginning and the ending meet and complete the virtuous cycle. EV technology compliments China’s immense renewable energy investment. Yet, in electricity transmission, 6% of all energy through put, is lost. This “lost” 6 % plays a big part between China achieving its Carbon Peak and Neutrality goals. What was previously lost can now be saved and used through Energy Vault. “The world is very fortunate to have in Energy Vault a technology brilliant in its design and far reaching in its benefits for people and the planet.”
Mr. Mitchell Stanley, Chairman of National Center for Sustainable Development
The strategic partnership with Energy Vault will undoubtedly facilitate CNTY’s efforts to introduce and promote Energy Vault’s world-leading gravity energy storage technology, and accelerate the efficient implementation of the Rudong gravity energy storage project. The cooperation will also help CNTY build a demonstration reference for Regional Zero-Carbon Energy Center, develop new business models for the renewable energy sector, and strongly empower the company’s “environmental services + new energy” strategy. CNTY will continue to drive the sustainable development of its business through technological innovation and follow the development path of green, low-carbon and circular economy.
