Aramco Signs 145 Agreements & MoUs Worth $9 Billion

Saudi Aramco signed 145 agreements and Memoranda of Understanding (MoUs) worth around $9 billion at the In-Kingdom Total Value Add (iktva) Forum & Exhibition 2025. These agreements aim to advance the localization of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration.

Key Highlights:

ASMO Joint Venture: A joint venture between Saudi Aramco Development Co. and DHL, ASMO commenced operations in Riyadh to redefine the procurement and supply chain landscape in the MENA region.

Novel Non-Metallic Solutions Facility: Inaugurated at King Salman Energy Park, this facility is a joint venture between Aramco and Baker Hughes, focusing on developing and commercializing composite products.

NMDC Offshore Fabrication Yard: Located at Ras Al Khair, this yard provides maritime engineering, equipment, material manufacturing, and fabrication services.

These initiatives are part of Aramco's efforts to enhance supply chain resilience and promote economic growth in Saudi Arabia.

Besides, there are Indian entities among the companies that signed MoUs with Saudi Aramco at the iktva Forum & Exhibition 2025. One notable example is the Indian Strategic Petroleum Reserves Limited (ISPRL), which signed a Memorandum of Understanding (MoU) with Saudi Aramco. This MoU aims to enhance strategic petroleum reserves and strengthen energy security in India.

Accenture & Aramco Partner for AI-Ready Workforce in Saudi Arabia

Leveraging Accenture LearnVantage’s AI-native platform, Aramco Digital to upskill Saudi workforce in transformative technologies including Cloud, Data & AI and keep pace with Vision 2030

Aramco Digital, the digital and technology subsidiary of Aramco, and Accenture have partnered to enhance digital skilling and create an AI-ready workforce in Saudi Arabia. This collaboration aims to leverage Accenture's AI-native learning platform, LearnVantage, to upskill the Saudi workforce in transformative technologies such as Cloud, Data, and AI.

The initiative is part of Saudi Arabia's Vision 2030, which focuses on diversifying the economy and developing a robust digital infrastructure. By using generative AI (gen AI) innovation, the partnership will help address the evolving digital talent requirements across various industries in the Kingdom.

This move is expected to not only prepare the workforce for the future but also position Aramco Digital as a leading provider of gen AI services in Saudi Arabia.

Notably, Accenture has a significant presence in Saudi Arabia, playing a crucial role in various sectors through its consulting, technology, and operations services. For instance in March of last year, Accenture won a multi-year contract to help set up and operate the Spark Digital Centre for Saudi Aramco.

Through the delivery of its comprehensive gen AI learning platform, Accenture will equip the company’s entire workforce with foundational and specialized AI skills, including the responsible use of AI, and help Aramco Digital in its pursuit of becoming the largest provider of gen AI services in Saudia Arabia.

“Gen AI will continue to reshape the business sectors and the talent landscape in our Kingdom. We are partnering with Accenture to ensure we are not only prepared for the gen AI transformation but are well positioned to lead it,” said Tareq Amine, CEO of Aramco Digital. “And we are excited to work alongside them to bring our deep capabilities and digital solutions in gen AI learning to market to serve the Kingdom’s workforce and help advance us toward achieving Vision 2030.”

The two companies will further collaborate to drive even greater AI fluency by bringing such capabilities to serve other organizations in the Kingdom and, ultimately, develop the talent needed to navigate changes brought by technological advancements and achieve greater value for the future.

“We are passionate about helping organizations in Saudi Arabia become talent creators and contributing our extensive knowledge and capabilities to transform the way people learn,” said Omar Boulos, CEO of Accenture Middle East. “Our collaboration with Aramco Digital marks a significant step toward strengthening the Kingdom’s workforce with the skills of the future, and builds upon our existing commitment to support this dynamic market through digital skilling.”

“Powered by its cloud-based and AI-native platform, Accenture LearnVantage will play a critical role in accelerating digital skilling and ensuring learning effectiveness,” said Kishore Durg, Global Lead of Accenture LearnVantage. “We are excited to partner with Aramco Digital to deliver innovative solutions and help the Kingdom forge future-ready workforces.”

