Energy Vault, one of a few startups looking to commercialize gravity-based storage tech using solid materials, has reached a deal to develop projects in China. Driving the news: The company on Tuesday announced a $50 million licensing agreement with Atlas Renewable, which is majority-owned by the Chinese company China Tianying. Atlas is also increasing its existing investment in Energy Vault's move to go public via a SPAC deal. Why it matters: Energy storage is important for helping high levels of intermittent renewable power penetration. The companies said the technology can help China meet its decarbonization goals. How it works: The…