Energy Vault Announces FID Approval for 57 MW Cross Trails Battery Energy Storage System in Texas and 10-Year Offtake Agreement with Gridmatic
Energy Vault Holdings (NYSE: NRGV) announced plans to deploy a 57 MW/114 MWh Battery Energy Storage System (BESS) in Scurry County, Texas, along with signing a 10-year offtake agreement with Gridmatic. The Cross Trails BESS project, set to begin construction in Q1 2025 with commercial operation by summer 2025, will support renewable energy production and improve grid resiliency in the ERCOT region. The system will be built using Energy Vault's proprietary X-Vault integration platform and B-VAULT™ product, managed by their VaultOS Energy Management System. This marks another milestone in Energy Vault's strategy to build, own, and operate energy storage infrastructure globally.
Energy Vault Holdings (NYSE: NRGV) ha annunciato piani per l'implementazione di un sistema di accumulo energetico a batteria da 57 MW/114 MWh (BESS) nella Scurry County, Texas, insieme alla firma di un contratto di acquisto di 10 anni con Gridmatic. Il progetto Cross Trails BESS, che avrà inizio nella costruzione nel primo trimestre del 2025 con operatività commerciale prevista per l'estate del 2025, supporterà la produzione di energia rinnovabile e migliorerà la resilienza della rete nella regione ERCOT. Il sistema sarà costruito utilizzando la piattaforma di integrazione proprietaria X-Vault di Energy Vault e il prodotto B-VAULT™, gestito dal loro Sistema di Gestione Energetica VaultOS. Questo segna un altro traguardo nella strategia di Energy Vault di costruire, possedere e gestire infrastrutture di accumulo energetico a livello globale.
Energy Vault Holdings (NYSE: NRGV) anunció planes para desplegar un sistema de almacenamiento de energía en batería de 57 MW/114 MWh (BESS) en el condado de Scurry, Texas, junto con la firma de un contrato de compra de 10 años con Gridmatic. El proyecto Cross Trails BESS, que comenzará su construcción en el primer trimestre de 2025 con operación comercial prevista para el verano de 2025, apoyará la producción de energía renovable y mejorará la resiliencia de la red en la región ERCOT. El sistema se construirá utilizando la plataforma de integración X-Vault de Energy Vault y el producto B-VAULT™, gestionado por su Sistema de Gestión Energética VaultOS. Este es otro hito en la estrategia de Energy Vault de construir, poseer y operar infraestructura de almacenamiento de energía a nivel global.
Energy Vault Holdings (NYSE: NRGV)는 텍사스 스커리 카운티에 57 MW/114 MWh 배터리 에너지 저장 시스템 (BESS)을 배치할 계획을 발표하고 Gridmatic와 10년 구매 계약을 체결했습니다. Cross Trails BESS 프로젝트는 2025년 1분기에 건설이 시작되어 2025년 여름에 상업 운영이 예정되어 있으며, 재생 가능 에너지 생산을 지원하고 ERCOT 지역의 전력망 회복력을 향상시킬 것입니다. 이 시스템은 Energy Vault의 독점 X-Vault 통합 플랫폼과 B-VAULT™ 제품을 사용하여 구축되며, VaultOS 에너지 관리 시스템에서 관리됩니다. 이는 Energy Vault가 전 세계적으로 에너지 저장 인프라를 구축, 소유 및 운영하는 전략의 또 다른 이정표입니다.
Energy Vault Holdings (NYSE: NRGV) a annoncé des plans pour déployer un système de stockage d'énergie par batterie de 57 MW/114 MWh (BESS) dans le comté de Scurry, Texas, tout en signant un contrat d'achat de 10 ans avec Gridmatic. Le projet Cross Trails BESS, dont la construction doit commencer au premier trimestre 2025 avec une opération commerciale prévue pour l'été 2025, soutiendra la production d'énergie renouvelable et améliorera la résilience du réseau dans la région ERCOT. Le système sera construit en utilisant la plateforme d'intégration propriétaire X-Vault d'Energy Vault et le produit B-VAULT™, géré par leur système de gestion énergétique VaultOS. Cela marque une autre étape importante dans la stratégie d'Energy Vault de construire, posséder et exploiter des infrastructures de stockage d'énergie dans le monde entier.
Energy Vault Holdings (NYSE: NRGV) kündigte Pläne zur Implementierung eines 57 MW/114 MWh Batteriespeichersystems (BESS) im Scurry County, Texas, an und unterzeichnete einen 10-jährigen Abnahmevertrag mit Gridmatic. Das Cross Trails BESS-Projekt soll im ersten Quartal 2025 mit dem Bau beginnen und im Sommer 2025 den kommerziellen Betrieb aufnehmen. Es wird die Produktion erneuerbarer Energien unterstützen und die Netzresilienz in der ERCOT-Region verbessern. Das System wird mit Energy Vaults proprietärer X-Vault-Integrationsplattform und dem Produkt B-VAULT™ gebaut und von deren VaultOS-Energiemanagementsystem verwaltet. Dies markiert einen weiteren Meilenstein in Energy Vaults Strategie, weltweit Energieinfrastruktur für Speicherung zu bauen, zu besitzen und zu betreiben.