Aramco Digital is the digital and technology subsidiary of Aramco, a global integrated energy and chemicals company. Aramco Digital aims to help drive digital transformation and technological innovation across various sectors.

Aramco Digital and LTIMindtree Partner To Launch An IT Services Company in Saudi Arabia

Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree are partnering for launching an IT services company in Kingdom of Saudi Arabia.

The joint venture, being formed under the Aramco Namaat Industrial Investments Program, aims to accelerate digital transformation and provide IT services in the Kingdom of Saudi Arabia and the MENA region.

LTIMindtree has reportedly acquired a 51% stake in a joint venture with Aramco Digital, a subsidiary of Saudi Aramco.

The future company would showcase innovation in action, including disruptive digital services, and transformative industry 4.0 systems integration capabilities. This collaboration is expected to support the Kingdom’s Vision 2030 by creating highly skilled jobs for Saudis in this sector.

Nabil Al Nuaim, Aramco Senior Vice President of Digital and Information Technology and a board member of Aramco Digital said, “This is a pivotal partnership effort to leverage the power of digital transformation and unlock unprecedented opportunities for innovation and sustainability in the region. The joint venture aims to foster the localization of the IT services vital sector, create valuable jobs, and pave the way for a brighter future in the Kingdom.”

Sudhir Chaturvedi, President and Executive Board Member, LTIMindtree said, “LTIMindtree is fully aligned with the Saudi Vision 2030. We are pleased to have been selected as the trusted partner for the joint venture. KSA and MENA are amongst the fastest growing regions globally in the adoption of new technologies. We are committed to delivering new technology-led growth to the region. With Aramco Digital, we will bring our global capabilities and expertise and leverage new technologies to deliver digital transformation suitable for giga projects, the government sector, high growth industries, energy, manufacturing, and the financial services sector.”

Aramco Digital CEO, Tareq Amin said, “We are excited about this collaboration, which will align with Aramco Digital’s solutions offerings, which capitalize on high demand for customized and scalable solutions. The powerful combination of Aramco Digital’s business, coupled with LTIMindtree’s deep engineering capabilities and customer experience solutions, has the potential to unlock tremendous value for the region. It reinforces our joint efforts to support Vision 2030 and deliver world-class and sustainable value to our customers and employees, while working toward creating local jobs and expertise with a competitive edge.”

Saudi Aramco Ventures Launches $1 Billion Prosperity7 Fund for Transformative Start-ups

H.E. Eng. Abdullah Alswaha Saudi Minister of Communications and Information Technology at LEAP22 

• Saudi Arabia unveils more than US$6.4 billion in technology and startup investment at LEAP22
• STC to invest US$1 billion in MENA HUB to create regional center for cloud and digital services
• NEOM Tech & Digital Co. launches groundbreaking XVRS cognitive metaverse and M3LD data management platform as part of a US$1 billion investment.
• J&T, eWTP Arabia and its partners invest up to US$2 billion into smart logistics hub in the Kingdom over the next 10 years
• The Garage – KACST unveils Start-up District to grow local, regional and international disruptors
• US$1.4 billion to be announced in entrepreneurship, start-ups VCs and funds to support digital content

Saudi Arabia announced today more than US$6.4 billion in investments in future technologies and entrepreneurship that will further secure the Kingdom’s position as the MENA region’s largest digital economy.

The announcements were made during the opening day of LEAP, the international technology platform, which is taking place in Riyadh until 3rd February.

The investments and initiatives include the launch of Aramco Venture’s Prosperity7 fund with US$1 billion, and a billion dollar investment from NEOM Tech & Digital Company with a focus on future technologies. As part of its investment, NEOM announced the launch of the world’s first cognitive metaverse, XVRS that will serve residents and visitors of the smart giga-project, and M3LD, a personal data management platform that gives back control of data to the user.

stc announced MENA HUB, a US$1 billion investment in regional connectivity and infrastructure, which will support Saudi Arabia’s rapidly expanding digital and cloud sector.

