A portfolio of 15 BESS development projects in the United States, totalling more than 2.3 GW, has been acquired by Energy Vault Holdings from Goshe Energy Storage. Two ready-to-build projects of 150 MW and 200 MW anchor the deal, and both are expected to reach commercial operation in the first quarter of 2028.
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Energy Vault Holdings, the U.S. power infrastructure company that builds, owns and operates energy systems from its home in Westlake Village, California, has acquired 15 battery energy storage system (BESS) development projects in the United States from Goshe Energy Storage. Its shares trade on the NYSE as NRGV, and it sells to utilities, independent power producers and industrial customers as well as to the AI and data center market.
Goshe is a developer from Boulder, Colorado, and news of the sale came on September 22, 2026. Its team of development professionals, with more than 75 years of combined experience in renewable energy development, BESS project management and financial services, moves to Energy Vault with the projects.
Between them, the projects hold more than 2.3 GW of BESS development. All of it now goes into the pipeline of Asset Vault, which Energy Vault set up to finance, develop, own and operate its energy storage and AI infrastructure assets.
Two of the projects, of 150 MW and 200 MW, are ready to build, and with 350 MW between them they anchor the portfolio. Both should reach commercial operation in the first quarter of 2028, Energy Vault expects, and should then bring in about $30 million of combined annual run-rate EBITDA.
For Cory Magnuson, President of Asset Vault, the purchase sits squarely within Energy Vault's plan to acquire late-stage, de-risked development projects and move them efficiently toward construction and operation. He noted that the Goshe team had a track record of originating and advancing high-quality BESS projects, and that the company would continue to scale its owned-asset portfolio across U.S. markets.
To support the development, construction and operation of the acquired portfolio, Energy Vault has also secured a credit facility commitment of up to $40 million from S2G Investments. The facility represents a continuation of the strategic partnership between S2G and Goshe, and Bailey McCallum, Chief Executive Officer of Goshe, said that the company was pleased that S2G would continue as a financing partner through the transition.
As a result of the acquisition, Energy Vault now expects Asset Vault to generate more than $200 million in 2028 exit run-rate EBITDA. The company's active global portfolio of owned assets, meanwhile, encompasses over 1.75 GW of critical energy and AI digital compute infrastructure that is either in operation or under construction.
Robert Piconi, Chairman and Chief Executive Officer of Energy Vault, said that the acquisition added meaningful scale to the Energy Vault pipeline and brought in a group of experienced developers who knew how to advance projects efficiently and effectively. He also stated that the deal reinforced the company's strategy of building a long-term, owned-asset platform that generates predictable, recurring value for its shareholders.
