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US Energy Vault Acquires Australian Energy Storage System from Enervest

Anela DoksoBy Anela Dokso19/03/20252 Mins Read
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The energy storage sector in Australia is witnessing a strategic shift as US-based Energy Vault Holdings acquires the monumental Stoney Creek Battery Energy Storage System (BESS) from the Enervest Group.

The BESS, a 125 megawatt (MW) / 1,000 megawatt hour (MWh) system, is a crucial element in New South Wales’ renewable energy landscape, albeit no purchase price has been publicly disclosed. It is, however, known to carry a construction valuation pegged at US$220 million (A$350 million).

This acquisition marks a pivotal step for Energy Vault, aligning with their strategy to bolster their “own and operate” growth model within Australia’s burgeoning renewable energy market. The transaction’s completion underscores Energy Vault’s commitment to enhancing grid resilience through long-duration storage solutions, addressing a critical energy need as the country intensifies its pivot to clean energy.

The Stoney Creek BESS, underpinned by a 14-year Long-Term Energy Service Agreement (LTESA) sanctioned by the Australian Energy Market Operator, is set to deliver durable and economically viable revenue channels. The LTESA model offers a pathway to stability and projected high cash flow, crucial components for any energy storage enterprise looking to thrive amidst fluctuating market conditions.

In financial markets, shares in Energy Vault experienced a dip, closing at US$0.90, with a market capitalization reported at approximately $136.92 million. This recent movement reflects market anticipation of how the Stoney Creek acquisition will influence Energy Vault’s financial performance amidst broader industry shifts.


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