China Tianying Bulking up Renewable Energy Business by Signing US$1B Agreement
Energy Vault, the company developing sustainable, grid-scale energy storage solutions, announced a License and Royalty with Atlas Renewable and their majority investor China Tianying. The agreement supports the deployment of Energy Vault’s proprietary gravity energy storage technology and energy management software platform within mainland China and the Special Administrative Regions (SAR) of Hong Kong and Macau. In addition, Atlas Renewable is making a $50 million investment to upsize the current private placement investment (“PIPE”) from $150 million to $200 million, and paying an additional $50 million in 2022 licensing fees for use and deployment of Energy Vault’s gravity energy storage technology.