Energy Vault has completed the acquisition of the underlying project land for its 125MW/1,000MWh Stoney Creek battery energy storage system (BESS) in northern New South Wales, Australia. The deal converts the site from a lease arrangement to full ownership, subject to approval from Australia's Foreign Investment Review Board (FIRB). Construction 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 designed to provide 8-hours of dispatchable storage and is supported by a 14-year Long-Term Energy Service Agreement (LTESA) awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. Energy Vault expects the LTESA to generate annual revenue of approximately US$25-30 million. The company previously said the project would enable roughly US$20 million in recurring annual EBITDA once construction completes in 2027. Energy Vault plans to use its VaultOS energy management platform to optimise the asset's performance, market participation and lifecycle operations once operational.
The land acquisition represents the final step in a process that began with Energy Vault partnering with Australian developer Enervest Group, followed by full project acquisition in March 2025 and final FIRB approval in August 2025. Energy Vault chief development and operations officer Akshay Ladwa called the completed land acquisition "another important execution milestone," while chief revenue officer Marco Terruzzin described Australia as "a strategic growth market." The move supports the company's broader shift toward an independent power producer model targeting long-term contracted revenue.
What remains unknown is whether FIRB approval for the land ownership conversion has already been secured or is still pending, as the source states the deal is "subject to approval" from the regulator. The dossier also does not specify the purchase price for the land or the total capital cost of the Stoney Creek project. Final construction and commercial operation dates remain subject to approvals that have not yet been detailed.