Energy Vault and Enervest Announce Agreement for 1.0 GWh Energy Storage Project for the Stoney Creek Battery Energy Storage System in New South Wales, Australia

BESS $350 million + agreement to provide flexible, grid-scale energy storage, advancing renewable energy generation and enhancing the stability of the New South Wales power grid

Energy Vault continues its expansion in the Australian market and executing on its global growth plans as outlined in its May 2024 Investor and Analyst Day meetings

WESTLAKE VILLAGE, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)-- 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.

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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.

Ross Warby, Chief Executive Officer of Enervest, said, “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 Stoney Creek BESS. 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.”

Robert Piconi, Chairman of the Board and Chief Executive Officer of Energy Vault, stated, “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. 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. This 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 2GWh in total projects either deployed or currently in development.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s G-Vault™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Visit www.energyvault.com for more information.

About Enervest Group

Enervest is an Australian-owned and operated energy developer with capability in the origination, development, design, construction, and operation of utility and diversified energy generation and storage assets.

With over 15 years of industry experience and a proven track record for delivering complex projects, Enervest is focused on leading Australia’s energy transition. Our objective is to seize control of the opportunity to create a better energy grid by delivering impactful and positive energy and investment outcomes.

Our commitment is to develop projects that bring value to communities, benefit local infrastructure, and engage with stakeholders, local and first nations, to collaborate in a shared value model benefiting both local infrastructure and the community.