Energy Vault Advances ‘Own & Operate’ Growth Strategy in Australia with Award of New South Wales Long-Term Energy Service Agreement (LTESA) for 125 MW, 1.0 GWh Stoney Creek BESS
Energy Vault Holdings (NYSE: NRGV) has secured a 14-year Long-Term Energy Service Agreement (LTESA) for its Stoney Creek Battery Energy Storage System (BESS) in New South Wales, Australia. The project, developed in partnership with Enervest, features a 1.0 gigawatt-hour battery system with 125MVA connection, making it one of Australia's largest 8-hour long duration battery systems.
The Stoney Creek BESS, valued at approximately AUD $350 million (~USD $220 million), will provide large-scale dispatchable storage capacity to support grid reliability and renewable integration. The project is expected to create 150 jobs during peak construction and four full-time operational roles post-completion.
Site mobilization and pre-construction activities are planned for the second half of 2025. This project represents a significant milestone in Energy Vault's 'Own & Operate' growth strategy, complementing ~2.6 GWh of previously announced projects in Australia.
Energy Vault Holdings (NYSE: NRGV) ha ottenuto un contratto di servizio energetico a lungo termine (LTESA) della durata di 14 anni per il suo sistema di stoccaggio energetico a batteria (BESS) di Stoney Creek nel Nuovo Galles del Sud, Australia. Il progetto, sviluppato in collaborazione con Enervest, presenta un sistema di batterie da 1,0 gigawattora con connessione da 125MVA, rendendolo uno dei più grandi sistemi di batterie a lungo termine da 8 ore in Australia.
Il BESS di Stoney Creek, valutato circa 350 milioni di AUD (~220 milioni di USD), fornirà una capacità di stoccaggio su larga scala e programmabile per supportare l'affidabilità della rete e l'integrazione delle energie rinnovabili. Si prevede che il progetto creerà 150 posti di lavoro durante il picco della costruzione e quattro ruoli operativi a tempo pieno dopo il completamento.
La mobilitazione del sito e le attività di pre-costruzione sono programmate per la seconda metà del 2025. Questo progetto rappresenta un traguardo significativo nella strategia di crescita 'Own & Operate' di Energy Vault, complementando circa 2,6 GWh di progetti precedentemente annunciati in Australia.
Energy Vault Holdings (NYSE: NRGV) ha asegurado un Acuerdo de Servicio Energético a Largo Plazo (LTESA) de 14 años para su Sistema de Almacenamiento de Energía en Batería (BESS) de Stoney Creek en Nueva Gales del Sur, Australia. El proyecto, desarrollado en asociación con Enervest, cuenta con un sistema de baterías de 1,0 gigavatio-hora con conexión de 125MVA, lo que lo convierte en uno de los sistemas de baterías de larga duración de 8 horas más grandes de Australia.
El BESS de Stoney Creek, valorado en aproximadamente 350 millones de AUD (~220 millones de USD), proporcionará capacidad de almacenamiento a gran escala y despachable para apoyar la fiabilidad de la red y la integración de energías renovables. Se espera que el proyecto genere 150 empleos durante la construcción máxima y cuatro puestos operativos a tiempo completo tras su finalización.
La movilización del sitio y las actividades de pre-construcción están previstas para la segunda mitad de 2025. Este proyecto representa un hito significativo en la estrategia de crecimiento 'Own & Operate' de Energy Vault, complementando aproximadamente 2,6 GWh de proyectos previamente anunciados en Australia.
Energy Vault Holdings (NYSE: NRGV)는 호주 뉴사우스웨일즈의 Stoney Creek 배터리 에너지 저장 시스템(BESS)에 대해 14년 장기 에너지 서비스 계약(LTESA)을 체결했습니다. 이 프로젝트는 Enervest와 협력하여 개발되었으며, 125MVA 연결을 갖춘 1.0 기가와트시 배터리 시스템을 특징으로 하여 호주에서 가장 큰 8시간 장기 배터리 시스템 중 하나입니다.
Stoney Creek BESS는 약 3억 5천만 호주 달러(~2억 2천만 미국 달러)의 가치가 있으며, 전력망의 안정성과 재생 가능 에너지 통합을 지원하기 위해 대규모로 배치 가능한 저장 용량을 제공합니다. 이 프로젝트는 최대 건설 기간 동안 150개의 일자리를 창출할 것으로 예상되며, 완료 후에는 4개의 정규직 운영 역할이 생길 것입니다.
