Energy Vault acquires Stoney Creek BESS in Australia

WESTLAKE VILLAGE, Calif. & MELBOURNE, Australia – Energy Vault Holdings, Inc. (NYSE: NRGV) has announced the acquisition of the Stoney Creek Battery Energy Storage System (BESS) from Enervest Group, marking a significant expansion of its energy storage projects in Eastern Australia. The 125 MW / 1,000 MWh Stoney Creek BESS, valued at USD $220 million, is supported by a 14-year Long Term Energy Services Agreement (LTESA) with the Australian Energy Market Operator (AEMO), ensuring a steady revenue stream.

The Stoney Creek project is set to enhance grid stability and support the integration of renewable energy in New South Wales by providing eight hours of dispatchable energy. Energy Vault will utilize its VaultOS™ energy management system and B-Vault™ system architecture to optimize the project’s performance and market participation. With the stock currently trading at $1.15, InvestingPro analysis suggests the company is currently undervalued, despite facing challenges with revenue growth, which declined by approximately 60% in the last twelve months.

Robert Piconi, Chairman and CEO of Energy Vault, expressed the company’s commitment to delivering long-term benefits to New South Wales’ electricity market and consumers. Enervest CEO Ross Warby also highlighted the smooth transition of ownership and the continued collaboration between the two companies.

This acquisition contributes to Energy Vault’s global ’Own & Operate’ growth strategy and complements its existing portfolio, which includes over 2.6 GWh of energy storage projects under execution. The company has been actively securing agreements in the Australian market, reflecting its position as a leading energy storage provider.

Energy Vault’s approach to the Stoney Creek BESS project includes maintaining strong relationships with local communities, including the Narrabri Aboriginal Land Council and the Gomeroi community, with a focus on transparency and respect for cultural values.

The closing of the acquisition is subject to customary conditions and will reinforce Energy Vault’s presence in the rapidly growing Australian energy storage sector. The company’s expansion aligns with its mission to deliver sustainable energy storage solutions and support the clean energy transition in Australia.

This news is based on a press release statement from Energy Vault Holdings, Inc.

In other recent news, Energy Vault Holdings, Inc. has embarked on significant projects in Australia, emphasizing its growing commercial presence in the region. The company has begun constructing a 200 MW/2 hour battery energy storage system (BESS) at ACEN Australia’s New England Solar project in New South Wales. This initiative, part of the NSW Government’s Emerging Energy Program, aims to reduce reliance on coal-fired power by dispatching renewable energy during peak consumption. Additionally, Energy Vault has entered into an agreement with the State Electricity Commission of Victoria to deploy a 100 MW/200 MWh BESS at the SEC Renewable Energy Park in Horsham. This project, involving a $370 million investment, is expected to provide renewable energy to over 50,000 homes and create approximately 246 jobs during construction. Energy Vault’s collaboration with SEC marks its first government partnership in Australia, utilizing its proprietary technology for hybrid BESS operations. These developments highlight Energy Vault’s commitment to supporting Australia’s clean energy transition through advanced storage solutions.

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