LEAP also saw the launch of The Garage, a new platform for start-ups, investment and entrepreneurship by King Abdulaziz City for Science and Technology (KACST). The Garage will create a full-service environment for local and international start-ups, to help them grow to become the leading technology companies of the future.

J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of US$2 billion with eWTP Arabia Capital and other partners. The investment will see J&T establish its MENA headquarters in Riyadh, and set up an extensive network of smart logistics and distribution facilities that will extend Saudi Arabia’s reach as the regional center for advanced logistics.

Day 1 at LEAP22

Saudi Arabia is the largest technology market in the MENA region, with a technology sector worth more than US$40 billion. The new investments announced at LEAP22 are part of the Kingdom’s ongoing plans to transform into an innovation-based economy, which have already seen the country become one of the fastest-growing new markets for Fintech and digital content in the region.

“These investments and initiatives are a manifestation of the Kingdom’s push toward the growth of the digital economy for the greater good of people, the planet and the prosperity of the MENA region. They mark the next level of growth for the digital economy in Saudi Arabia, the MENA region’s largest technology and digital market,” said H.E. Eng. Abdullah Alswaha, Saudi Minister of Communications and Information Technology.

During his keynote address at LEAP22, the Minister noted that Saudi Arabia is the regional leader for technology talent, with over 318,000 jobs in the technology sector in the Kingdom, and with a rate of participation of women in the ICT workforce that has jumped to 28% in recent years.

Saudi Arabia is also home to some of the largest investments in cloud technology, with leading hyperscale cloud providers including Google, Alibaba, Oracle and SAP investing over US$2.5 billion in cloud in the Kingdom. Entrepreneurship is also flourishing in Saudi Arabia, with venture capital investment in Saudi Arabia in 2021 exceeding the total for 2019 and 2020 combined.

ARAMCO VENTURES PROSPERITY7

Aramco Ventures, the venture capital arm of Saudi Aramco, announced the formal launch of its US$1 billion diversified growth fund, Prosperity7. The fund backs exceptional entrepreneurs to build transformative companies and solve some of the world’s toughest problems. Prosperity7 provides its portfolio companies with the funding and connections they need to scale and enter new markets to attain global reach.

Amin Nasser, President and CEO of Saudi Aramco, said: “Prosperity7 will connect the dots through big ideas, top talents and disruptive technologies from around the world as we look beyond the energy value chain to areas like healthcare, education and blockchain, for viable solutions to the world’s most pressing challenges.”

STC MENA HUB AND HUAWEI PARTNER FOR TECHNOLOGY MANUFACTURING

stc announced the MENA HUB initiative to establish a standalone company of US$1 billion investment in infrastructure of submarine cables and data centers, that will boost Saudi Arabia’s current position as the region’s digital hub. Leveraging Saudi Arabia’s geographical location at the heart of the MENA region, the company will manage and continue to invest in submarine cables including new ones landing in multiple points of Saudi Arabia.

The company will manage data centers and continue to invest in new data centers across the Kingdom and the region, along with other digital infrastructure to attract foreign direct investment. It will also localize content and develop cloud services to realize Saudi Arabia’s digitization plans.

stc revealed a new strategic partnership with Huawei Technologies Company, which will see manufacturing facilities for data center equipment and hardware established in Saudi Arabia, to boost Saudi Arabia’s capacity in high-tech industry, create local supply chains for technology hardware and increase the adoption of new technologies by Saudi businesses, which will significantly support the increase in local content and contribute to the achievement of the objectives of Saudi Vision 2030.

NEOM TECH & DIGITAL COMPANY’s XVRS AND M3LD

NEOM Tech & Digital Company unveiled plans for the launch of XVRS, a first-of-a-kind digital twin metaverse platform, where virtual reality truly merges with physical to create unique immersive mixed-reality experiences.

It is the only cognitive metaverse in development with all features in one scalable platform, bridging physical and digital environments and offering real-time translation and humanoid robotic avatars.

XVRS is part of a US$1 billion investment by NEOM Tech & Digital Company in AI-driven technology, which also includes M3LD, a data management platform that empowers users to regain control of their data.

