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 completes the conversion of the site from a lease arrangement to full ownership, subject to approval from Australia’s Foreign Investment Review Board (FIRB).
Energy Vault is a NYSE-listed energy infrastructure company that builds, owns and operates energy storage and power infrastructure, supporting both grid reliability and, increasingly, AI and data centre customers.
The company said the land acquisition secures long-term site control and further de-risks the project as it advances toward construction, which is expected to begin in the first quarter of 2027, with commercial operations targeted for the first half of 2028, subject to final approvals.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Stoney Creek 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, expected to generate annual revenue of approximately US$25-30 million.
Energy Vault chief development and operations officer Akshay Ladwa said the completed land acquisition represented “another important execution milestone” as the project advances toward construction, while chief revenue officer Marco Terruzzin described Australia as “a strategic growth market” for the company.
Energy Vault plans to use its VaultOS energy management platform to optimise the asset’s performance, market participation and lifecycle operations once operational.
From co-development to full ownership under Energy Vault’s Own & Operate strategy
Stoney Creek’s path to full ownership has moved through several stages since Energy Vault first partnered with Australian developer Enervest Group on the project.
The two companies initially agreed that Energy Vault would supply the BESS using its X-Vault integration platform and UL9540- and AS3000-certified B-VAULT enclosures, before Energy Vault moved to fully acquire the project from Enervest in March 2025, with Enervest continuing to provide development services and stakeholder engagement to support progress toward financial close.
Stoney Creek was one of three projects awarded a Long-Term Energy Service Agreement (LTESA) in the same tender round, alongside Eku Energy’s 100MW/800MWh Griffith BESS and Acen Australia’s 800MW/11,990MWh Phoenix pumped hydro project, together representing 14GWh of long-duration storage capacity contracted by the New South Wales government.
The acquisition process reached a further milestone in August 2025, when Energy Vault secured final FIRB approval and completed its purchase of the project, a step the company said would enable roughly US$20 million in recurring annual EBITDA once construction completes in 2027.
That announcement coincided with Energy Vault reporting second-quarter 2025 revenue of US$8.5 million, up 126% year-on-year, driven in part by Australian project delivery.
This latest land ownership milestone represents the final step in that acquisition process, moving Stoney Creek from leased to fully owned status within Energy Vault’s Build, Own & Operate portfolio.
Stoney Creek is part of a broader shift in Energy Vault’s business model, as the company has increasingly positioned itself as an independent power producer (IPP), targeting long-term contracted revenue rather than operating solely as an EPC contractor.
That strategy extends beyond Australia into the AI infrastructure sector, where Energy Vault has been expanding rapidly.
In August 2026, the company signed a strategic agreement to supply battery storage, grid-forming power conversion systems and AI infrastructure control software for an initial 1.25GW deployment supporting a hyperscale data centre customer in Texas, an agreement expected to generate between US$500 million and US$600 million in revenue across the second half of 2026 and 2027.
Energy Vault has also just seen progress at Digital Vault Sulcis, an edge AI data centre in Sulcis, Sardinia, Italy. The project, featuring 30MW of IT compute and a hybrid pumped hydro-battery energy storage system coupled with onsite renewables, has been declared a project of strategic national interest by the Italian government. This clears a pathway to accelerated administrative approvals, according to the company.
Speaking on the company’s first-quarter 2026 results, Energy Vault reaffirmed its full-year guidance while highlighting continued expansion of its project portfolio across Australia and Japan, as well as its shift toward securing power purchase agreements directly with data centre and hyperscaler customers.
Never miss an Australian energy storage story. Sign up for our Australia newsletter and get the latest project announcements, policy updates and market analysis delivered directly to you.
