SoftBank Vision Fund and SAEV - both existing investors in the enrgy storage technology developer - contributed to a $100m PIPE financing supporting the deal.

Energy Vault, the US-headquartered energy storage technology provider backed by internet and telecommunications group SoftBank, cement provider Cemex and petrochemical producer Saudi Aramco, agreed to a reverse takeover today.

The company is merging with Novus Capital Corporation II, a special purpose acquisition company sponsored by investment banking firm Novus Capital and listed on the New York Stock Exchange, at a $1.1bn implied pro-forma enterprise valuation.

SoftBank Investment Advisers and corporate venturing unit Cemex Ventures are among the participants in a…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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