Energy Vault secures land for 1GWh Australian battery
Energy Vault has completed the land acquisition for its 125MW/1,000MWh Stoney Creek battery storage system in New South Wales, moving the project to full
Energy Vault has secured full ownership of the land for its 1,000MWh Stoney Creek battery energy storage system (BESS) in New South Wales, Australia. The company said this move de-risks the project as it advances toward a construction start in early 2027.
The deal converts the site from a lease to full ownership, pending approval from Australia's Foreign Investment Review Board (FIRB). Energy Vault's chief development and operations officer, Akshay Ladwa, called the land acquisition "another important execution milestone."
Project specifications and revenue
The Stoney Creek BESS is designed for 125MW of power and 1,000MWh of energy capacity, providing eight hours of dispatchable storage. It is supported by a 14-year Long-Term Energy Service Agreement (LTESA) awarded through AEMO Services. This contract is expected to generate between US$25 million and US$30 million in annual revenue.
Energy Vault plans to use its proprietary VaultOS energy management platform to optimize the asset's performance and market operations once it is online. Commercial operations are targeted for the first half of 2028, subject to final approvals.
From partnership to full ownership
The project's path to full ownership began with a partnership with Australian developer Enervest Group. Initially, Energy Vault was to supply the BESS technology. In March 2025, Energy Vault moved to fully acquire the project from Enervest.
Enervest continues to provide development services. The acquisition process reached a key point in August 2025 when Energy Vault secured final FIRB approval for the project purchase. The company stated this step would enable roughly US$20 million in recurring annual EBITDA once construction is complete.
Stoney Creek was one of three projects awarded an LTESA in the same tender round. The contracted projects are listed below.
| Project Developer | Project Name | Technology | Capacity |
|---|---|---|---|
| Energy Vault | Stoney Creek BESS | Battery Storage | 125MW / 1,000MWh |
| Eku Energy | Griffith BESS | Battery Storage | 100MW / 800MWh |
| Acen Australia | Phoenix | Pumped Hydro | 800MW / 11,990MWh |
Together, these projects represent 14GWh of long-duration storage capacity contracted by the New South Wales government.
Strategic shift and broader portfolio
This acquisition aligns with Energy Vault's strategic shift toward a Build, Own & Operate model. The company is positioning itself as an independent power producer targeting long-term contracted revenue, rather than solely acting as an engineering and construction contractor.
Chief revenue officer Marco Terruzzin described Australia as "a strategic growth market" for the company. Energy Vault's expansion extends into the AI infrastructure sector. In August 2026, the company signed an agreement to supply battery storage and software for a 1.25GW deployment supporting a data centre customer in Texas. That deal is expected to generate between US$500 million and US$600 million in revenue.
The company also reported progress on its Digital Vault Sulcis project in Italy, which features a hybrid pumped hydro-battery system coupled with renewables. Energy Vault highlighted continued portfolio expansion across Australia and Japan in its first-quarter 2026 results, alongside a focus on securing power purchase agreements directly with data centre customers.
