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Energy Vault Acquires Land for 125-MW Stoney Creek Battery Project in Australia

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Energy Vault Holdings (NRGV) said it completed the acquisition of land underlying its 125-megawatt Stoney Creek battery energy storage project in New South Wales, Australia, as the project advances to the construction phase.

According to the company's statement on Thursday, it acquired the land after receiving approval from Australia's Foreign Investment Review Board, converting its previous lease agreement into full ownership of the project site.

It said that the acquisition provides long-term site control, while helping further de-risks the project as it moves toward construction.

Construction of the 1-gigawatt-hour battery project is expected to begin in the first quarter of 2027, with commercial operations targeted for the first half of 2028, subject to final approvals.

The project is backed by a 14-year Long-Term Energy Service Agreement awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap, which is expected to generate between $25 million and $30 million in annual long-term revenue.

Energy Vault's Stoney Creek Battery Energy Storage System is designed to provide eight hours of dispatchable energy storage capacity once it begins operations.

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