WESTLAKE VILLAGE, Calif. & NEW SOUTH WALES, Australia – Energy Vault Holdings, Inc., known for its grid-scale energy storage solutions, has commenced construction of a 200 MW/2 hour battery energy storage system (BESS) at ACEN Australia’s New England Solar project near Uralla, New South Wales. The project’s initiation was celebrated with a ceremony attended by Energy Vault executives, ACEN Australia officials, local politicians, and Anaiwan First Nations leaders.
The BESS, which is the first of its kind in the New England Region of New South Wales, will be charged daily and is designed to dispatch stored renewable energy during peak consumption hours. This initiative aims to reduce the region’s dependence on coal-fired power generation and is supported by the NSW Government’s Emerging Energy Program. While the company’s stock has seen a significant 35% gain over the past six months, InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 14 additional ProTips available for subscribers.
Energy Vault’s BESS will be integrated with a special inverter and the company’s proprietary energy management systems, enabling advanced grid support functionalities. The project represents a significant expansion of Energy Vault’s commercial presence in Australia, adding to a portfolio that includes 1.9GWh in previously announced projects. With trailing twelve-month revenue of $131 million and a gross profit margin of 5.82%, the company continues to focus on growth despite challenging market conditions. For comprehensive analysis and detailed financial metrics, investors can access the full Pro Research Report on InvestingPro.
The collaboration with ACEN Australia and the Anaiwan First Nations underscores the project’s commitment to partnering with local communities and contributing to the clean energy transition in the region.
The New England Solar project is part of ACEN Australia’s renewable energy portfolio, which includes over 1 GW of operational capacity and more than 13 GW in the development pipeline across the country.
This press release contains forward-looking statements regarding Energy Vault’s operations and financial performance, including the anticipated benefits of the New England BESS. The statements are based on current expectations and projections and involve risks and uncertainties that could cause actual results to differ materially. This information is based on a press release statement.
In other recent news, Energy Vault Holdings, Inc. has entered into an agreement with the State Electricity Commission (SEC) of Victoria, Australia, to install a 100 MW/200 MWh battery energy storage system at the SEC Renewable Energy Park in Horsham. This initiative is part of a significant investment valued at $370 million, which aims to enhance grid stability and provide renewable energy to over 50,000 homes. The project is expected to create approximately 246 jobs during its construction phase and is projected to be fully operational by late 2027. Energy Vault will employ its proprietary technology, including the X-VAULT integration platform and VaultOS Energy Management System, to manage the operations of the hybrid battery energy storage system. This collaboration is Energy Vault’s first with a government entity in Australia, marking a milestone in the company’s efforts to support the transition to renewable energy. The company’s presence in Australia has been expanding with recent agreements for similar deployments with Enervest and ACEN Australia. Energy Vault’s B-VAULT portfolio now includes over 2 GWh of projects either deployed or in development. Statements from the company indicate that the project aligns with its mission to provide sustainable and efficient energy storage solutions.