현장 동원 및 사전 건설 활동은 2025년 하반기로 계획되어 있습니다. 이 프로젝트는 Energy Vault의 '소유 및 운영' 성장 전략에서 중요한 이정표를 나타내며, 호주에서 이전에 발표된 약 2.6GWh의 프로젝트를 보완합니다.
Energy Vault Holdings (NYSE: NRGV) a sécurisé un contrat de service énergétique à long terme (LTESA) de 14 ans pour son système de stockage d'énergie par batterie (BESS) de Stoney Creek dans le New South Wales, Australie. Le projet, développé en partenariat avec Enervest, dispose d'un système de batteries de 1,0 gigawattheure avec connexion de 125MVA, ce qui en fait l'un des plus grands systèmes de batteries à longue durée de 8 heures en Australie.
Le BESS de Stoney Creek, d'une valeur d'environ 350 millions AUD (~220 millions USD), fournira une capacité de stockage à grande échelle et dispatchable pour soutenir la fiabilité du réseau et l'intégration des énergies renouvelables. Le projet devrait créer 150 emplois pendant le pic de construction et quatre postes opérationnels à temps plein après son achèvement.
La mobilisation du site et les activités de pré-construction sont prévues pour la seconde moitié de 2025. Ce projet représente une étape significative dans la stratégie de croissance 'Own & Operate' d'Energy Vault, complétant environ 2,6 GWh de projets précédemment annoncés en Australie.
Energy Vault Holdings (NYSE: NRGV) hat einen 14-jährigen langfristigen Energiedienstleistungsvertrag (LTESA) für sein Stoney Creek Battery Energy Storage System (BESS) in New South Wales, Australien, gesichert. Das Projekt, das in Partnerschaft mit Enervest entwickelt wurde, verfügt über ein 1,0 Gigawattstunden-Batteriesystem mit 125MVA-Anschluss, wodurch es zu einem der größten 8-Stunden-Batteriesysteme Australiens gehört.
Das Stoney Creek BESS, das auf etwa 350 Millionen AUD (~220 Millionen USD) geschätzt wird, wird eine großflächige, abrufbare Speicherkapazität bieten, um die Zuverlässigkeit des Stromnetzes und die Integration erneuerbarer Energien zu unterstützen. Es wird erwartet, dass das Projekt während der Spitzenbauzeit 150 Arbeitsplätze schaffen und nach der Fertigstellung vier Vollzeitbetriebsstellen anbieten wird.
Die Standortmobilisierung und die Vorbauaktivitäten sind für die zweite Hälfte des Jahres 2025 geplant. Dieses Projekt stellt einen bedeutenden Meilenstein in der Wachstumsstrategie 'Own & Operate' von Energy Vault dar und ergänzt etwa 2,6 GWh zuvor angekündigter Projekte in Australien.
- Secured 14-year revenue stream through LTESA agreement
- Large-scale project: 1.0 GWh capacity with 8-hour duration
- AUD $350M (~USD $220M) project value
- Expands 'Own & Operate' portfolio in Australian market
- Complements existing 2.6 GWh of announced projects in Australia
- Construction not starting until H2 2025
- Still pending final procedural and DA approvals
Insights
Energy Vault's securing of a 14-year Long-Term Energy Service Agreement (LTESA) for the Stoney Creek Battery Energy Storage System represents a significant strategic advancement in their 'Own & Operate' growth model. This
The financial impact is substantial, providing multi-decade revenue visibility that enhances the company's cash flow predictability – exactly what investors seek in the volatile energy sector. The 14-year contracted revenue stream creates a stable foundation while still allowing for upside through merchant market participation. This dual-revenue model significantly de-risks the 1GWh project.
This marks Energy Vault's third owned project globally, following assets in California and Texas, demonstrating successful execution of the strategic pivot announced in May 2024. The transformation from a pure technology provider to an asset owner creates recurring revenue streams with higher margins. The Australia expansion is particularly notable as the country faces unique grid challenges that require substantial long-duration storage investments.
