Energy Vault, a US-listed storage project developer, has received foreign investment approval, allowing it to proceed with the acquisition of a significant battery project in New South Wales. This marks Energy Vault’s first acquisition in Australia, signalling a strategic expansion into the Australian energy market. Energy Vault specialises in developing and deploying utility-scale energy storage solutions. Their technology aims to accelerate the transition to renewable energy by providing reliable and sustainable energy storage.
The acquisition involves the Stoney Creek battery project, located near Narrabri in northern NSW. The project boasts a maximum output of 125 megawatts and a storage capacity of 1000 megawatt-hours, enabling it to supply power at full capacity for eight hours. Energy Vault initially announced the proposed purchase from Enervest in March, setting the stage for this major investment in Australian energy infrastructure.
The construction of the Stoney Creek project is estimated to cost around $350 million. This investment underscores the growing importance of battery storage in supporting renewable energy integration and grid stability. The Stoney Creek battery will play a vital role in ensuring a reliable power supply and supporting the increasing demand for electricity.
According to Chief Executive Robert Picconi, this deal represents Energy Vault’s inaugural project developed outside the United States. He also noted that the company has several other storage projects in the early stages of development across Australia, highlighting the company’s long-term commitment to the Australian market. This acquisition solidifies Energy Vault’s presence in Australia and sets the stage for future growth in the region.
