Energy Vault Holdings, Inc. has completed the acquisition of land for its 125 MW / 1 GWh Stoney Creek Battery Energy Storage System (BESS) in Northern New South Wales, moving the project from a lease arrangement to full ownership after receiving Foreign Investment Review Board (FIRB) approval.
The company said the transaction secures long-term site control and reduces development risk as the project advances toward construction.
Construction is expected to begin in Q1 2027, with commercial operations targeted for H1 2028, subject to final approvals. Energy Vault said the project is supported by a 14-year Long-Term Energy Service Agreement (LTESA) awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap, which it said provides long-term revenue visibility.
In the release, Energy Vault described Stoney Creek as an Australian asset within its Build, Own & Operate portfolio and said the system is designed to provide eight hours of dispatchable energy storage capacity.
“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.
Marco Terruzzin, Chief Revenue Officer of Energy Vault, said: “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.”
Energy Vault said the BESS is expected to provide dispatchable capacity to the New South Wales power system, supporting grid reliability and renewable integration. The company said it plans to use its VaultOS energy management platform to manage performance, market participation and lifecycle operations.
