US-based Energy Vault has closed the acquisition of the 125MW/1GWh Stoney Creek Battery Energy Storage System (BESS) in Northern New South Wales (NSW), Australia.
Announced in March 2025, the deal was completed following approval from the Australian Foreign Investment Review Board (FIRB).
Energy Vault acquired the project from Enervest Group, an Australian project developer. The acquisition of the Stoney Creek BESS, valued at $220m for construction, aligns with Energy Vault’s expanding portfolio of projects.
According to Energy Vault, the Stoney Creek BESS will function as a significant deployment within its Asset Vault portfolio, benefiting from the company’s integrated approach that covers design to long-term operation. This will allow optimisation of performance and profitability while providing essential grid services, said the firm.
The project is backed by a 14-year long-term energy service agreement (LTESA) under the NSW Electricity Infrastructure Roadmap’s Roadmap Tender Round 5 for Long Duration Storage.
Administered by AEMO Services, this contract provides stable revenue, reducing project risk and facilitating investment in storage infrastructure.
Energy Vault plans to enhance grid stability in NSW with the project capable of delivering eight hours of dispatchable energy. Utilising its proprietary VaultOS platform and B-VAULT technology, the company aims to integrate renewable energy sources and support peak demand effectively.
Energy Vault chairman and CEO Robert Piconi said: “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 favourable 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 now 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 decarbonisation goals.”
Additionally, Energy Vault has secured an exclusivity agreement for a $300m preferred equity investment to establish Asset Vault, a subsidiary focused on energy storage assets globally. This investment aligns with Energy Vault’s strategy to develop 1.5GW in priority markets by building, owning, and operating storage assets.
Asset Vault will consolidate Energy Vault’s portfolio, including existing projects like Cross Trails BESS and Calistoga Resiliency Center. With anticipated project financing and tax credit monetisation, these projects are expected to generate recurring cash flows supported by long-term agreements.
