October 22, 2024,Melbourne, Australia & Westlake Village, Calif., United States : Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, announced today that it has signed an agreement with Enervest Group (“Enervest”) for the deployment of a 1,000 MWh battery energy storage system (BESS) at the Stoney Creek site in New South Wales, Australia. As part of the agreement, the companies are now finalizing the development and grid application approvals to bring the project to full FID.
The Stoney Creek BESS marks a significant step forward in Enervest’s strategy to enhance grid reliability and support the state’s growing renewable energy capacity. The Stoney Creek system will provide flexible, grid-scale energy storage, improving the efficiency of renewable energy generation while enhancing the stability and reducing the carbon intensity of the New South Wales power grid.
Energy Vault will serve as the turn-key engineering, procurement, construction and commissioning partner and system integrator for the project, and will also provide long term services, software and maintenance support over the life of the project The BESS system will be built with Energy Vault’s proprietary X-Vault integration platform using Energy Vault’s proprietary UL9540 and AS3000 certified B-VAULT™ product, and Vault-OS Energy Management System to control, manage and optimize the BESS operations. Energy Vault’s innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project.
“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 Stony Creek BESS,” said Ross Warby, Chief Executive Officer of Enervest. “We value strong partnerships such as the one we have with Energy Vault and consider such collaborations as cornerstone to accelerated, quality project development. We look forward to consolidating further partnerships with other key stakeholders including the Narrabri local and indigenous community, and the successful delivery of the project.”
“We continue to expand and convert on our growing, multi-GWh funnel of energy storage projects in Australia and look forward to building the partnership with Ross and his team at Enervest,” said Robert Piconi, Chairman of the Board and Chief Executive Officer of Energy Vault. “With Enervest, we share a focus on large scale and financially attractive projects to enhance grid resiliency, and the Stoney Creek project is another example of executing to the growth plans that we have outlined for 2025 and beyond.”
Today’s announcement demonstrates the continued expansion of Energy Vault’s growing footprint in the Australian market, which follows recently announced projects already under execution in New South Wales for 400MWh which will be delivered in 2025, highlighting Energy Vault’s B-VAULT portfolio which consists of more than 2GWhin total projects either deployed or currently in development.