Business Wire India
Energy Vault, Inc. (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions with its proprietary technology, today announced that it has entered into an energy storage system agreement with DG Fuels LLC (“DG Fuels”), an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel (”SAF”) and diesel fuel.
Under the terms of the agreement, Energy Vault agreed to provide 1.6 gigawatt hours (GWh) of energy storage to support DG Fuels across multiple projects, with the first project slated for 500 megawatt hours (MWh) in Louisiana. This initial project will be followed by additional projects in British Columbia and Ohio. DG Fuels has developed a carbon conversion fuel production process that is targeting a 93% carbon conversion efficiency, which reduces the amount of feedstock required to produce SAF and lowers cost of production.
DG Fuels will deploy Energy Vault’s gravity storage systems to provide green electricity in conjunction with photovoltaic solar to firm and shape the renewable energy to match the demand load of the green hydrogen production. The renewable power will be used to power HydrogenPro water electrolysis for both hydrogen and oxygen feedstock production.
Energy Vault’s advanced gravity energy storage solutions are based on the proven physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks, or “mobile masses”, which do not lose storage capacity over time. The composite blocks can be made from low-cost and locally sourced materials, including the excavated soil at the construction site, but can also utilize waste materials such as mine tailings, coal combustion residuals (coal ash), and fiberglass from decommissioned wind turbine blades.
Additionally, the Energy Vault systems are intended to minimize environmental and supply chain risks, which was a critical factor in the final selection by DG Fuels. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.
Energy Vault expects this agreement to provide up to $520 million in revenue across the three projects, the first of which expected to commence in mid-2022.
Robert Piconi, CEO and Co-Founder of Energy Vault, commented, “We are proud to collaborate with DG Fuels and its partners to economically enable 24/7 renewable power, supporting DG Fuels to execute against their plans to efficiently deliver green fuel to the aviation industry. Our energy storage systems are designed to maximize the use of local materials and stimulate local job creation, thus amplifying the sustainability benefits of DG Fuels’ deployment plans. These projects will play a critical role in reducing our reliance on fossil-based fuels while further advancing our country’s decarbonization goals.”
Michael C. Darcy, CEO of DG Fuels said, “We are pleased to be partnering with Rob and the Energy Vault team to deploy their innovative energy storage system which best meets our needs for reliable, cost effective, safe and sustainable energy storage. Energy Vault’s system will play a critical role within our technology and vendor ecosystem to efficiently deliver SAF to the transportation industry.”
About Energy Vault
Energy Vault develops sustainable energy storage solutions that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Our proprietary Energy Management System software and Gravity-based Energy Storage Technology are intended to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use , Energy Vault is accelerating the shift to a circular economy and a fully renewable world. Learn more at www.energyvault.com.
Energy Vault previously announced an agreement for a business combination with Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS), which is expected to result in Energy Vault becoming a public company listed on the New York Stock Exchange in the first quarter of 2022, subject to customary closing conditions.
About DG Fuels
DG Fuels is building a zero-CO2 life cycle emissions synthetic fuel system based on high carbon conversion technology reaching 93% efficiency. The DG Fuels’ technology does not require the development of new engines or an expanded hydrogen transportation and storage infrastructure. DG Fuels’ innovative technology produces a hydrogen via water electrolysis and biomass derived carbon replacement fuel for aircraft, and potentially for locomotives, vessels and trucks as well.
DG Fuels delivers a significant value proposition to end-customers, including meaningful environmental benefits and the ability to materially address sustainability goals. If successful, DG Fuel’s carbon efficient solution will tie together all critical elements to power, fuel, and provide SAF to its customers. Learn more at www.dgfuels.com.
About Novus Capital Corporation II
Novus raised approximately $287.5 million in its February 2021 IPO and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition 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.
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,” “designed,” 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, including with respect to the agreement with DG Fuels and the associated projects, expectations with respect to revenue generated under the agreement with DG Fuels, the consummation of the agreement with DG Fuels, the proposed features and designs of the EVx and the Energy Vault Resiliency Center (EVRC) platforms, the availability of low-cost and locally sourced materials to produce “mobile masses,” 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; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to Energy Vault’s receiving partial payment in the form of subordinated debt; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers, including a purchase and sale agreement with DG Fuels that is contemplated by the announced agreement; 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; construction and permitting delays and related increases in costs; risks related to the performance of systems delivered to DG Fuels; 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 the Registration Statement and in Novus’ Registration Statement on Form S-4 relating to the business combination under the caption “Risk Factors”, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Novus filed, or to be filed, with the SEC.
