Posted on 01/08/2022 2:48:37 AM PST by M. Dodge Thomas
Gravity-based energy storage technology company Energy Vault has formed a strategic partnership with non-ferrous metals smelting and refinery company Korea Zinc, including a US$50 million investment commitment.
The announcement, made yesterday, comes as Swiss-American company Energy Vault targets a business combination with special purpose acquisition company (SPAC) Novus Capital Corporation II. The transaction is expected to close during this quarter and the combined company, to be named Energy Vault Holdings, will list on the New York Stock Exchange (NYSE) as a result.
Energy Vault said in October as it announced the intended merger that it has private investment in public equity (PIPE) commitments, largely from institutional investors and already accounting for around 6.5% shares in the combined entity.
Korea Zinc’s US$50 million will go into that PIPE, taking its value from US$100 million to US$150 million.
As a strategic partner to the gravity storage company, Korea Zinc — involved in copper and lead refinery and smelting as well as zinc — will leverage its investment to further the decarbonisation of its operations.
Initially, Korea Zinc’s Australia-based subsidiary Sun Metals, which operates a zinc refinery, aims to deploy Energy Vault energy storage technology and software to support renewable energy supply and optimization at its facilities.
Sun Metals is targeting running its refinery off of 80% renewable power by 2030 and 100% by 2040. Its parent company recently also said it will acquire Australian solar and wind developer Epuron through another subsidiary, Ark Energy Corporation.
(Excerpt) Read more at energy-storage.news ...
No need to thank me. Glad I could help.
“Little fishies,” indeed!
Besides, the fish are still there aren’t they?
I would bet you prefer going to the grocery store rather than getting your own salmon to eat.
Like a liberal, looking at only one part of a system, leads to bad decisions.
Besides, the fish are still there aren’t they? I would bet you prefer going to the grocery store rather than getting your own salmon to eat. Like a liberal, looking at only one part of a system, leads to bad decisions.
—
What?? ‘Still there’ is no where near their historic numbers. I fished commercially for 30 years and you imagine I’m some sort of liberal preferring to get the rotting stinking fish that grocery stores offer? Are you nuts?
Troll.
Thanks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.