Energy Vault Holdings, Inc., a specialist in large-scale energy storage, has formalised the complete acquisition of the Stoney Creek Battery Energy Storage System (BESS), located in northern New South Wales. The project, with a capacity of 125 MW for 1,000 MWh, now becomes part of the group’s global “Own & Operate” portfolio. The closing of the transaction follows regulatory approval from the Foreign Investment Review Board (FIRB), the Australian body supervising foreign investments.
Strategic expansion in the Australian market
This transaction represents Energy Vault’s first Australian acquisition as part of its international direct asset ownership strategy. Stoney Creek thus becomes the third and largest storage site owned by the group, following the Cross Trails facility in Texas and Calistoga Resiliency Center in California. According to the company, the Australian site is expected to generate approximately $30mn (EUR27.4mn) in annual EBITDA for over fifteen years, supported by a fourteen-year electricity supply agreement.
The initial purchase agreement for the project from Enervest Group was finalised in March 2025. Stoney Creek is aligned with the New South Wales electricity infrastructure roadmap and benefits from a Long-Term Energy Service Agreement (LTESA) awarded by AEMO Services as part of the long-duration storage tender process. This arrangement ensures up to fourteen years of contractual revenue and secures the site’s long-term income.
Asset lifecycle optimisation
The Stoney Creek BESS system is based on the VaultOS™ technology platform and the B-VAULT™ solution developed by Energy Vault. The project offers eight hours of electricity storage, enhancing the reliability and flexibility of the local grid while supporting the integration of renewable energy sources. Energy Vault manages the site from design through to operation, following a long-term value creation approach.
Alongside Stoney Creek, several other storage projects are under development in Australia, aimed at diversifying revenue streams between contracted activities and market operations. The management of Energy Vault sees this acquisition as a key step in the deployment of its infrastructure, at a time when demand for storage capacity is intensifying in the region.
The group’s executives state that this operation is part of a series of strategic asset transfers in the Australian market, providing a solid foundation for future initiatives in the energy storage sector.
