Energy storage developer and system integrator Energy Vault has successfully closed a US$18 million financing for its Cross Trails battery energy storage system (BESS) project in Scurry County, Texas, US.
Additionally, the company anticipates receiving over US$12 million in investment tax credit (ITC) funds later this quarter through a previously agreed ITC sale agreement.
The 57 MW/114 MWh BESS was brought to commercial operation in June, ahead of schedule. It has a 10-year offtake agreement with optimiser Gridmatic, which is also providing qualified scheduling entity (QSE) services.
Energy Vault’s deal with Gridmatic is supported by Gridmatic’s Energy Storage Fund, a US$50 million fund established in 2023 to oversee up to 500MW of battery capacity in the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) markets.
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Cross Trails marks Energy Vault’s first deployment of its second-generation UL9540-certified B-Vault AC and DC-coupled solution, featuring its energy management system (EMS), VaultOS. Energy Vault will also use the B-Vault solution in a 200MWh Texas project with developer Jupiter Power.
In April, Energy Vault closed on US$28 million in project financing for the Calistoga Resiliency Centre (CRC) located in California.
Notably, that financing also included the sale of an ITC associated with the CRC.
CRC integrates hydrogen fuel cells with a lithium-ion BESS, specifically crafted to ensure power resilience during grid disconnections caused by wildfires or other natural events disasters.
The CRC enables the Calistoga community microgrid to stay powered during shutoffs or disconnections. Energy Vault states that its 293MWh system provides around 48 hours of continuous energy, with a peak output of 8.5 MW during public safety power shutoff (PSPS) events.
In March, Energy Vault acquired the 125MW/1GWh Stoney Creek BESS in New South Wales, Australia, from Enervest Group. The amount paid for the project was undisclosed.
Robert Piconi, Chairman and CEO of Energy Vault, noted that these recent projects are part of the company’s ‘Own & Operate’ strategy, which it launched in 2024 with a “long-term vision for generating predictable, recurring and high margin tolling revenue streams with the goal of delivering sustainable, long-term value to shareholders.”