Joseph Bradley, CEO of NEOM Tech & Digital Company, said: “The future will be defined by cognitive meta cities. It is a vision focused on experiences rather than scale. XVRS puts human needs at its core – it is designed to give people more time, space and enhanced safety. M3LD, meanwhile, will place data ownership back in the hands of users and restore trust in the data economy.”

J&T, eWTP Arabia Capital AND PARTNERS TO LAUNCH MENA REGIONAL HEADQUARTERS IN RIYADH

J&T Express Group, one of the world's fastest-growing logistics companies, announced an investment of US$2 billion with eWTP Arabia Capital and partners to open their MENA regional headquarters and set up logistics and distribution capabilities in Riyadh to better serve local customers and partners.

The investment will include providing world-class Sorting Centers, Auto Warehouse Systems, Air Cargo Terminals, E-commerce Industry Parks, and other modern industrial facilities and related infrastructure, to provide advanced tech-driven services to J&T clients and business partners.

His Excellency the President of the General Authority of Civil Aviation (GACA), Abdulaziz Al-Duailej, said: “The logistics infrastructure and facilities that will be established through this partnership will not only accelerate the growth of distribution and cargo in Saudi Arabia, but will also leverage our geographic location at the heart of the Middle East and North Africa to make Saudi Arabia into the leading center for advanced logistics services.”

“In the next 10 years, together with eWTP Arabia Capital and other strategic partners, J&T will invest in the most advanced hardware and software equipment in Saudi Arabia, train the most outstanding professional team, build the largest intelligent logistics industrial park in the MENA region, serve the entire regional market, and promote the comprehensive development of the local technology-driven industrial economy,” said Jet Lee, Founder and Chairman of the J&T Express Group.

The Garage: Start-up District

KACST announced ‘The Garage: Start-up District’, a combination of physical location, start-up incubator, accelerator and more, that will provide start-ups with grants, investment, marketing and training support, full-service workspaces, in addition to access to deep-tech labs, talent and research networks, amongst other incentives to empower local and international start-ups to become the leading technology companies of tomorrow. The Garage aims to launch start-ups with local and international potential.

“The Garage is inspired by the humble beginnings of some of the biggest companies in technology today, and aims to provide everything that start-ups need to grow their ideas, to become the next global technology giants. It is conveniently located in close proximity to state-of-the-art facilities and to large numbers of talent which creates an ideal startup district,” said H.E. Dr. Munir Eldesouki, President of KACST and head of the Research, Development and Innovation Authority foundation team.

DIGITAL COOPERATION ORGANIZATION LAUNCHES START-UP PASSPORT

The Digital Cooperation Organization (DCO), a multinational organization established to enable digital prosperity for all, today announced the launch of the DCO Start-up Passport to make it quicker, easier and less expensive for start-ups to do business across borders, opening up potentially lucrative markets with a combined population of more than half a billion people.

Deema Al-Yahya, Secretary General of the DCO said: “The Start-up Passport reduces administrative and financial burdens and accelerates corporate registration and other processes for entrepreneurs. Through this passport, they will be able to enter the markets of other DCO member states. This will further our mission of coordinating efforts and sharing expertise to grow the digital economy for the benefit of all nations.”

The Start-up Passport provides expedited entry and support in the markets of eight DCO countries. The initiative will be rolled out initially in Saudi Arabia and Nigeria.

During LEAP 22, the DCO also endorsed Elevate50, an initiative launched to support 50,000 small to medium-sized enterprises over the next three years to sell their products online. Supported by the Jordanian ecommerce platform MakanE, Elevate50 is projected to generate 5,000 jobs and specifically target businesses run by women and young people.

The inaugural LEAP is set to become the world’s largest debut technology platform. It will spotlight the entire innovation ecosystem, connecting pioneers and disruptors with business and government leaders, entrepreneurs, investors and more to experience and learn about the technologies of the future.

To find out more about LEAP, please visit www.OneGiantLEAP.com. You can stay up to date with the latest announcements from LEAP via our social media channels via @LeapAndInnovate on Instagram, Twitter, Facebook, YouTube, LinkedIn and Snapchat.