Important Information About the Proposed Business Combination and Where to Find It
This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 with the SEC, which includes a preliminary 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, as well as any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety because they 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, Quarterly Report on Form 10-Q for the six months ended June 30, 2021 and the proxy statement/prospectus and other relevant documents and other 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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Aurora Accelerates Development of the Aurora Driver with AWS
Business Wire India
Today, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced that Aurora (NASDAQ: AUR), a leader in self-driving vehicle technology, has selected AWS as its preferred cloud provider for machine learning training and cloud-based simulation workloads. Aurora uses AWS’s proven infrastructure and unparalleled portfolio of capabilities to safely accelerate the development of the Aurora Driver, its scalable self-driving vehicle technology. The Aurora Driver consists of sensors that perceive the world, software that plans a safe path through it, and a computer that powers and integrates Aurora’s hardware and software with any vehicle platform. For its machine learning training and cloud-based simulation workloads, Aurora is all-in on AWS, and it uses the cloud to process trillions of data points each day. Now, the company is scaling its training workloads in the cloud to complete up to 12 million physics-based driving simulations per day by the end of the year, building on the petabytes of data it collects during real-world road tests.
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Autonomous driving is an immensely complex technological challenge that relies heavily on cloud computing to enable breakthroughs in perception, embedded computing, machine learning, motion planning, decision making, and advanced sensor technologies. With AWS’s capabilities in high-performance computing, machine learning, storage, and security, Aurora optimizes and scales its virtual testing efforts to expand the capabilities of the Aurora Driver safely and quickly.
“Aurora’s advanced machine learning and simulation at scale are foundational to developing our technology safely and quickly, and AWS delivers the high performance we need to maintain our progress,” said Chris Urmson, CEO of Aurora. “With its virtually unlimited scale, AWS supports millions of virtual tests to validate the capabilities of the Aurora Driver so that it can safely navigate the countless edge cases of real-world driving.”
Aurora’s AWS-powered Virtual Testing Suite is a unique accelerator for the development of the Aurora Driver. Aurora can use data from just one testing situation it observes in the real world to inspire hundreds of permutations in the Virtual Testing Suite. That virtual testing helps train the Aurora Driver to more quickly and safely navigate complex situations, such as road construction, jaywalkers, and unprotected left-hand turns. For example, before the Aurora Driver ever attempted an unprotected left-hand turn on a physical road, it completed nearly 2.3 million turns in simulation—estimated to be roughly equal to 20,000 hours of real-world driving practice. Aurora has been running simulations at scale on AWS since 2019, and plans to triple the volume of simulations it runs on AWS to more than 12 million per day by the end of 2021.
The offline components of the Aurora Driver software stack all run on AWS, including the Virtual Testing Suite, high-definition road maps (the Aurora “Atlas”), machine learning models, and software development tools. For example, Aurora uses Amazon SageMaker (an AWS service that helps developers and data scientists build, train, and deploy machine learning models quickly) to create, run, and continuously refine the machine learning models that enable its driving simulations. With that service, Aurora accesses Amazon Elastic Compute Cloud (Amazon EC2) instance types like P4d, which deliver the highest performance for machine learning training in the cloud.
Before developing simulations, Aurora uses AWS to securely store and process the petabytes of data it logs during real-world testing, and then train its machine learning models on that data. The pre-processing workloads run on Amazon Elastic Kubernetes Service (Amazon EKS) and Amazon EMR, AWS’s service for processing vast amounts of data in the cloud using open-source tools. Aurora’s machine learning training workloads then rely on AWS-optimized deep learning frameworks, such as TensorFlow and PyTorch. Finally, Aurora orchestrates and auto-scales its simulation workflows over hundreds of thousands of concurrent vCPUs and thousands of concurrent GPUs with Amazon EKS and Amazon EC2, which provides accelerated computing instance types like G4dn.
“AWS’s highly scalable compute, machine learning, and analytics services are helping Aurora move self-driving vehicle technology forward, toward broad real-world use,” said Swami Sivasubramanian, Vice President of Machine Learning at Amazon Web Services, Inc. “Our reliable infrastructure and comprehensive set of cloud services, including industry-leading machine learning services like Amazon SageMaker, provide the ideal foundation for Aurora to gain insights from the trillions of data points it generates every day to continuously enhance its technology. We are proud to support the acceleration of autonomous vehicle innovation, and look forward to the improved safety and efficiency the transformation of trucking, delivery, and mobility will allow.”
About Amazon Web Services
For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud offering. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 81 Availability Zones within 25 geographic regions, with announced plans for 27 more Availability Zones and nine more AWS Regions in Australia, Canada, India, Indonesia, Israel, New Zealand, Spain, Switzerland, and the United Arab Emirates. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
Founded in 2017 by experts in the self-driving industry, Aurora is on a mission to deliver the benefits of self-driving technology safely, quickly, and broadly. To move both people and goods, the company is building the Aurora Driver, a platform that brings together software, hardware and data services to autonomously operate passenger vehicles, light commercial vehicles, and heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, among others, and is partnered with industry leaders including Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the Bay Area, Pittsburgh, and Dallas. The company has offices in those areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and Wixom, MI. To learn more, visit www.aurora.tech.
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Square, Inc. Changes Name to Block
Business Wire India
Square, Inc. (NYSE: SQ) announced today that it is changing its name to Block. Block will be the name for the company as a corporate entity. The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.
