HS questions Energy Vault’s (NRGV) disclosures regarding $50 million License and Royalty Agreement with Atlas Renewable and China Tianying.
- “Energy Vault will advance $25 million for the construction of the project” writes Yunfan Zhao in China’s 21st Century Business Herald.
“Energy Vault 方面则将垫付2500万美元用于该项目建设。”
- “The Energy Vault build in China is just a demonstration,” according to Jian LiSecretary of the Party Committee of Rudong Coastal Economic Development Zone.
- “Mainstream power generation in China requires 600MWh to run 8,000 hours per year, while the Energy Vault project is only 100MWh – lacking any practical application for backup storage in China,” according to Chinese Engineer, Jijun Zhu.
- Misrepresentation and omission of material facts, including with regard to the $50 million License and Royalty Agreement with Atlas Renewable and China Tianying, may have falsely portrayed Energy Vault’s true ability to generate revenues, and consequently, may have inflicted harm on public investors and be a violation of Securities Law.
If you purchased Energy Vault stock (NRGV, NRGV-WT), you may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT:
To join the prospective class action, see prior press releases about the Energy Vault Securities Fraud Investigation:
Energy Vault’s claim to landing $520 million dollar revenue deal from DG Fuels
Energy Vault (NRGV) Securities Fraud Investigation
Hittelman Strunk LLP
Email: [email protected]
SOURCE Hittelman Strunk