Energy Vault Accelerates 125 MW / 1 GWh Stoney Creek BESS Toward Construction with Full Project Land Acquisition Milestone in Australia

Energy Vault completes acquisition of the underlying project land following FIRB government approval, converting from existing lease agreement to full land ownership, advancing construction readiness for the 125 MW / 1 GWh Stoney Creek BESS

Construction now expected to commence in Q1 2027, with commercial operations targeted for H1 2028; the project is supported by a 14-year Long-Term Energy Service Agreement (LTESA), providing expected annual, long-term revenue of approximately $25-$30 million per year

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a global energy infrastructure company supporting grid reliability and next-generation AI and high-performance computing infrastructure, today announced the completion of the acquisition of the underlying project land for the 125 MW / 1 GWh Stoney Creek Battery Energy Storage System (“BESS”) in Northern New South Wales, Australia.

The land, which was previously secured under an agreement for lease, is now owned by Energy Vault following receipt of the required Foreign Investment Review Board (“FIRB”) approval. The transaction represents an important development milestone for Stoney Creek, securing long-term site control and further de-risking the project as it advances toward construction.

Construction of the Stoney Creek BESS is expected to commence in Q1 2027, with commercial operations targeted for H1 2028, subject to final approvals. The project is supported by a 14-year Long-Term Energy Service Agreement (“LTESA”) awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap, providing long-term revenue visibility and supporting durable project economics.

Stoney Creek is a flagship Australian asset within Energy Vault’s Build, Own & Operate portfolio and is designed to provide eight hours of dispatchable energy storage capacity. By transitioning the project site from lease-based control to full ownership, Energy Vault has strengthened its control across the development, construction, operation and long-term management of the asset.

“Completing the acquisition of the Stoney Creek project site is another important execution milestone as we advance this asset toward construction and commercial operation,” said Akshay Ladwa, Chief Development and Operations Officer of Energy Vault. “With long-term site ownership secured and a 14-year LTESA in place, Stoney Creek represents the type of high-quality infrastructure asset at the core of our Build, Own & Operate strategy – combining contracted revenue visibility with long-duration asset ownership and the potential to generate durable recurring cash flows.”

Marco Terruzzin, Chief Revenue Officer of Energy Vault, added: “Australia remains a strategic growth market for Energy Vault, and Stoney Creek demonstrates our ability to move large-scale projects systematically through development and into construction. We remain focused on disciplined execution as we scale a global portfolio of owned energy infrastructure assets designed to deliver predictable, long-term value for our shareholders.”

The Stoney Creek BESS is expected to provide critical dispatchable capacity to the New South Wales power system, supporting grid reliability and the continued integration of renewable generation. Energy Vault plans to utilize its VaultOS™ energy management platform to optimize asset performance, market participation and lifecycle operations.

As Stoney Creek advances toward construction, it is expected to expand Energy Vault’s Australian Build, Own & Operate portfolio and contribute to the Company’s growing global base of contracted, recurring revenues.

About Energy Vault

Energy Vault® is an integrated power infrastructure platform that builds, owns and operates flexible, reliable energy systems to accelerate time-to-power for utilities, independent power producers, industrial customers and the AI and data center market. At the core of its platform is a technology-agnostic, software-enabled architecture that is designed to accelerate project delivery, optimize performance and drive faster time-to-revenue. Energy Vault’s integrated solutions combine energy storage, generation and advanced energy management to deliver scalable infrastructure tailored to customer needs. Its portfolio spans short-, long- and multi-day duration storage, enabling reliability, flexibility and cost efficiency across applications. For utilities and grid operators, Energy Vault provides firm, flexible capacity enhances grid stability and helps to ensure reliable power delivery. For industrial and data center customers, the platform enables resilient, cost-efficient power supply to support critical operations. Through its Build, Own & Operate model, Energy Vault generates long-term, recurring revenues while delivering project execution excellence across development, delivery and operations. By combining innovation with disciplined execution, Energy Vault is redefining how power infrastructure is developed and deployed – delivering reliability, flexibility and scale in a rapidly evolving global energy market. Please visit www.energyvault.com for additional information.

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