EXECUTIVE SUMMARY
Following FIRB approval, Energy Vault has acquired the land underlying its 125 MW/1 GWh Stoney Creek BESS in New South Wales. Construction is expected to begin in Q1 2027, with commercial operations targeted for H1 2028. The eight-hour project is backed by a 14-year LTESA.
Company: Energy Vault
Project: Stoney Creek BESS
Capacity: 125 MW/1 GWh
Duration: 8 hours
Location: Northern New South Wales, Australia
Construction Start: Q1 2027
Commercial Operations: H1 2028
Revenue Agreement: 14-year Long-Term Energy Service Agreement (LTESA)
Expected Annual Revenue: Approximately $25–$30 million
Energy Vault, an integrated power infrastructure platform, has completed the acquisition of the land underlying its 125 MW/1 GWh Stoney Creek Battery Energy Storage System in northern New South Wales, Australia, advancing the project toward its planned construction phase.
The project site was previously controlled through an agreement for lease. Energy Vault completed the acquisition after receiving the required approval from Australia’s Foreign Investment Review Board. Moving from a lease arrangement to full ownership gives the company long-term control of the site across development, construction, operation and asset management.
Construction of the Stoney Creek BESS is expected to begin in the first quarter of 2027, subject to final approvals. Commercial operations are targeted for the first half of 2028.
The 125 MW system will provide 1 GWh of storage capacity, equivalent to eight hours of energy storage at its rated power. The facility is intended to provide dispatchable capacity to the New South Wales electricity system while supporting grid reliability and the integration of renewable generation.
Stoney Creek is supported by a 14-year Long-Term Energy Service Agreement awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. Energy Vault expects the agreement to provide approximately $25 million to $30 million in annual long-term revenue.
The project forms part of Energy Vault’s Build, Own & Operate portfolio in Australia. Under this model, the company retains ownership of the infrastructure rather than limiting its involvement to technology supply or project delivery.
Energy Vault also plans to deploy its VaultOS energy management platform at Stoney Creek. The platform will be used to manage asset performance, electricity market participation and lifecycle operations.
Energy Vault Chief Development and Operations Officer Akshay Ladwa said securing ownership of the project site and having the 14-year LTESA in place advances Stoney Creek toward construction and commercial operation.
The land acquisition represents a development milestone rather than the start of construction. With site ownership completed, the project is now expected to move toward construction in Q1 2027 and commercial operation in H1 2028, subject to remaining approvals.