Energy Vault Achieves Successful Close of $28 Million in Project Financing for the Calistoga Resiliency Center

Vinson & Elkins represented Energy Vault Inc. in an approximately $28 million loan and subsequent note purchase in connection with the financing of the Calistoga Resiliency Center project, a hybrid hydrogen and battery energy storage and hydrogen fuel cell electrical power generation facility located in Calistoga, California and capable of delivering 8.5 MW peak power and 293 MWh over a 48-hour period without refueling while generating.

Vinson & Elkins also successfully negotiated the sale of Calistoga Resiliency Center’s investment tax credits in connection with the financing.

The Vinson & Elkins team was led by partners Jenny Speck, Aaron Prince, and Leila Ravi, with assistance from associates Darren Fox, Fon Kunanusorn, and Lucy Briody. Other key team members include counsel Noelle Alix; partners Wendy Salinas and Lina Dimachkieh and associate Erin Fant; counsel Scot Dixon; counsel Heather Reynolds Johnson; partner Matt Dobbins, senior associate Audrey Doane, and associate Ryan Vanderlip; and counsel Rajesh Patel and senior associate Haley Titcomb.

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