Energy Vault is a poster child for why SPACs have become a destructive influence in cleantech investing
Energy Vault has challenges in addition to its ineffective, expensive, carbon-debt laden, mechanical failure of an electricity storage solution. As such, it’s a poster child for cleantech special purpose acquisition companies (SPACs), where lack of required investment due diligence has been compounded by a lack of basic physics and engineering due diligence and an angel investor class one collaborator refers to as guilty old rich people trying to make their grandkids like them.