Energy Vault Holdings has completed the acquisition of the Stoney Creek Battery Energy Storage System (BESS) in northern New South Wales, Australia. The 125 MW / 1,000 MWh project is now part of the company’s portfolio of owned and operated energy storage assets.
The deal received final approval from Australia’s Foreign Investment Review Board (FIRB), giving Energy Vault full ownership and control over the development and future operation of the site. The acquisition was first announced in March 2025, when Energy Vault agreed to buy the project from Enervest Group.
The Stoney Creek BESS is a key addition to Energy Vault’s efforts to support Australia’s shift to a more stable and lower-emissions electricity grid. The system is designed to deliver up to eight hours of dispatchable power, helping meet peak demand and integrate more renewable energy into the network.
The project has secured a 14-year Long-Term Energy Service Agreement (LTESA) under Tender Round 5 of New South Wales’ Electricity Infrastructure Roadmap. This agreement provides stable, long-term revenue that helps reduce financial risk and supports the project’s long-term success.
Energy Vault plans to use its own VaultOS™ platform and B-VAULT™ battery system to manage operations, improve performance, and ensure reliable grid services. The company’s integrated development model allows it to oversee the full life cycle—from design and construction to operation—of its energy storage sites.
“This acquisition marks an important step in our long-term plans for Australia,” said Robert Piconi, Chairman and CEO of Energy Vault. “Stoney Creek is our first major project outside the U.S. under our ‘Own and Operate’ strategy. With several other projects already in development across eastern Australia, we’re focused on moving Stoney Creek toward construction and operation as quickly as possible to support local energy needs and decarbonization targets.” The project is one of several large-scale systems Energy Vault is developing in Australia, as part of a broader effort to build out energy storage infrastructure that supports both contract-backed and market-based revenue.
Energy Vault provides utility-scale energy storage systems, including gravity-based, battery-based, and hydrogen-based solutions. Its technology is supported by a flexible software platform that manages both short and long-duration energy storage. The company’s systems are built to support power providers, industrial users, and grid operators in cutting energy costs while maintaining reliability. Energy Vault also focuses on sustainable design, using environmentally friendly and reusable materials wherever possible.
