Energy Vault acquires 1 GWh Australian battery

Energy Vault has announced it has agreed to acquire the Stoney Creek BESS, worth an estimated AUD 350 million ($222 million), from Enervest as it works to expand its presence in Australia’s rapidly growing energy storage sector.

The move comes weeks after Stoney Creek, under development near Narrabri in northwest New South Wales and designed to provide eight hours of dispatchable energy, was awarded a 14-year long-term energy service agreement (LTSEA) via the state’s latest long-duration energy storage tender.

Energy Vault CEO Robert Piconi said the transaction, subject to closing conditions, will strengthen his company’s position in Australia’s renewable energy market and complements its 6 GWh energy storage portfolio in the country.

“The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘own and operate’ growth strategy,” said Piconi. “With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition.”

Energy Vault has worked as Enervest’s technology supplier for Stoney Creek and will now develop and integrate the project, utilizing its lithium-based B-Vault technology as well as the company’s VaultOS energy management system to optimize performance, market participation, and long-term asset management.

Enervest will continue to provide project development services and stakeholder engagement, ensuring a smooth progression toward financial close.

“We are pleased to transfer ownership of Stoney Creek BESS to Energy Vault while continuing to provide end-to-end technical and development services,” said Enervest CEO Ross Warby. “This ensures a structured transition to financial close and the delivery of a high-quality infrastructure project for the North-West Slopes region.”

Energy Vault said the project is progressing through development activity, market integration, and procurement as it prepares for site mobilization and pre-construction activity this year. The project is expected to generate 150 jobs during the construction phase.

Energy Vault’s Piconi said the company is executing on more than 2.6 GWh of projects in Australia. Activity includes agreements with Acen Australia and the Victorian government-owned State Electricity Commission.

From pv magazine Australia.