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Energy Vault has taken a key step toward construction of its 125 MW/1 GWh Stoney Creek battery energy storage system in Australia, completing the purchase of the land beneath the project after previously holding the site through a lease agreement.
The Stoney Creek BESS, located in Northern New South Wales, is now expected to begin construction in the first quarter of 2027, with commercial operations targeted for the first half of 2028. The land acquisition followed approval from Australia’s Foreign Investment Review Board.
According to the company, full ownership gives it greater control over the project’s development, construction, and long term operation. The move also removes a development risk as the project nears the construction phase.
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Stoney Creek is backed by a 14 year Long Term Energy Service Agreement awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. Energy Vault said it expects the agreement to generate approximately $25 million to $30 million in annual long term revenue.
"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."
The battery system is designed to deliver eight hours of dispatchable energy storage for the New South Wales grid. Energy Vault also plans to use its VaultOS energy management platform to optimize the battery’s performance, participation in electricity markets and lifecycle operations.
The project is part of the company’s Build, Own & Operate strategy, under which it develops and retains ownership of energy infrastructure rather than limiting its role to supplying technology.
"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", said Marco Terruzzin, Chief Revenue Officer of Energy Vault.
Subject to final approvals, Stoney Creek is scheduled to enter commercial operation in the first half of 2028.
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