Energy Vault, a utility-scale energy storage project developer, secured a $18 million project financing from Eagle Point Credit Management, a private credit investment manager. The funding will support the company’s 57 MW/114 MWh Cross Trails Battery Energy Storage project.
Located in Texas, the grid-scale project reached full commercial operation in June 2025. The project is delivering grid resilience and ancillary services to the Electric Reliability Council of Texas market under a 10-year offtake agreement with Gridmatic.
The project features the company’s VaultOS Energy Management System to control, manage, and optimize the battery energy storage systems’ operations.
“Eagle Point is excited to partner for a second project with Energy Vault on the Cross Trails BESS, which represents an attractive addition of grid-scale energy storage technology in the critical ERCOT market,” said Jennifer Powers, Principal and Head of Infrastructure Credit at Eagle Point. “We have been impressed with Energy Vault’s track record, ability to deliver projects on time and budget, and their thoughtful commercialization and contracting strategy. Their ability to bring much-needed storage assets to key markets in Texas, California, and Nevada – over 1 GWh over the past 12 months – speaks to their leadership in the battery storage and micro grid space.”
The transaction marks the second collaboration between Energy Vault and Eagle Point, following a $28 million financing for the Calistoga Resiliency Center earlier this year. The 293 MWh facility, a utility-scale ultra-long duration energy storage project designed, owned, and operated by Energy Vault, is estimated to provide 48 hours of continuous supply.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
In July, Lydian Energy, an independent power producer specializing in the development of solar and energy storage projects, announced the financial closure of $233 million in project financing to support the development of three battery energy storage projects in Texas.
