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Energy Vault Holdings, Inc. said it has completed the acquisition of the project land for the 125 MW / 1 GWh Stoney Creek Battery Energy Storage System in Northern New South Wales, Australia, a step the company said advances the project toward construction.
The land had previously been secured under an agreement for lease. Energy Vault said it now owns the site after receiving the required Foreign Investment Review Board approval. The company described the transaction as an important development milestone that secures long-term site control and further de-risks the project.
Construction of the Stoney Creek BESS is expected to begin in Q1 2027, with commercial operations targeted for H1 2028, subject to final approvals. The project 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 the agreement provides long-term revenue visibility and supports durable project economics, with expected annual, long-term revenue of approximately $25-$30 million per year.
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Stoney Creek is part of Energy Vault’s Build, Own & Operate portfolio in Australia and is designed to provide eight hours of dispatchable energy storage capacity. The company said shifting from lease-based control to full ownership strengthens its control over 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."
The company said the project 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 also said it plans to use its VaultOS™ energy management platform to optimize asset performance, market participation, and lifecycle operations.
"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", Marco Terruzzin, Chief Revenue Officer of Energy Vault, added.
As the project moves toward construction, Energy Vault said Stoney Creek is expected to expand its Australian Build, Own & Operate portfolio and add to the company’s growing global base of contracted, recurring revenues.
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