Energy Vault's merger with Novus Capital Corporation II values the grid-scale energy storage provider at $1.1 billion, the company announced Thursday.

The combined company is expected to trade on the New York Stock Exchange under the symbol "GWHR." Robert Piconi will lead the combined venture as chairman and CEO.

Energy Vault's energy storage systems use gravity to store and release renewable energy on demand, giving grid-scale reliability to clean energy sources in place of fossil fuels. The company has eight executed agreements and letters of intent for 1.2 GWh of energy storage capacity, with deployments planned for later this year in the U.S., before rolling out in Europe, the Middle East, and Australia in 2022.

“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," Piconi said in a statement. "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."

Energy Vault storage systems have a technical life of 35 years.

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