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Energy Vault has received FIRB approval and completed the acquisition of a 125 MW/1,000 MWh Stoney Creek BESS project in Australia. The project enters Energy Vault's international "Own & Operate" portfolio, advancing the company's long-term asset management strategy. Energy Vault has formalized its investment position in the Stoney Creek BESS, enabling full acquisition and control of the project's development and operations. The project has a 14-year LTESA contract, providing a strong foundation of contracted revenue and reinforcing investor confidence.

Energy Vault Holdings, Inc. (NYSE: NRGV) has received final Foreign Investment Review Board (FIRB) approval and completed the acquisition of the Stoney Creek Battery Energy Storage System (BESS) project in Northern New South Wales, Australia. The 125 MW/1,000 MWh project now joins Energy Vault's international "Own & Operate" portfolio, marking a significant milestone in the company's long-term asset management strategy in the Australian market [1].

The acquisition of Stoney Creek BESS, which was initially announced for acquisition from Enervest Group in March 2025, underscores Energy Vault's commitment to accelerating Australia's transition to a more resilient, low-carbon energy grid. The project is expected to deliver approximately $30 million in combined annual, recurring EBITDA for the next 15+ years [1].

The Stoney Creek BESS has been awarded a 14-year Long-Term Energy Service Agreement (LTESA) under Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services. This LTESA provides up to 14 years of predictable, contracted revenue, helping to de-risk the project and accelerate investment in critical storage infrastructure [1].

The project's design includes eight hours of dispatchable energy, supporting grid reliability and flexibility in a strategic location within NSW's transitioning energy landscape. Energy Vault is developing and integrating the project using its VaultOS™ energy management platform and B-VAULT™ storage technology [1].

Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, commented, "The formal acquisition of Stoney Creek represents a first and very significant milestone in Energy Vault’s long-term investment strategy for Australia. As the first non-US project developed under our global ‘Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high-growth markets for energy storage solutions supported by favorable regulatory policies as is the case with Australia. We have multiple storage projects in various stages of construction across eastern Australia, and we look forward to focusing on moving the Stoney Creek BESS rapidly to RTB construction and eventual operation in order to maximize the benefits for the local communities while supporting the NSW regional decarbonization goals" [1].

Energy Vault's acquisition of the Stoney Creek BESS project is part of its growing pipeline of energy storage deployments designed to enable both merchant and contracted revenue streams through its Energy VaultOS™ and Vault-Bidder™ platforms [1].

References:
[1] https://www.stocktitan.net/news/NRGV/energy-vault-secures-final-firb-approval-and-completes-acquisition-8cogdhmfnt3i.html