Energy Vault, the Technology Company Using Gravity-based, Grid-Scale Energy Storage to Accelerate Global Decarbonization, to List on the NYSE Through Merger with Novus Capital Corporation II

Business Wire India

• Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS) (“Novus”) and Energy Vault, an energy storage solutions company, jointly announce that they have entered into a definitive agreement for a business combination; upon closing, the combined company is expected to trade on NYSE under the symbol “GWHR.”
• The transaction values the combined company at an implied pro-forma enterprise value of $1.1 billion and is expected to additionally provide up to $388 million in gross cash proceeds to the combined company. As part of the transaction, Novus II has received $100 million of commitments for a common stock PIPE, which will be used, among other things, to fund the combined company’s growth strategy. This follows the recent raising of $100 million in Series C capital by Energy Va t.
• The PIPE is anchored by strategic and institutional investors, including funds and accounts managed by Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures (NYSE: CX), Palantir Technologies Inc., (NYSE: PLTR) and other investors. Affiliates and associates of Novus Capital also participated in the PIPE investment.
• Energy Vault’s energy storage systems are designed to be cost-efficient, reliable, safe to operate and environmentally sustainable over a 35 year technical life, using gravity to store and release renewable energy on-demand, and underpinned by advanced material science and proprietary software technologies.
• Energy Vault will address a large, unmet need for an energy storage solution for intermittent renewable energy sources and enhanced grid resiliency as the world transitions away from fossil fuels.
• Energy Vault has successfully demonstrated commercial scale deployment of its technologies and has a strong pipeline of customer engagements, including eight executed agreements and letters of intent for 1.2 GW hours of energy storage capacity, with deployments planned to begin in the fourth quarter of 2021 in the U.S., followed by Europe, the Middle East and Australia in 2022.
• As part of the transaction, Novus Chairman Larry Paulson will join the post-closing Board of Directors, bringing over 30 years of global executive and technology leadership roles from Fortune 500 public companies including Qualcomm, BrightPoint and Nokia.
• The newly combined company is expected to be listed on the NYSE under the new ticker symbols “GWHR” and “GWHR WS,” and the transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.

 

Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS) (“Novus”), a U.S. publicly-traded special purpose acquisition company, and Energy Vault, Inc., the company creating gravity-based, grid-scale energy storage solutions with its proprietary technology, today announced that they have entered into a definitive agreement for a business combination. Upon closing of the transaction, the combined company will be named Energy Vault Holdings, Inc. and is expected to be listed on the NYSE under the ticker symbols “GWHR” and “GWHR WS,” respectively. The combined company will be led by successful entrepreneur Robert Piconi as Chairman and Chief Executive Officer.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210909005477/en/

 

Energy Vault - Commercial Demonstration Unit (Photo: Energy Vault)

Company Highlights

 

Clear Market Need for Energy Vault: Demand for clean energy is growing globally, with renewables expected to become 90% of total energy generation by 2050, according to a recent IRENA report. To support this transition, grid-scale energy storage capacity will need to increase tenfold in the next ten years, with over $270 billion of investment expected over that timeframe. While demand is expected to continue to grow, current storage solutions are insufficient; pumped hydro - which is approximately 90% of the current global storage capacity market - and chemical batteries, both face significant challenges with scalability, levelized economics, safety and environmental risks.

 

Major Energy Storage Breakthrough: Energy Vault has developed a gravity energy storage platform that is designed to be cost-efficient, reliable, safe to operate and environmentally sustainable in order to outperform alternatives and be well-positioned to meet market demand. It is inspired by pumped hydro plants that rely on the power of gravity to store and discharge energy, combined with Energy Vault’s own material science and software innovations: it has replaced water with custom-made composite blocks, made with locally sourced soil or waste material, which are lifted and lowered to store and release energy on-demand. This proprietary system is orchestrated by Energy Vault’s AI-enabled software platform that incorporates advanced computer control and machine vision. The end result is a resilient supply of power and storage capacity with a system designed to have greater operational flexibility for both short and long duration storage, high round-trip-efficiency, lower capital and operating expenses, and an overall higher asset efficiency than competitors given the lack of degradation in the storage medium over time.

