Energy Vault announced it has agreed to acquire the estimated $350 million (USD 220 million) Stoney Creek battery energy storage system (BESS) from project developer Enervest as it works to expand its presence in Australia’s rapidly growing energy storage sector.
The move comes just weeks after the Stoney Creek BESS, being developed near Narrabri in northwest New South Wales (NSW) and designed to provide eight hours of dispatchable energy, was awarded a 14-year long-term energy service agreement (LTSEA) through the state’s latest long-duration storage tender.
Energy Vault Chief Executive Officer Robert Piconi said the transaction, subject to closing conditions, strengthens the company’s position in Australia’s renewable energy market, and complements its existing 2.6 GWh energy storage portfolio here.
“The acquisition of Stoney Creek marks a significant milestone for Energy Vault in Australia, as well as an acceleration of our global ‘own and operate’ growth strategy,” he said.
“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.”
Energy Vault, which has been working alongside Enervest as the technology supplier for the Stoney Creek BESS, said the project will provide eight hours of dispatchable energy, enhancing grid stability and supporting the integration of renewables in NSW.
As part of owning and operating the project, Energy Vault will develop and integrate the project, utilising its lithium-based B-Vault system technology, as well as the company’s VaultOS energy management system to optimise performance, market participation, and long-term asset management.
Enervest will continue to provide project development services and stakeholder engagement, ensuring a smooth progression toward financial close.
“We are pleased to transfer ownership of Stoney Creek BESS to Energy Vault while continuing to provide end-to-end technical and development services,” Enervest Chief Executive Officer Ross Warby said. “This ensures a structured transition to financial close and the delivery of a high-quality infrastructure project for the North-West Slopes region.”
Energy Vault said the project is progressing through development activities, market integration, and procurement as it prepares for site mobilisation and pre-construction activities later this year. The project is expected to generate 150 jobs during the construction phase.
Piconi said the Stoney Creek BESS complements Energy Vaults’ growing number of energy storage projects under execution across eastern Australia, with the company currently executing on more than 2.6 GWh of projects.
These include agreements with Acen Australia and the Victorian government-owned State Electricity Commission.
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