Energy Vault, a utility-scale energy storage project developer, announced that it has received Foreign Investment Review Board approval and completed the full acquisition of the 125 MW/1,000 MWh Stoney Creek battery energy storage project in Northern New South Wales, Australia.
Once operational, the storage project is designed to deliver eight hours of dispatchable energy, supporting grid reliability and flexibility. It utilizes Energy Vault’s B-VAULT system to optimize performance, along with the VaultOS energy management platform.
The Stoney Creek project was awarded a 14-year Long-Term Energy Service Agreement under Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services.
The project was initially announced for acquisition from Enervest Group in March 2025.
This deal marks the company’s first acquisition in Australia as part of its global “Own & Operate” portfolio, reinforcing Energy Vault’s long-term asset management strategy in the Australian market.
“As the first non-U.S. project developed under our global ‘Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high-growth markets for energy storage solutions supported by favorable regulatory policies, as is the case with Australia. We have multiple storage projects in various stages of construction across eastern Australia, and we look forward now to focusing on moving the Stoney Creek BESS rapidly to RTB construction and eventual operation in order to maximize the benefits for the local communities while supporting the NSW regional decarbonization goals,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault.
The company earlier in August secured a $18 million project financing from Eagle Point Credit Management, a private credit investment manager, to support its 57 MW/114 MWh Cross Trails Battery Energy Storage project. In addition, Energy Vault announced that it has entered into an exclusivity agreement for a $300 million preferred equity investment.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, there were 31 energy storage project M&A transactions in the first half of 2025 compared to 13 transactions in the same period of 2024.