 

Rapidly expanding, global blue-chip engagements: Over the last two years, Energy Vault has worked closely with large, global utilities and independent power producers to optimize its energy storage technology platform, ensuring additional flexibility and addressing both higher power and flexible duration needs. After successfully connecting its first commercial scale, 5 MW energy storage system to Switzerland’s national grid in 2020, Energy Vault completed comprehensive operating due diligence with some of the largest utilities and independent power producers in the world, with a specific focus on ancillary service performance, system round trip efficiency, and continuous power dispatching protocols. All of these core and proven technology elements were incorporated into its latest design of a modular, flexible, higher power and compact product architecture, the new EVx™ platform, which was announced earlier this year with Saudi Aramco. The EVx™ is forecasted to have a 35 year technical life, 80-85% round-trip efficiency and flexibility to address the need for both higher power and shorter duration storage applications while seamlessly supporting longer duration needs, in both cases at low levelized costs. As the system does not require HVAC to operate, or have limitations on operating temperature ranges, it is designed to operate efficiently in more extreme weather environments such as deserts with high ambient temperatures.

 

In the near term, Energy Vault has a strong pipeline of customer engagements and letters of intent for its new platform, including eight executed agreements and letters of intent totaling more than 1,200 MW hours of storage, with additional projects under negotiation for multi-GW hours of energy storage expected to begin deployment in the next 12-24 months. The combined company currently expects to start generating recognized revenue in 2022 and in the intermediate to longer term, positive impacts on its operating results from volume deployments, further technology integration and economies of scale.

 

Accelerating the clean energy transition while eliminating environmental liabilities: Energy Vault is addressing the issue of waste from existing energy generation assets by utilizing a circular economic approach to the supply chain that is built on recyclability and environmental sustainability. The company’s technology is capable of recycling waste materials - such as coal combustion residuals and glass fibers from decommissioned wind turbine blades as previously posted jointly with Enel Green Power - that would otherwise end up in a landfill. By utilizing advanced material science in collaboration with CEMEX’s material science lab, Energy Vault can sequester these waste materials within the composite blocks of its gravity-based energy storage systems. Energy Vault’s pipeline of customers includes many that are also trying to address the problem of sustainable disposal and/or beneficial re-use of coal combustion residuals, which is the largest industrial waste stream generated in the U.S. every year. Finally, the supply chain and construction of these systems are primarily localized, inclusive the on-site block fabrication, which de-risks the overall material supply and minimizes green house gas (GHG) emissions from the transportation sector, thereby reducing Energy Vault’s carbon footprint while maximizing the positive impact to local economies and new job creation.

 

Management Commentary

 

Robert Piconi, CEO & Co-Founder of Energy Vault stated: “Energy Vault’s technology is designed to provide a cost-efficient, flexible and sustainable energy storage solution to meet the immediate needs of utilities, power producers and large industrial energy consumers that must solve the problem of power intermittency that is inherent with wind and solar energy generation. 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. 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. We are excited to announce our business combination with Novus and look forward to becoming a public company given our recent advances in commercial scale technology validation and rapid customer adoption, which require additional capital to meet the global, multi-continent demand. As we focus now on the execution and deployment phase of the technology, we are thrilled to partner with the team at Novus who fully supports our mission of decarbonization and brings a deep experience set in new technology market development on a global scale.”

 

Robert Laikin, CEO of Novus added: “Energy Vault is bringing an entirely new energy storage solution to the energy market and will lower the costs for utility companies and power producers that are transitioning to renewables but who need to maintain consistent energy supply to deliver dispatchable power. Their unique approach to addressing the need for dispatchable power delivery through their creation of transformative technologies while reusing waste materials in their process, sets them apart from any other player in the market, and makes them an obvious choice as a partner. We are thrilled to be joining Rob and his team at such a pivotal moment for the company and have every confidence in their ability to capture the rapidly growing energy storage opportunity. Since our IPO in early 2021, we looked at over 100 companies and we found a fantastic company, with a public company ready management team addressing a massive global market need that is underserved with existing solutions today. In our view, Energy Vault is the only grid-scale pure ESG energy storage company that exists in the market today.”