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Block logo in white
The change to Block acknowledges the company’s growth. Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
The name change to Block distinguishes the corporate entity from its businesses, or building blocks. There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. A foundational workforce, which includes teams such as Counsel, People, and Finance, will continue to help guide the ecosystem at the corporate level. As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral.
The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.
Square, Inc. is referred to as “Block” in this press release. The legal name “Square, Inc.” is expected to be legally changed to “Block, Inc.” on or about December 10, 2021, upon satisfying all applicable legal requirements. The company’s NYSE ticker symbol “SQ” will not change at this time. Any changes in the future will be publicly disclosed. No action is needed from current stockholders. The Company’s Class A common stock will continue to be listed on NYSE and the CUSIP will not be changing.
For more information, please visit www.block.xyz or follow company news via Twitter @blocks and @blockIR. For media assets, go to www.block.xyz/mediakit. We intend to use the Block investor relations website as well as the Twitter accounts @blocks and @blockIR as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
Block (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD54566975, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral (formerly Square Crypto) builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD54566975 is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.
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Bitdeer Black Friday Carnival 2021: Mine Bitcoin at Your Fingertips
Business Wire India
Bitdeer, the world’s leading digital assets mining and sharing service platform, commenced its Black Friday consumer campaign that will end on 26 December 2021. In partnership with Bitcoin Magazine, the leading and news site covering Bitcoin and other digital currencies, the Black Friday sale will offer global users with alluring deals. Bitdeer will also join hands with the Texas-based Built With Bitcoin Foundation which is a registered 501(c)3 non-profit organization that is committed to creating equal opportunity and the relief of poverty by providing clean water, access to education, sustainable farming, and humanitarian support, all of which are powered by Bitcoin and other blockchain technologies.
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Bitdeer Black Friday Carnival 2021: Mine Bitcoin at Your Fingertips (Graphic: Business Wire)
Extending Bitdeer’s philosophy of ‘Customer Obsession’ – a customer-centric approach in its business developments – the Black Friday campaign is aimed giving back and rewarding the Bitdeer community and customers with deals and discounts, thanking them for their long-term support and trust in Bitdeer. At the same time, Bitdeer recognized that in the spirit of thanksgiving, it is a good time to also give back to communities in need.
Bitdeer as the Exclusive Crypto Mining Partner on BitcoinBlackFriday.com
Being the exclusive crypto mining sponsor to Bitcoin Magazine’s subsidiary BitcoinBlackFriday, Bitdeer is also introducing flash sale promotions that will offer a better deals for global miners and cryptocurrency enthusiasts who are keen to try out its top-notch Bitcoin mining model and service packages.
The promotion will encompass a wide range of service package offerings both on Bitdeer.com and the campaign website with up to 13% discounts. In addition, a shortest 5-day trial of the powerful Antminer S17 with total costs starting at $8.10 only. A variety of other discounted offers and plans are also available for fans to choose from.*
Celebrate with Purpose – Auction and Donation to Charity
Bitdeer is not only eyeing on the development of a more sustainable business and economic future, but also committed to the public welfare. Giving back to the society plays a critical part in Bitdeer’s philosophy.
As a result, part of the revenue generated during the Black Friday promotional sales will be allocated for charitable purposes, with 1% of the hashrate fees generated from the sharing service packages to be donated. Bitdeer will also be donating $1 for each 5-day trial sold during the promotional period.
In addition, a 3D-printed Bitdeer mining facility miniature will be available for auction at the campaign platform. A joyful display and a collector’s item for those who love Bitcoin or crypto mining, this 3D-printed model is made from resin and contains multiple ANTBOX units. It is designed and printed based on the structure and appearance of Bitdeer’s state of the art mining facilities in Norway. Fans and enthusiasts can start collecting and combining parts of various model series and finally recreate their own dream mining facility.*
All proceeds from the above mentioned activities will be donated to Built With Bitcoin Foundation in the form of cryptocurrency to support the foundation’s operations and projects in underdeveloped and poverty stricken regions and countries.
*Terms and conditions apply, for more details, please visit bitcoinblackfriday.com.
Bitdeer is the world’s leading digital assets mining and sharing service platform, enabling global users to mine cryptocurrencies in a transparent, reliable, and convenient way. It saves users from the complicated process of purchasing, installing, and hosting mining machines. Individual miners can enjoy the service with just one click.
For more information, please get in touch with Bitdeer:
*Information provided in this article is for general information and reference only and does not constitute nor is intended to be construed as any advertisement, professional advice, offer, solicitation, or recommendation to deal in any product. No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any information, or the future returns, performance or outcome of any product. Bitdeer expressly excludes any and all liability (to the extent permitted by applicable law) in respect of the information provided in this article, and in no event shall Bitdeer be liable to any person for any losses incurred or damages suffered as a result of any reliance on any information in this article.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005613/en/
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