Switzerland and US-based Energy Vault, a company specialised in grid-scale energy storage solutions, announced it has entered into an exclusivity agreement for a $300M (approximately €258M) preferred equity investment.
This funding will help launch Asset Vault, a new subsidiary dedicated to developing, building, owning, and operating energy storage projects.
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Meet Asset Vault
Asset Vault will work on both standalone energy storage and projects combined with generation facilities in key energy markets around the world.
The investment will support Energy Vault’s IPP strategy to build, own and operate energy storage assets, accelerating the deployment of 1.5GW in attractive priority markets.
Upon final closing, subject to customary regulatory and closing conditions anticipated in the next 30-60 days — “Asset Vault” will be formed as a fully consolidated subsidiary for Energy Vault’s owned energy storage assets.
Fund utilisation
The $300M investment will be used for project development, acquisitions, and both majority and minority equity investments.
This funding will help finance the construction and operation of the assets.
The preferred equity is non-dilutive to common shareholders and includes milestones for equity participation in the listed company for strong shareholder alignment.
Asset Vault will consolidate Energy Vault’s growing portfolio of contracted and operational storage projects, with 3GW and 12+ GWH of top-tier projects identified, acquired and/or in operation, including:
Operational projects: Cross Trails BESS (57MW/114MWh)Calistoga Resiliency Center (8.5MW/293MWh)
Energy Vault has deployed $100M across these projects, which are backed by long-term offtake agreements and project-level debt financing, creating high-visibility, profitable and recurring cash flows.
Expect to generate $100M+
Within the initial investment of $300M, Asset Vault is expected to generate $100 million+ in recurring annual EBITDA in the coming 3-4 years as a consolidated subsidiary, which is additive to Energy Vault’s existing Energy Storage Solutions business that makes up the majority of the company’s revenue today.
“The $300 million investment and the creation of Asset Vault unlock the full potential of our ‘Own and Operate” storage IPP strategy with immediate investment flexibility,” says Robert Piconi, Chairman of the Board and CEO of Energy Vault. “By combining long-term contracted revenues with strategic capital and integrated, self-performed project execution, we are well positioned to scale resilient, mission-critical energy infrastructure to meet the current needs driven by the penetration of renewable energy and the massive increases in energy demand driven by data centre AI infrastructure.”
Obtained FIRB approval
In other news, Energy Vault announced it has received Foreign Investment Review Board (FIRB) approval and completed the full acquisition of the Stoney Creek Battery Energy Storage System (BESS) project in Northern New South Wales.
The 125 MW/1,000 MWh project now formally enters Energy Vault’s international “Own & Operate” portfolio, advancing the company’s long-term asset management strategy in the Australian market.
Energy Vault has finalised its investment in the Stoney Creek Battery Energy Storage System (BESS) after receiving approval from the Foreign Investment Review Board (FIRB).
This approval allows Energy Vault to fully acquire and oversee the development and operations of the project.
The acquisition was originally announced in March 2025 by Enervest Group.
Awarded 14-year LTESA
The 14-year Long-Term Energy Service Agreement (LTESA) awarded to the project provides a reliable source of revenue, supporting value creation for stakeholders and increasing investor confidence.
Together with Energy Vault’s VaultOS platform and B-VAULT storage technology, the Stoney Creek Battery Energy Storage System (BESS) will deliver important capacity to meet peak demand, enhance grid stability, and promote the use of renewable energy in New South Wales.
This 125 MW/1,000 MWh BESS received the 14-year LTESA under Roadmap Tender Round 5 for Long Duration Storage, overseen by AEMO Services as the Consumer Trustee according to the New South Wales Electricity Infrastructure Roadmap.
This agreement ensures up to 14 years of steady revenue, reducing risks for the project and encouraging investment in vital storage infrastructure.
Designed to deliver eight hours of dispatchable energy
The Stoney Creek BESS has been designed to deliver eight hours of dispatchable energy, and once operational, will support grid reliability and flexibility in a strategic location within NSW’s transitioning energy landscape.
Energy Vault is developing and integrating the project, utilising its VaultOS energy management platform and B-VAULT system to optimise performance, market participation, and long-term asset management.
“The formal acquisition of Stoney Creek represents a first and very significant milestone in Energy Vault’s long-term investment strategy for Australia,” says Robert Piconi, Chairman and Chief Executive Officer of Energy Vault.
“As the first non-US project developed under our global ‘Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high-growth markets for energy storage solutions supported by favourable regulatory policies as is the case with Australia. We have multiple storage projects in various stages of construction across eastern Australia, and we look forward now to focusing on moving the Stoney Creek BESS rapidly to RTB construction and eventual operation to maximise the benefits for the local communities while supporting the NSW regional decarbonization goals,” adds Piconi.
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