 

Bill Gross, CEO and Chairman of Idealab Studio, and Co-Founder of Energy Vault commented: “We founded Idealab 25 years ago to find technological solutions to the world’s biggest challenges, and then build companies with great leadership and talent to drive those solutions to market. One of the biggest challenges the world faces today is cost-effective, large-scale energy storage, and Energy Vault is the gravity-storage breakthrough to achieve that. I look forward to supporting Rob and his team as they take this technology globally as a public company.”

 

Transaction Overview

 

The transaction values the combined company at an implied pro-forma enterprise value of $1.1 billion. Pursuant to the proposed business combination, the combined company is expected to receive up to $388 million in gross cash proceeds from a combination of cash from a $100 million committed stock PIPE and $288 million in cash held in Novus’ trust account, assuming no public stockholders exercise their redemption rights at closing.

 

Net cash from the transaction is intended to be used to fund growth of the combined company and global deployment of Energy Vault’s breakthrough technologies. This is in addition to a recent private Series C financing of approximately $100 million, which was led by Prime Movers Lab, with participation from SoftBank Vision Fund 1, Saudi Aramco Energy Ventures, Helena, Idealab X, Pickering Energy Partners through its Energy Equity Opportunity Fund, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisors LLC, Green Storage Solutions Venture I LLC, and Gordon Crawford.

 

The PIPE is anchored by institutional investors including funds and accounts managed by Adage Capital Partners LP, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures (NYSE: CX), Palantir Technologies Inc., (NYSE: PLTR) and other investors. Affiliates and associates of Novus Capital also participated in the PIPE investment. Current Energy Vault stockholders will become the majority owners of the combined company at closing. All existing stockholders and investors will continue to hold their equity ownership, including Idealab, Cemex Ventures, Neotribe, SoftBank Vision Fund 1, Helena, Saudi Aramco Energy Ventures as well as all previously announced Series C investors.

 

The boards of directors of both Energy Vault and Novus have unanimously approved the proposed transaction. The closing is subject to the approval of Energy Vault’s stockholders, Novus’ stockholders and other customary closing conditions, including Novus’ registration statement being declared effective by the Securities and Exchange Commission (the “SEC”) and the expiration of the HSR Act waiting period. It is currently anticipated that the transaction will be completed, assuming satisfaction or waiver of such closing conditions, in the first quarter of 2022.

 

Additional information about the proposed transaction, including a copy of the business combination agreement will be filed by Novus in a Current Report on Form 8-K to be filed by Novus with the SEC and available at www.sec.gov.

 

Advisors

 

Goldman Sachs served as the lead placement agent along with Cowen and Guggenheim Securities, LLC in the PIPE transaction. Guggenheim Securities, LLC, Goldman Sachs and Stifel served as financial advisors to Energy Vault. Cowen is serving as lead capital markets advisor and sole financial advisor to Novus. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal advisor to Energy Vault. BlankRome LLP is serving as legal advisor to Novus. ICR is serving as investor relations advisor for Energy Vault. Milltown Partners LLP is serving as strategic communications advisor for Energy Vault.

 

Investor Conference Call Information

 

Energy Vault and Novus Capital will host a joint investor conference call to discuss the proposed transaction on Thursday, September 9, 2021 starting at 8:30 a.m. ET. Interested parties may listen to the prepared remarks call via telephone by dialing 1-877-407-0792, or 1-201-689-8263 for international callers, and providing the conference ID: 13723042. To listen to the webcast, please click here. A telephone replay will be available for approximately 14 days. The replay can be accessed by dialing 1-844-512-2921 (domestic toll-free number) or 1-412-317-6671 (international) and providing the pin number: 13723042.

 

About Energy Vault

 

Energy Vault is the creator of sustainable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Utilizing 100 percent eco-friendly materials with the ability to integrate waste materials for beneficial re-use at unprecedented economics, Energy Vault is accelerating the shift to a circular economy and a fully renewable world.

