Energy Vault acquires land for Stoney Creek battery project

Energy Vault has completed the acquisition of the land underpinning the 125 MW/1 GWh Stoney Creek Battery Energy Storage System near Narrabri, marking a key milestone for the project.

The US-listed energy infrastructure company said the land had previously been secured under an agreement for lease but is now owned by Energy Vault after receiving the required Foreign Investment Review Board (FIRB) approval.

Construction is expected to start in the first quarter of 2027, with commercial operations targeted for the first half of 2028 subject to final approvals.

The project is supported by a 14-year Long-Term Energy Service Agreement (LTESA) awarded through AEMO Services under the NSW Electricity Infrastructure Roadmap.

Energy Vault expects the agreement to provide about $25m to $30m in annual long-term revenue.

“Completing the acquisition of the Stoney Creek project site is another important execution milestone as we advance this asset toward construction and commercial operation,” said Akshay Ladwa, chief development and operations officer of Energy Vault.

“With long-term site ownership secured and a 14-year LTESA in place, Stoney Creek represents the type of high-quality infrastructure asset at the core of our Build, Own & Operate strategy – combining contracted revenue visibility with long-duration asset ownership and the potential to generate durable recurring cash flows.”

The eight-hour battery is a flagship Australian asset within Energy Vault’s ‘Build, Own & Operate’ portfolio.

The company said transitioning the project from lease-based control to full ownership would strengthen its control over the asset’s development, construction, operation and long-term management.

“Australia remains a strategic growth market for Energy Vault, and Stoney Creek demonstrates our ability to move large-scale projects systematically through development and into construction,” said Marco Terruzzin, chief revenue officer of Energy Vault.

“We remain focused on disciplined execution as we scale a global portfolio of owned energy infrastructure assets designed to deliver predictable, long-term value for our shareholders.”

The Stoney Creek BESS is expected to provide dispatchable capacity to the NSW power system, supporting grid reliability and the integration of renewable generation.

Energy Vault plans to use its VaultOS energy management platform to optimise asset performance, market participation and lifecycle operations.

The project is expected to expand Energy Vault’s Australian ‘Build, Own & Operate’ portfolio and contribute to the company’s growing global base of contracted, recurring revenues.