In 2020, Energy Vault was Named Technology Pioneer by World Economic Forum[6] and completed the mechanical construction of the first of its kind, grid-scale testing tower in Castione-Arbedo, Ticino, Switzerland.

In February 2022, Energy Vault Holdings, Inc. began trading on the New York Stock Exchange following the business combination with Novus Capital Corporation II that raised approximately $235 million in gross proceeds additive to $107M and $50M license fees from Atlas Renewable.

[8] In 2019, construction commenced of a testing tower for the case study EV1[9] in Castione-Arbedo, Ticino, Switzerland.

In December 2020 single blocks were raised and lowered 42 m over about 1 minute at 0.7 m/s and the energy drawn from and returned to the national grid recorded.

[9] The upper 22 layers with a total mass of 154 kt weighing ~1510 MN are moveable and assuming 5 m high blocks have their center of gravity at 125 m height.

When they are all lowered and displaced to form an outer ring, their center of gravity is then at 35 m. Therefore the average drop is 90 m and the maximum energy storable 1.51 GN x 90 m = 136 GNm = 37.8 MWh without counting friction and conversion losses.