Energy Vault buys Stoney Creek BESS from Australia’s Enervest Group

Energy Vault (NRGV) Holdings announced that it has executed an agreement to acquire the 125 MW / 1,000 MWh Stoney Creek Battery Energy Storage System or BESS from Enervest Group, a leading Australian project developer. Energy Vault and Enervest are progressing through development activities, market integration, and procurement for the project as it prepares for site mobilization and pre-construction activities later this year. The acquisition of the Stoney Creek BESS with a construction value of $220M or AUD $350M is aligned with Energy Vault’s growing portfolio of ‘Owned & Operated’ projects, demonstrating continued successful execution of the global growth strategy outlined during the Company’s May 2024 Investor and Analyst Day. As recently announced, the Stoney Creek BESS has been awarded a 14 year Long-Term Energy Service Agreement (LTESA) by the Australian Energy Market Operator Services under the New South Wales Roadmap Tender Round 5 for Long Duration Storage, and will deliver long term, economic revenue streams with high cash flow generation. ..”The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘Own & Operate’ growth strategy, designed to deliver sustainable, long-term revenue streams with high cash flow generation,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition. We look forward to delivering long-term benefits to NSW’s electricity market and consumers for many years to come.”…The acquisition, which is subject to customary closing conditions, enhances Energy Vault’s presence in Australia’s rapidly growing energy storage sector, complementing its existing 2.6 GWh portfolio and further reinforcing its position as a leading energy storage provider in one of the world’s fastest-growing renewable energy markets. The Company has recently announced a series of agreements for projects in the Australian market, including with ACEN Australia and the Victorian government-owned State Electricity Commission .