Energy Vault Holdings, Inc. (NYSE:NRGV) shares are trading lower on Monday. The company inked an agreement to acquire the 125 MW / 1,000 MWh Stoney Creek Battery Energy Storage System (BESS) from Enervest Group.

The acquisition of the Stoney Creek BESS, with a construction value of $220 million, is aligned with Energy Vault’s growing portfolio of ‘Owned & Operated’ projects.

As part of its ownership and operation of the project, Energy Vault will oversee development and integration, leveraging its VaultOS energy management system (EMS) and B-Vault system architecture to optimize performance, market participation, and long-term asset management.

The companies are advancing through development, market integration, and procurement stages as they prepare for site mobilization and pre-construction activities later this year.

Recently, the Stoney Creek BESS was awarded a 14-year Long-Term Energy Service Agreement by the Australian Energy Market Operator Services under the New South Wales Roadmap Tender Round 5 for Long Duration Storage.

The project is expected to provide long-term, stable revenue streams with strong cash flow generation.

In collaboration with Enervest, the Stoney Creek BESS has been designed to provide eight hours of dispatchable energy, enhancing grid stability and supporting the integration of renewable energy generation in New South Wales.

The acquisition, subject to closing conditions, strengthens Energy Vault’s position in Australia’s growing energy storage sector, expanding its 2.6 GWh portfolio.

This solidifies its role in one of the fastest-growing renewable energy markets, backed by recent agreements with ACEN Australia and the Victorian government-owned State Electricity Commission (SEC).

Robert Piconi, Chairman and Chief Executive Officer, Energy Vault said, “The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘Own & Operate’ growth strategy, designed to deliver sustainable, long-term revenue streams with high cash flow generation.”

“With the strong foundation established by Enervest, we are now accelerating this critical project under the LTESA structure to deliver long-duration storage that enhances grid resilience and supports Australia’s clean energy transition.”

Price Action: NRGV shares are down 1.44% at $1.133 at the last check Monday.

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