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WESTLAKE VILLAGE, Calif. - Energy Vault Holdings, Inc. (NYSE:NRGV), currently trading at $1.17 with a market cap of $183 million, has completed the acquisition of the Stoney Creek Battery Energy Storage System (BESS) project in Northern New South Wales, Australia after receiving Foreign Investment Review Board approval. According to InvestingPro analysis, the company’s stock has shown strong momentum recently, gaining over 34% in the past year despite broader market challenges.
The 125 MW/1,000 MWh project represents Energy Vault’s first acquisition in Australia and third asset in its global Own & Operate portfolio. The company previously completed the Cross Trails BESS in Texas and Calistoga Resiliency Center in California.
The Stoney Creek project, which was initially announced for acquisition from Enervest Group in March 2025, features an eight-hour duration energy storage system designed to support grid reliability and flexibility in New South Wales.
The project is backed by a 14-year Long-Term Energy Service Agreement awarded under Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services. This agreement provides predictable contracted revenue for the project. While InvestingPro data shows the company currently operates with moderate debt levels and faces some short-term liquidity challenges, this long-term agreement could help stabilize future cash flows.
Energy Vault plans to utilize its VaultOS energy management platform and B-VAULT system for the project’s operation. The company expects the Stoney Creek BESS to deliver approximately $30 million in combined annual recurring EBITDA for more than 15 years.
"As the first non-US project developed under our global ’Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high growth markets for energy storage solutions supported by favorable regulatory policies as is the case with Australia," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, in a press release statement.
The Stoney Creek BESS is one of several large-scale assets Energy Vault is advancing across Australia as part of its strategy to build a portfolio of energy storage deployments designed to enable both merchant and contracted revenue streams.
In other recent news, Energy Vault Holdings Inc. reported its first-quarter 2025 earnings, showing a revenue increase to $8.5 million, up 10% year-over-year, though earnings per share fell short of expectations at -$0.14 compared to the forecasted -$0.12. The company has also secured an agreement with Consumers Energy to supply two battery energy storage systems totaling 75 MW/300 MWh in Michigan, with construction expected to start in early 2026. Additionally, Energy Vault announced the successful closure of $18 million in project financing for its Cross Trails battery energy storage system, which began operations in June 2025 in Texas. The company anticipates receiving over $12 million in Investment Tax Credit-related funds later this quarter. In California, Energy Vault’s Calistoga Resiliency Center received approval to participate in the California Independent System Operator energy markets, allowing it to generate revenue when not needed for power shutoff events. Furthermore, Energy Vault and Jupiter Power have agreed to supply an additional 100 MW/200 MWh battery energy storage system to the Electric Reliability Council of Texas region, with operations expected by summer 2025. These developments underscore Energy Vault’s ongoing efforts to expand its energy storage capabilities and market participation.
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