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Investing.com -- Energy Vault Holdings Inc (NYSE:NRGV) stock surged 12.2% after the energy storage solutions provider announced the successful close of $18 million in project financing for its Cross Trails battery energy storage system (BESS).
The 57 MW/114 MWh BESS, which began commercial operation in June 2025, is currently providing energy and ancillary services to support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. The company also expects to receive more than $12 million in Investment Tax Credit-related funds later this quarter through a previously signed ITC (NSE:ITC) sale agreement.
This financing represents another milestone in Energy Vault’s execution of its ’Own & Operate’ growth strategy that was outlined during its May 2024 Investor and Analyst Day. The project is supported by a 10-year offtake agreement with Gridmatic, marking the first physically settled revenue floor contract for a BESS in ERCOT.
"The successful financing of our Cross Trails BESS project represents another significant milestone in executing our ’Own & Operate’ strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams," said Robert Piconi, Chairman and CEO of Energy Vault.
This announcement follows the recent $28 million financing close for the company’s Calistoga Resiliency Center project in California and the acquisition of the 125 MW/1 GWh Stoney Creek BESS in Australia. The Cross Trails project reportedly offers a mid-teen levered IRR with its 10-year offtake agreement.
Energy Vault noted that the Cross Trails BESS is the first deployment of its second-generation B-VAULT™ AC product, utilizing the company’s VaultOS™ Energy Management System to control and optimize operations.
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