Energy Vault Acquires 1.0 GWh Stoney Creek BESS from Enervest
Energy Vault Holdings, Inc. (NYSE: NRGV), a leading provider of sustainable, grid-scale energy storage solutions, has announced the acquisition of the 125 MW / 1,000 MWh Stoney Creek Battery Energy Storage System (BESS) from Enervest Group, a prominent Australian project developer. The acquisition is part of Energy Vault’s expanding portfolio of “Owned & Operated” projects, a strategy designed to drive long-term growth and deliver sustainable energy solutions globally. The two companies are currently collaborating on development activities, market integration, and procurement for the Stoney Creek BESS, with site mobilization and pre-construction activities slated to begin later this year.
The Stoney Creek BESS, valued at USD $220 million (AUD $350 million) in construction costs, has been awarded a 14-year Long-Term Energy Service Agreement (LTESA) by the Australian Energy Market Operator (AEMO) Services as part of New South Wales’ (NSW) Roadmap Tender Round 5 for Long Duration Storage. This agreement positions the project to generate long-term, stable revenue streams, with a significant cash flow potential. The acquisition further solidifies Energy Vault’s commitment to its growth strategy, which focuses on increasing its ownership of energy storage projects and delivering high-value, sustainable storage solutions.
The Stoney Creek BESS is designed to provide eight hours of dispatchable energy, playing a crucial role in enhancing grid stability and supporting the integration of renewable energy in New South Wales. This will help manage intermittent renewable generation, ensuring that the grid can maintain reliable power supply even during periods of low renewable energy output. The project will also contribute to Australia’s clean energy transition by reinforcing the country’s shift toward sustainable energy sources.
Energy Vault will lead the integration and optimization of the project, leveraging its proprietary VaultOS™ energy management system (EMS) platform and B-Vault™ system architecture. These technologies are key to optimizing performance, managing market participation, and ensuring the long-term success of the asset. Enervest will continue to provide project development services and manage stakeholder engagement during the transition, ensuring a smooth path toward financial closure and further progress on the project.
Robert Piconi, Chairman and CEO of Energy Vault, highlighted the importance of this acquisition for the company’s global expansion. “The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia and accelerates our global ‘Own & Operate’ growth strategy,” said Piconi.
“This project is set to deliver long-duration storage solutions that will enhance grid resilience and support Australia’s clean energy transition. With the solid foundation laid by Enervest, we are now poised to deliver long-term benefits to the New South Wales electricity market and its consumers.”
Ross Warby, CEO of Enervest Group, expressed satisfaction with the partnership and transition. “We are pleased to transition Stoney Creek BESS to Energy Vault’s ownership while continuing to provide end-to-end development services, offering a seamless pathway to financial close. This partnership has been crucial in securing the LTESA for the project, and we are excited to continue collaborating with Energy Vault to help advance Australia’s energy future.”
As part of the acquisition, Energy Vault remains committed to continuing the strong relationships Enervest has established with the Narrabri Aboriginal Land Council (LALC) and the Gomeroi community. Energy Vault will foster ongoing dialogue with LALC members and other local stakeholders, emphasizing transparency, cultural respect, and the shared benefits of the project. The company values its collaboration with the local community and is focused on ensuring that long-term advantages are realized for all involved.
The acquisition of the Stoney Creek BESS strengthens Energy Vault’s presence in Australia’s rapidly expanding energy storage market. It adds to the company’s existing 2.6 GWh portfolio and further establishes Energy Vault as a key player in one of the fastest-growing renewable energy markets globally. Energy Vault has also recently entered into several agreements with major Australian entities, such as ACEN Australia and the Victorian government-owned State Electricity Commission (SEC), to further expand its footprint in the region.
Energy Vault is a global leader in the development and deployment of utility-scale energy storage solutions. The company offers a comprehensive portfolio of energy storage technologies, including battery, gravity, and green hydrogen storage systems. These technologies support a range of customer needs, from utilities to independent power producers and large industrial energy users. Energy Vault’s proprietary technology-agnostic energy management system software and integration platform are integral to optimizing energy dispatching, reducing levelized energy costs, and ensuring power reliability.
Through its innovative approach to energy storage, Energy Vault is reshaping the global energy landscape, helping customers transition to sustainable energy solutions while maintaining grid stability and cost efficiency. With the acquisition of Stoney Creek BESS and its continued expansion in Australia, Energy Vault is poised to play a leading role in the global shift toward clean, renewable energy.
