Energy Vault Holdings Inc. (NYSE: NRGV), a leader in sustainable grid-scale energy storage, has announced plans to deploy a 57 MW/114 MWh Battery Energy Storage System (BESS) in Scurry County, Texas. Additionally, the company has signed a 10-year offtake agreement with Gridmatic, an AI-enabled power marketer. Construction of the Cross Trails BESS is expected to begin in Q1 2025, with commercial operations set for the summer of 2025.
The Cross Trails BESS, which will be built, owned, and operated by Energy Vault, will support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. The 10-year agreement with Gridmatic is expected to begin in Q2 2025.
This project is another milestone in Energy Vault’s global energy storage expansion, following recent announcements in the U.S., Europe, and Australia. The project aligns with the company’s strategy to invest in financially attractive, long-term energy storage infrastructure, leveraging its expertise in designing, building, and operating energy storage assets. Supported by its project financing with Jefferies, Energy Vault is capitalizing on its innovative Energy Management System (EMS), which is quickly becoming a leading platform in the industry for optimizing asset management across all operational functions.
The agreement with Gridmatic is the first physically settled revenue floor contract for a BESS in the ERCOT market. The deal benefits from Gridmatic’s AI-based forecasting, which has achieved top Day Ahead energy trading results in ERCOT. Gridmatic will also provide QSE services as part of the agreement.
Robert Piconi, Chairman and CEO of Energy Vault, commented, “We are executing rapidly on our strategy to leverage our expertise in battery systems and software to build and operate energy storage assets. This will help us deliver long-term sustainable value for shareholders and capitalize on the growing global demand for energy storage solutions. Our partnership with Gridmatic will ensure reliable, sustainable energy solutions for the ERCOT market.”
Matt Wytock, CEO of Gridmatic, added, “Energy Vault’s expertise in developing reliable and cost-effective energy storage solutions makes them the ideal partner for this project. This BESS will enhance grid reliability and affordability for Texas residents as load growth accelerates. We look forward to a strong, long-term partnership with Energy Vault.”
The BESS will be built using Energy Vault’s proprietary X-Vault integration platform and B-VAULT™ product, certified to UL9540 standards, along with the VaultOS Energy Management System for optimized operations. This flexible system architecture allows for customer optionality with battery and inverter suppliers and supports both AC-coupled and DC-coupled configurations.
Energy Vault’s B-VAULT portfolio now includes more than 2 GWh of projects deployed and under construction, while Gridmatic has contracted to operate over 300 MW of battery storage projects across the ERCOT and CAISO markets.