 

In June 2020, Energy Vault was named a Technology Pioneer by the World Economic Forum. The company was created at Idealab Studio, the leading technology incubator founded by Bill Gross.

 

About Novus Capital Corporation II

 

Novus Capital raised $287.5 million in February 2021 and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus Capital is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.

 

Forward Looking Statements

 

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, customer growth and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.

 

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.

 

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and the Current Report on Form 8-K filed on September 9, 2021 and other documents of Novus filed, or to be filed, with the SEC.

 

Important Information and Where to Find It

 

This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the proxy statement/prospectus, and any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety when they become available because they will contain important information about Energy Vault, Novus and the business combination. The definitive proxy statement will be mailed to stockholders of Novus as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

 

Participants in the Solicitation

 

Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

 

No Offer or Solicitation

 

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

 

 

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Amid talks with Reliance, Saudi Aramco says Focusing Investments in High-Growth India Mkt

The world's biggest oil exporter Saudi Aramco has said it is focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to 20 per cent stake in Reliance Industries' USD 75 billion oil-to-chemical business.

In its latest annual report, Aramco said it is looking at investment opportunities in high-growth markets as well as nations that rely on importing crude oil.

India is the world's fastest-growing energy market with fuel consumption rising at 4-5 per cent annually. It also relies on imports to meet its 83 per cent of oil needs. Saudi Arabia is its second-biggest oil supplier, exporting close to a fifth of India's oil sourced from abroad.

"Saudi Aramco is focusing its downstream investments in areas of high growth, including China, India and Southeast Asia, material demand centers such as the United States, and countries that rely on importing crude oil, such as Japan and South Korea," the firm said in its annual report.

Besides, the integration of the firm's upstream and downstream segments provides a unique opportunity for Saudi Aramco to secure crude oil demand by selling to refineries designed specifically to economically process Arabian crude oil.

"Furthermore, Saudi Aramco intends to enhance its domestic and global marketing businesses to support the position of its upstream business in key, high-growth geographies, including China, India and Southeast Asia, which are integral to Saudi Aramco's existing business and future expansion strategy," it said adding the firm intends to maintain its presence in key large countries that rely on importing crude oil.

Billionaire Mukesh Ambani had in August last year announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to the Saudi national oil company. Also, a 49 per cent interest in fuel retailing business was sold to the UK's BP plc for Rs 7,000 crore.

Morgan Stanley in a March 19 research note stated that Aramco had in a conference call stated that it is still conducting due diligence on a potential investment in RIL's oil to chemicals operation.

"Once evaluation is complete, it will move to the next stage of the approval process," it said. 

Refining and petrochemicals are a cash cow for Reliance. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day of crude (25 million tonnes per annum) on a long-term basis to Reliance's Jamnagar refinery complex (40 per cent of the refining capacity).

Market analyst firm Bernstein in a recent report had stated that Reliance's partnership with Aramco signals expansion rather than retreat as growth opportunities are expected to boost the petrochemical and refining vertical.

Stating that India has significant secular expansion (that is, unaffected by short-term trends) ahead in refined products and petrochemicals, it had said with the lowest demand per capita of 1.3 barrels per person, demand for refined products will grow by 5 million barrels per day over the next two decades, more than any other major market.

Ethylene demand could grow ten-fold from 5kg per person per annum to 50-60kg pp/pa as consumer demand rises. India is estimated to be the fastest-growing refined fuels market over the next 20 years (faster than China) and will also one of the fastest-growing markets for petrochemicals given the per capita demand which will grow with the GDP.

The single largest asset within Reliance's refining and petrochemical business is the Jamnagar complex, which is one of the world's largest refining hubs.

The Jamnagar complex was built in 2000 with a capacity of 0.67 million barrels per day. After upgrades in 2008, Jamnagar's crude processing capacity has more than doubled to 1.24 million bpd. Not only is Jamnagar the largest refinery hub in the world, but it is also one of the most complex refineries globally, allowing RIL to process discounted heavier crude oil into oil products. PTI ANZ MKJ