Energy Vault Holdings, Inc., a global energy infrastructure company supporting grid reliability and next-generation artificial intelligence (AI) and high-performance computing infrastructure, has completed the acquisition of the underlying project land for the 125 MW/1 GWh Stoney Creek battery energy storage system (BESS) in Northern New South Wales, Australia.
The land, which was previously secured under an agreement for lease, is now owned by Energy Vault following receipt of the required Foreign Investment Review Board (FIRB) approval. The transaction represents an important development milestone for Stoney Creek, securing long-term site control and further de-risking the project as it advances toward construction.
Construction of the Stoney Creek BESS is expected to commence in 1Q27, with commercial operations targeted for 1H28, subject to final approvals. The project is supported by a 14-year long-term energy service agreement (LTESA) awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap, providing long-term revenue visibility and supporting durable project economics.
Stoney Creek is a flagship Australian asset within Energy Vault’s Build, Own & Operate portfolio and is designed to provide eight hours of dispatchable energy storage capacity. By transitioning the project site from lease-based control to full ownership, Energy Vault has strengthened its control across the development, construction, operation, and long-term management of the asset.
“Completing the acquisition of the Stoney Creek project site is another important execution milestone as we advance this asset toward construction and commercial operation,” said Akshay Ladwa, Chief Development and Operations Officer of Energy Vault. “With long-term site ownership secured and a 14-year LTESA in place, Stoney Creek represents the type of high-quality infrastructure asset at the core of our Build, Own & Operate strategy – combining contracted revenue visibility with long-duration asset ownership and the potential to generate durable recurring cash flows.”
Marco Terruzzin, Chief Revenue Officer of Energy Vault, added: “Australia remains a strategic growth market for Energy Vault, and Stoney Creek demonstrates our ability to move large scale projects systematically through development and into construction. We remain focused on disciplined execution as we scale a global portfolio of owned energy infrastructure assets designed to deliver predictable, long-term value for our shareholders.”
The Stoney Creek BESS is expected to provide critical dispatchable capacity to the New South Wales power system, supporting grid reliability and the continued integration of renewable generation. Energy Vault plans to utilise its VaultOSTM energy management platform to optimise asset performance, market participation, and lifecycle operations.
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