The project's capital intensity appears in line with industry standards for long-duration storage, though further disclosure on project margins would help quantify long-term value creation. Revenue recognition will begin after the expected second-half 2025 construction start, meaning this award primarily represents future financial impact rather than near-term earnings.
The Stoney Creek BESS project marks a critical evolution in Australia's storage landscape, representing one of the first gigawatt-hour scale systems with 8-hour duration in New South Wales. This positions Energy Vault at the forefront of the growing long-duration storage segment, which bridges the gap between short-duration batteries and pumped hydro.
The 125MW/1.0GWh configuration is technically significant – most utility batteries deployed globally have been 1-4 hour systems. The 8-hour duration creates versatility for multiple grid services, from renewable integration to peak capacity provisions. This longer duration capability commands premium revenue in markets experiencing duck curve challenges and evening price spikes.
NSW's selection of this project through the AEMO Services tender process validates both the technology approach and Energy Vault's operational capabilities. Winning this competitive procurement process required demonstrating system reliability, safety protocols, and operational efficiency that met stringent grid operator requirements.
The strategic location in Narrabri positions the system in a region transitioning away from coal generation while supporting renewable deployment. This reflects sophisticated site selection to maximize both grid value and revenue potential. Construction timing aligns with anticipated regional thermal plant retirements, allowing the system to capture higher capacity values during this transition period.
Energy Vault's partnership with Australian developer Enervest demonstrates effective market entry strategy through local collaboration while leveraging their global technical expertise.
LTESA award secures up to 14 years of project revenue support to complement the expected project merchant revenues
Previously announced 1 GWh and AUD
The Stoney Creek BESS, submitted via a joint Enervest-Energy Vault Consortium bid, will provide large-scale dispatchable energy storage to balance renewable generation, enhance grid stability, and support
As outlined in the May 2024 Investor and Analyst Day, the LTESA award demonstrates successful regional expansion of Energy Vault’s 'Own & Operate' growth strategy to
In partnership with Enervest, a leading Australian project developer, the previously announced Stoney Creek BESS located in Narrabri, NSW is a 1.0 gigawatt-hour battery system connected with a 125MVA connection, creating one of the largest 8-hour long duration battery systems in
Along with the Calistoga Resiliency Center in
"The Stoney Creek project serves as an important regional milestone at large scale that demonstrates execution of our ‘Own & Operate’ growth strategy,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “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 have uniquely positioned Energy Vault to deliver systems at lower capex and opex costs while securing long term, predictable and profitable cash flow streams for our shareholders.”
As one of the largest battery storage projects in
Piconi added, "Energy Vault is proud to partner with
“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,” said Ross Warby, Chief Executive Officer, Enervest. “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 Highlights:
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150 jobs created at peak construction, with four full-time operational roles post-completion.
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Site mobilization, pre-construction and procurement activities expected in the second half of 2025 following final procedural and DA approvals.
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A cornerstone project within the NSW Government’s Renewable Energy Roadmap, supporting the state’s decarbonisation goals.
- Strategic engagement with Traditional Owners, community groups, and local councils to ensure a collaborative, sustainable development approach that maximises local benefits. A major step toward expanding Australia’s energy storage capacity, reinforcing grid reliability and resilience.
Enervest and Energy Vault acknowledge the Traditional Owners of the land on which this project will be developed and remains committed to working closely with Indigenous communities, local councils, and community groups to maximise long-term benefits of Stoney Creek BESS for the region.
About Energy Vault
Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Please visit www.energyvault.com for more information.
About Enervest Group
Enervest is an Australian-owned and operated energy developer with capability in the origination, development, design, construction and operation of utility and diversified energy generation and storage assets.
With over 15 years of industry experience, a proven track record for delivering complex projects, Enervest is focused on leading Australia’s energy transition. Our objective is to seize control of the opportunity to create a better energy grid by delivering impactful and positive energy and investment outcomes.
Our commitment is to develop projects which bring value for communities, benefit local infrastructure and engaging with stakeholders, local and First Nations, to collaborate in a shared value model benefiting both local infrastructure and community.
Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance, including the Stoney Creek BESS. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, failure to close the acquisition of the Stoney Creek BESS project, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings, backlog, timing of permits and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
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Source: Energy Vault Holdings, Inc.
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