Energy Vault, Atlas Renewable and China Tianying announce US$100 million transaction with further licensing and royalty agreement
Published by Sara Simper,
Editorial Assistant
World Pipelines,
Energy Vault, Inc. (‘Energy Vault’), the company developing sustainable, grid-scale energy storage solutions, yesterday announced a license and royalty agreement for renewable energy storage with Atlas Renewable LLC (‘Atlas Renewable’) and their majority investor China Tianying Inc., an international environmental management and waste remediation corporation engaged in smart urban environmental services, resource recycling and recovery, and zero-carbon clean energy technologies.
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 US$50 million investment to upsize the current private placement investment (‘PIPE’) from US$150 million to US$200 million, and paying an additional US$50 million in 2022 licensing fees for use and deployment of Energy Vault’s gravity energy storage technology.
Read the article online at: https://www.worldpipelines.com/business-news/02022022/energy-vault-atlas-renewable-and-china-tianying-announce-us100-million-transaction-with-further-upsized-pipe-licensing-and-royalty-agreement/
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