Energy Vault Closes Acquisition of 850 MW Energy Storage Portfolio from BayWa r.e. AG, Establishing Immediate Operational Platform to Capture Growth in Japan

Key Terms

battery energy storage system technical

A battery energy storage system is a device that stores electricity for later use, much like a rechargeable battery for a phone or laptop. It allows energy generated during times of low demand or from renewable sources to be saved and released when needed, helping to balance supply and demand. For investors, it represents a way to support reliable energy flow and capitalize on the increasing demand for flexible, clean power solutions.

bess technical

BESS stands for Battery Energy Storage System, a technology that stores electricity for later use. Think of it as a large rechargeable battery that can hold excess power generated during times of low demand and release it when usage is high, helping balance supply and demand. This is important for investors because it supports the stability of energy grids, enables the integration of renewable sources, and can create new opportunities for profitability in the energy market.

notice to proceed regulatory

A notice to proceed is a formal, written authorization in a contract that tells a contractor to start work and often triggers the project clock, budgets, and key obligations. For investors it matters because it signals that planned spending, revenue recognition, milestone payments and schedule risks are beginning—similar to a green light at a construction site that converts plans into real cash flows and measurable progress.

commercial operation dates technical

The commercial operation date(s) mark when a project, plant, or service begins regular, paying operations and is considered fully ready to deliver goods or services to customers. For investors, these dates signal when revenue and cash flow are expected to start, when long-term contracts and warranties begin, and when financing or regulatory milestones are met—much like a new store’s grand opening that turns construction into actual sales.

ebitda financial

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Acquisition transfers a premium 850 MW Japanese BESS development portfolio and an experienced local development team from BayWa r.e. AG, one of the world’s leading renewable energy independent power producers

Portfolio includes 350 MW of near term, advanced-stage projects expected to reach NTP in 2H 2027, with COD beginning in mid-2028, plus 500 MW of early-stage projects supporting long-term growth and development

Japanese projects are expected to be designed with three-hour duration, generating higher EBITDA per MW than typical shorter-duration BESS projects in Texas.

Transaction brings Energy Vault’s global owned asset portfolio for near term projects underway to 1.1 GW, contributing to $180M+ in expected annual recurring EBITDA as the projects come online

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global leader in sustainable grid-scale energy storage and AI compute infrastructure solutions, today announced the successful completion of its previously announced acquisition of an 850 MW Battery Energy Storage System (“BESS”) development portfolio in Japan from BayWa r.e. AG, a leading global renewable energy developer and independent power producer.

The closing of the transaction officially establishes Energy Vault’s operational presence in Japan, one of the most attractive and structurally advantaged energy storage markets among developed economies. The acquisition provides Energy Vault with an immediate in-country platform, a premium project pipeline, and a highly experienced local development team with deep expertise in land rights, regulatory permitting, and utility interconnections — capabilities that are essential to scaling successfully in Japan’s complex and rapidly growing energy storage market.

The team and portfolio were carefully selected and originate from BayWa r.e., one of the world’s most sophisticated renewable energy platforms. For Energy Vault, the strategic value of the acquisition extends beyond megawatts alone: it adds proven local execution capability, accelerates market entry, and positions the Company to build a long-term owned-asset platform in a market with strong demand for flexible, reliable, and dispatchable energy storage.

The acquired portfolio includes approximately 350 MW of advanced-stage BESS projects expected to reach Notice to Proceed (“NTP”) in the second half of 2027, with Commercial Operation Dates (“COD”) expected to begin in mid-2028. An additional 500 MW of early-stage projects provides a multi-year development runway and meaningful expansion potential as Energy Vault scales its Japanese platform. Importantly, the advanced-stage projects are expected to be configured with three hours of storage duration. This provides greater energy capacity per MW than shorter-duration BESS projects more commonly seen in other markets, including the United States, and is expected to enhance the long-term revenue potential and asset value of the portfolio. In addition, Japan’s relatively low cost of financing further strengthens project-level economics, making the market particularly attractive for Energy Vault’s asset ownership strategy.

“This acquisition marks a significant step in Energy Vault’s global growth strategy and establishes our direct operating platform in one of the world’s most compelling energy storage markets,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “By completing this acquisition, we have secured not only a premium BESS development portfolio, but also an experienced local team from one of the most respected renewable energy platforms globally in BayWa Renewables. Japan’s need for flexible, reliable storage is accelerating, and Energy Vault is well positioned to deliver projects at scale while creating long-term, predictable value for our shareholders.”

“Japan is a strategically important market for energy storage, and we are pleased to have successfully transferred this high-quality portfolio to Energy Vault,” said Daniel Gaefke, Group Chief Operating Officer of BayWa r.e. “This transaction reflects BayWa r.e.’s ability to originate, develop, and monetize premium renewable energy assets globally. With its integrated technology platform, execution capability, and asset ownership strategy, Energy Vault is well positioned to advance these projects and support Japan’s energy transition.”

The formal addition of BayWa r.e.’s Japanese portfolio brings Energy Vault’s global owned asset base — including acquired, under-construction, and operating assets — to more than 1 GW across energy storage and AI compute infrastructure. Once fully constructed and operational, this growing owned-asset portfolio is expected to support more than $180M in anticipated annual recurring EBITDA, reinforcing Energy Vault’s transition toward a capital-efficient, recurring revenue business model.

With the acquisition now closed, Energy Vault intends to continue scaling its Japanese presence by advancing the acquired projects, evaluating additional development opportunities, and deploying storage solutions tailored to Japan’s grid needs, safety requirements, and long-term power market dynamics. The Company will also assess next-generation battery chemistries and customized storage configurations designed to maximize value in Japan’s evolving energy landscape.

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. Since 2024, Energy Vault has executed an “Own & Operate” asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.

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. 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,” “contemplate,” “continue,” “suggest,” “plan,” “potential,” “predict,” “believe,” “intend,” “project,” “forecast,” “estimate,” “target,” “project,” “projections,” “should,” “target,” “could,” “would,” “may,” “might,” “will” and other similar expressions. 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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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Energy Vault Contacts:
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Source: Energy Vault Holdings, Inc.