- Secured 10-year offtake agreement with Gridmatic, providing stable long-term revenue
- Project expands company's operational footprint in the strategic ERCOT market
- First physically settled revenue floor contract for a BESS in ERCOT, reducing revenue uncertainty
- Leverages proprietary technology and systems for operational efficiency
- Construction not starting until Q1 2025, delaying revenue generation
- Significant capital investment required for build-own-operate model
Insights
The deployment of a 57 MW/114 MWh BESS in Texas represents a significant strategic expansion for Energy Vault. The 10-year offtake agreement with Gridmatic provides important revenue stability and demonstrates strong commercial viability. The project's integration with ERCOT, one of America's largest power markets, positions it well for future growth.
Key strategic elements include:
- First physically settled revenue floor contract for BESS in ERCOT, reducing revenue volatility
- Implementation of proprietary technology stack (X-Vault, B-VAULT™, VaultOS)
- Alignment with capital efficiency strategy through build-own-operate model
This project marks a pivotal shift in Energy Vault's business model, transitioning from a pure technology provider to an infrastructure owner-operator. The deal structure reflects evolving market dynamics in energy storage:
- Growing demand for battery storage in high-renewables markets
- Increasing sophistication in revenue optimization through AI-driven trading
- Emergence of innovative financing structures backed by long-term contracts
Cross Trails BESS to provide energy and ancillary services to support renewable energy production and improve grid resiliency in the Electric Reliability Council of
Upcoming deployment demonstrates Energy Vault’s execution on its growth strategy to maximize capital efficiency and profitability in building, owning and operating energy storage infrastructure
The Cross Trails BESS, which will be built, owned and operated by Energy Vault, will provide energy and ancillary services to support renewable energy production and improve grid resiliency in the Electric Reliability Council of
This project marks another milestone in Energy Vault’s global buildout of energy storage infrastructure that follows recently announced projects in the
The offtake agreement is the first physically settled revenue floor contract to be signed for a BESS in ERCOT. The agreement is backed by Gridmatic’s previously announced Energy Storage Fund, and will provide both Energy Vault and Gridmatic with the benefit of Gridmatic’s AI-based forecasts, which have delivered the top Day Ahead energy trading results in the ERCOT market. As part of the agreement, Gridmatic will also provide QSE services.
“We continue to execute rapidly and advance our strategy announced earlier this year in May to leverage our deep battery system and software expertise to efficiently build, own and operate energy storage assets,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “Owning energy storage infrastructure plays a critical role in our commitment to deliver long-term, sustainable shareholder value while allowing the company to more profitably and efficiently capitalize on the growing global demand for energy storage solutions. We are excited to partner with Gridmatic as a leading power marketer with proven storage offtake and optimization performance to hedge project cash flows and deliver reliable, safe and sustainable energy solutions that will benefit the ERCOT market.”
“Energy Vault’s proven expertise and ability to develop and deploy world-class, reliable, and cost-effective energy storage solutions make them a perfect partner for Gridmatic,” said Matt Wytock, Chief Executive Officer of Gridmatic. “This BESS will deliver increased grid reliability and affordability for
The BESS system will be built with Energy Vault’s proprietary X-Vault integration platform using Energy Vault’s proprietary UL9540 certified B-VAULT™ product, and VaultOS Energy Management System to control, manage and optimize the BESS operations. Energy Vault’s innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project.
To date, Energy Vault’s B-VAULT portfolio consists of more than 2 GWh in total projects deployed and under construction. Gridmatic has contracted to operate over 300 MW of battery storage projects across the ERCOT and CAISO markets.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-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. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s G-Vault™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.
About Gridmatic
Gridmatic is an AI-enabled power marketer that uses advanced algorithms to forecast energy supply, demand, and pricing across all seven ISOs. By providing stability, predictability, and automation, Gridmatic supports energy buyers, sellers, and storage owners in an increasingly volatile market. As the most profitable trader in the ERCOT Day Ahead energy market, Gridmatic's industry-leading performance in managing the Day Ahead - Real Time spread is central to optimizing storage system results. Gridmatic offers various contract options, including tolling agreements for fixed monthly revenue, revenue floor with upside sharing, or scheduling-as-a-service, where we optimize bids to maximize project revenue for owners seeking market exposure. Gridmatic has contracted to operate over 300 MW of battery storage projects across the ERCOT and CAISO markets. For more, visit https://www.gridmatic.com.
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