US-based infrastructure platform Energy Vault Holdings Inc. has obtained State Significant Development Approval from the New South Wales government for its 125 MW / 1 GWh Stoney Creek battery energy storage system (BESS) near Narrabri.
The approval follows Energy Vault’s recent outright purchase of the project land, de-risking the development path and clearing the way for site construction.
Geotechnical surveys were completed in late August, with site works and mobilisation scheduled to begin in the fourth quarter of 2026. Commercial operations are slated to commence in the first half of 2028.
Designed to deliver eight hours of long-duration energy storage capacity, the battery will supply critical dispatchable power to the state grid, supporting system reliability and the integration of renewable generation. Asset performance and market participation will be managed using Energy Vault’s proprietary VaultOS energy management platform.
The project forms part of Energy Vault’s Build, Own & Operate portfolio, allowing the company to retain long-term economic returns. Stoney Creek is backed by a 14-year long-term energy service agreement awarded through AEMO Services under the NSW Electricity Infrastructure Roadmap.
Combined with anticipated merchant market earnings, the project is expected to generate between US$25 million (AU$36 million) and US$30 million in annual recurring revenue once fully operational.
“Securing state development approval for Stoney Creek is a significant achievement for the project and reflects several years of disciplined development, engineering and stakeholder engagement,” said Raymond Gilfedder, General Manager of Energy Vault Australia.
“This is our Build, Own & Operate strategy in action,” added Marco Terruzzin, Chief Revenue Officer of Energy Vault.
“We are progressing a large-scale storage project toward delivery while retaining the long-term economics through ownership and operation.
“Once operational, Stoney Creek is expected to provide critical dispatchable capacity to New South Wales while contributing recurring revenue to Energy Vault.”