Energy Vault Holdings, Inc. (NYSE: NRGV) has marked its entry into the Australian market with the acquisition of the Stoney Creek Battery Energy Storage System (BESS), a major milestone in the company’s global “Own & Operate” strategy.
The fully acquired 125MW/1,000MWh Stoney Creek BESS in Northern New South Wales represents Energy Vault’s first asset in Australia and its third — and largest — energy storage facility overall, following projects in Texas and California.
The move comes after securing Foreign Investment Review Board (FIRB) approval, granting Energy Vault full control of both the development and operation of the project, which was initially announced for acquisition from Enervest Group in March 2025.
Chairman and CEO Robert Piconi emphasised the significance of the acquisition, stating: “The formal acquisition of Stoney Creek represents a first and very significant milestone in Energy Vault’s long-term investment strategy for Australia.
Piconi stated that Stoney Creek, being the first project outside the United States developed under their global ‘Own & Operate’ asset strategy, highlights Energy Vault’s focus on promising, rapidly expanding markets for energy storage solutions, particularly those supported by supportive regulatory frameworks like Australia’s.
“We have multiple storage projects in various stages of construction across eastern Australia, and we look forward now to focusing on moving the Stoney Creek BESS rapidly to RTB construction and eventual operation in order to maximise the benefits for the local communities while supporting the NSW regional decarbonisation goals.”
The Stoney Creek BESS, designed to deliver eight hours of dispatchable energy, was awarded a 14-year Long-Term Energy Service Agreement (LTESA) under New South Wales’s Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services.
This contract provides predictable, contracted revenue for up to 14 years, estimated to deliver approximately $30million in annual recurring EBITDA for the next 15+ years.
Energy Vault leverages its proprietary VaultOS™ management platform and B-VAULT™ storage technology to optimise the performance of Stoney Creek.
Once operational, the asset will play a critical role in supporting peak electricity demand, enhancing grid flexibility, and further integrating renewable energy sources in New South Wales.
This strategic acquisition reinforces Energy Vault’s commitment to accelerating the energy transition in Australia through resilient, low-carbon infrastructure.
The project is positioned as a flagship deployment within the Asset Vault portfolio, enabling the company to manage the entire lifecycle of the asset — from design through long-term operation — for optimal performance and profitability.
Stoney Creek joins a growing pipeline of merchant and contracted energy storage deployments in Australia. Energy Vault’s suite of technology platforms, including Energy VaultOS™ and Vault-Bidder™, are designed to offer essential grid services and long-term asset value for stakeholders, while reinforcing investor confidence in Australia’s evolving energy landscape.
As the company continues to expand its footprint, the completion of the Stoney Creek acquisition stands as a testament to Energy Vault’s long-term strategic commitment, both to the local communities in New South Wales and to Australia’s broader decarbonisation ambitions.
