Energy Vault Expands in Australia with 125 MW Stoney Creek BESS Contract
Energy Vault Holdings, Inc., a global leader in sustainable, grid-scale energy storage solutions, has reached a significant milestone in its expansion strategy with the award of a Long-Term Energy Service Agreement (LTESA) for its Stoney Creek Battery Energy Storage System (BESS) in New South Wales, Australia. The 14-year agreement was granted by the Australian Energy Market Operator (AEMO) Services under the NSW Roadmap Tender Round 5 for Long Duration Storage, reinforcing Energy Vault’s position as a key player in Australia’s energy transition.
A Major Step in Australia’s Energy Transition
Energy Vault, in collaboration with Australian project developer Enervest, is advancing the Stoney Creek BESS project in Narrabri, NSW. The system is designed with a capacity of 1.0 gigawatt-hour (GWh) and a 125MVA connection, making it one of the largest 8-hour duration battery storage facilities in Australia. As part of AEMO Services’ broader strategy to enhance grid reliability and integrate renewable energy sources, the Stoney Creek BESS will provide much-needed large-scale, dispatchable storage capacity. This project is a testament to the growing importance of long-duration energy storage in stabilizing electricity markets and supporting clean energy initiatives.
The selection of Stoney Creek BESS as an LTESA project underscores its strategic significance in New South Wales’ energy infrastructure. The agreement aligns with the state’s Renewable Energy Roadmap and will contribute to Australia’s broader goal of transitioning towards a low-carbon economy by ensuring reliable, cost-effective, and sustainable energy solutions.
Advancing Energy Vault’s ‘Own & Operate’ Strategy
The award of the LTESA marks another milestone in Energy Vault’s global growth strategy, particularly in its “Own & Operate” business model. The Stoney Creek BESS joins Energy Vault’s growing portfolio, which includes projects such as the Calistoga Resiliency Center in California and the Cross Trails BESS in Texas—both of which are set to go live in 2025. The expansion into Australia highlights the company’s commitment to developing and managing energy storage projects, leveraging its expertise in system design, construction, operation, and maintenance.
Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, emphasized the importance of the Stoney Creek project, stating:
“The Stoney Creek project serves as an important regional milestone at a large scale that demonstrates execution of our ‘Own & Operate’ growth strategy. We are quickly advancing this new market segment since announcing the strategy last May and view the Australian market as a large and important growth driver in building, maintaining, and operating energy storage systems. Our expertise in designing, building, operating, and maintaining energy storage systems with the highest levels of safety and reliability uniquely positions Energy Vault to deliver systems at lower capital and operational costs while securing long-term, predictable, and profitable cash flow streams for our shareholders.”
By actively managing its storage assets, Energy Vault is securing sustainable revenue streams while contributing to the energy market’s need for cost-efficient and reliable grid stability solutions.
Economic and Social Benefits of the Project
As one of the largest battery storage initiatives in New South Wales, Stoney Creek BESS is expected to provide significant economic and social benefits, including:
- Job Creation: The project will generate approximately 150 jobs at the peak of construction and support four full-time operational roles upon completion.
- Wholesale Market Stability: By reducing renewable curtailment and balancing energy generation, Stoney Creek BESS will contribute to wholesale electricity price stability, benefiting consumers and businesses alike.
- Community Engagement: The project is being developed with input from Traditional Owners, local councils, and community organizations to ensure that it aligns with regional development goals and maximizes long-term community benefits.
- Support for Renewable Integration: By storing excess renewable energy and dispatching it when needed, Stoney Creek BESS will facilitate a higher penetration of renewables into the grid, reinforcing the sustainability goals of New South Wales.
Ross Warby, Chief Executive Officer of Enervest, underscored the importance of the partnership and the broader impact of the project:
“Stoney Creek BESS being awarded the LTESA is a pivotal step in delivering critical infrastructure that drives Australia’s energy transition, economic growth, and long-term system reliability. The partnership with Energy Vault early in the project development and final bid submission last year ensured we would have a comprehensive and successful bid with a proven global leader in energy storage solutions and operations. We recognize AEMO Services’ leadership in advancing projects that strengthen Australia’s energy future, as well as consortium partner Energy Vault’s expertise in battery technology, software, and system design.”
Project Timeline and Future Developments
With the LTESA secured, Energy Vault and Enervest are now moving forward with key project phases, including site mobilization, pre-construction planning, and procurement. The next steps in the timeline include:
- Finalizing Regulatory Approvals: With positive progress on permitting and approvals, the project is expected to clear all procedural requirements by mid-2025.
- Construction Start: Major pre-construction activities, including site preparation and procurement, are slated to begin in the second half of 2025.
- Operational Readiness: Once completed, Stoney Creek BESS will be fully integrated into the New South Wales energy market, supporting long-term reliability and stability.
The successful implementation of the Stoney Creek BESS will serve as a model for future large-scale storage projects across Australia. The project highlights the growing need for advanced energy storage solutions to complement increasing renewable energy generation and ensure grid stability.
Energy Vault’s Global Expansion and Industry Leadership
Beyond Australia, Energy Vault continues to expand its footprint in other key markets. With projects in the United States and other regions, the company is demonstrating the viability and financial sustainability of its energy storage solutions. The ability to develop, own, and operate projects positions Energy Vault as a leader in the transition to sustainable energy.
Energy Vault’s proprietary technology and innovative business model enable it to deliver highly efficient, cost-effective energy storage systems with scalable deployment potential. The company’s portfolio spans:
- Gravity-based energy storage solutions, which leverage mechanical energy to store and release electricity efficiently.
- Battery energy storage systems, like Stoney Creek BESS, which provide critical grid services and renewable integration.
- Green hydrogen storage, such as the micro-grid project in California, showcasing multi-day storage capabilities.
By diversifying its energy storage solutions and expanding its presence in high-growth markets, Energy Vault is reinforcing its commitment to decarbonization, grid resilience, and the long-term sustainability of the global energy sector.
