More SPAC Action: Tech Company Using Gravity to Store Energy Inks $1.6 Billion Deal

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

More SPAC Action: Tech Company Using Gravity to Store Energy Inks $1.6 Billion Deal

Energy Vault, a startup that uses gravity and composite blocks heavier than a school bus to store renewable energy, plans to go public in a $1.6 billion merger with a special purpose acquisition company (SPAC).

The combined entity — consisting of the Westlake Village, Calif.-based clean energy startup and a shell company called Novus Capital Corp. II — aims to list on the New York Stock Exchange under the ticker "GWHR." The companies expect the deal to close during the first quarter of 2022.


Energy Vault's tech was developed to help utilities "solve the problem of power intermittency that is inherent with wind and solar energy generation," said Robert Piconi, the clean energy company's CEO and co-founder in an announcement of the deal.

In its search for a business to take public, Novus CEO Robert Laikin said the blank-check firm "looked at over 100 companies."

Earlier this year, another SPAC set up by Laikin took AppHarvest public. The firm builds gigantic greenhouses and was at one point valued at $1 billion. AppHarvest's market cap currently hovers around $770 million.

These mergers are part of a larger trend that has drawn scrutiny from regulators, shareholders and lawmakers alike. Sen. John Kennedy introduced a bill earlier this year that would force SPACs to be more transparent with investors. "It's right and fair that a SPAC should disclose how its sponsors get paid and how that affects the value of its public shares," the Senator argued. "The Sponsor Promote and Compensation Act would require this kind of transparency," he added.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: GITAI Lands $30M, Steno Gains $15M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

The funding will be used to further develop Gitai’s suite of space robots as well as build out its manufacturing footprint in Torrance. Previously Gitai announced it raised a $17.1 million Series B in March 2021; this additional raise is still part of that round.

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