Energy Vault acquires land for Australia battery storage project

Energy Vault, a California-based energy infrastructure company, has acquired land for a 125 MW/1 GWh battery storage facility in Northern New South Wales, Australia. The company received approval from the country's Foreign Investment Review Board, converting its lease agreement into full ownership. The site will house a storage system capable of delivering eight hours of dispatchable energy.

Construction is planned to begin in the first quarter of 2027, with the facility expected to become operational in the second half of 2028, pending final approvals.

The project is backed by a 14-year Long-Term Energy Service Agreement, secured through the Australian Energy Market Operator (AEMO) under the New South Wales Electricity Infrastructure Roadmap. This agreement is projected to generate annual revenues of $25-$30 million for Energy Vault. Akshay Ladwa, the company's Chief Development and Operations Officer, stated that securing the acquisition of the Stoney Creek project site is a significant milestone in advancing the asset toward construction and commercial operation.

Energy Vault, which operates under a Build, Own & Operate model, plans to employ its VaultOS energy management platform to optimize the asset's performance and maximize market participation. The company specializes in providing integrated power infrastructure solutions for utilities, independent power producers, industrial clients, and the data center sector.