Energy Vault Holdings Inc. has announced a significant partnership with Enervest Group to deploy a 1,000 MWh battery energy storage system (BESS) at the Stoney Creek site in New South Wales, Australia. The deal, valued at $350 million, is a major step in enhancing renewable energy generation and stability within the New South Wales power grid.
The agreement comes as Energy Vault continues its expansion in the Australian market, aligning with its global growth strategy discussed during the company’s May 2024 Investor and Analyst Day meetings. The Stoney Creek BESS is designed to provide flexible, grid-scale energy storage, which will improve the efficiency of renewable energy generation while enhancing the stability and reducing carbon intensity within the state’s power infrastructure.
As part of this collaboration, Energy Vault will take on the role of the turn-key engineering, procurement, construction, and commissioning partner for the project. The company will also offer long-term services, software, and maintenance support throughout the project’s lifecycle. The BESS will be constructed using Energy Vault’s proprietary X-Vault integration platform, incorporating its B-VAULT™ product and Vault-OS Energy Management System. This innovative system architecture allows for customer flexibility, providing options with various battery and inverter suppliers and offering unique AC-coupled and DC-coupled configurations.
Ross Warby, Chief Executive Officer of Enervest, expressed enthusiasm for the partnership, stating: “Energy Vault’s leading integrated hardware and software solution, coupled with their deep technology and system design expertise, makes Energy Vault an ideal partner for the Stoney Creek BESS. We value strong partnerships and consider them vital for accelerated, quality project development.”
Robert Piconi, Chairman of the Board and Chief Executive Officer of Energy Vault, echoed this sentiment, highlighting the company’s commitment to expanding its multi-GWh portfolio of energy storage projects in Australia. “With Enervest, we share a focus on large-scale and financially attractive projects to enhance grid resiliency,” he said. “The Stoney Creek project exemplifies our execution of the growth plans outlined for 2025 and beyond.”
The announcement underscores Energy Vault’s ongoing efforts to solidify its presence in the Australian market, building on previously announced projects in New South Wales that will deliver 400 MWh of energy storage by 2025. The company’s B-VAULT portfolio now encompasses over 2 GWh of projects either deployed or in development, showcasing its commitment to sustainable energy solutions.
This partnership is poised to not only enhance the stability of the New South Wales power grid but also to contribute to the region’s renewable energy goals as it transitions towards a more sustainable future. As Australia continues to ramp up its renewable energy capacity, innovative collaborations like this are essential to address the challenges of energy storage and grid reliability. Please visit www.energyvault.com for more information.