Latest news with #RobertPiconi
Business Wire
5 days ago
- Business
- Business Wire
Energy Vault Closes $18 Million Project Financing for 57 MW/114 MWh Cross Trails BESS Serving the Texas ERCOT Market
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings Inc. (NYSE: NRGV) ('Energy Vault' or the 'Company'), a leader in sustainable, grid-scale energy storage solutions, today announced the successful close of $18 million in project financing for its Cross Trails battery energy storage system (BESS). The financing marks another milestone in the Company's execution of its 'Own & Operate' growth and asset management strategy, originally outlined during the May 2024 Investor and Analyst Day. In addition, the company expects to receive another $12+ million in Investment Tax Credit-related funds later this quarter via a previously signed ITC sale agreement. The 57 MW/114 MWh BESS was brought to commercial operation in June 2025, and is currently providing energy and ancillary services to meaningfully support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Energy Vault notably achieved mechanical completion of the Cross Trails BESS ahead of schedule, successfully meeting all construction milestones through effective project management and close collaboration among engineering, procurement, and construction teams. The project is supported by a 10-year offtake agreement with Gridmatic, which marked the first physically settled revenue floor contract to be signed for a BESS in ERCOT. The BESS leverages Energy Vault's fully integrated solution stack of hardware, software, and service offerings. Cross Trails also serves as the first deployment of Energy Vault's second-generation B-VAULT™ AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault's VaultOS™ Energy Management System to control, manage and optimize the BESS operations. "The successful financing of our Cross Trails BESS project represents another significant milestone in executing our 'Own & Operate' strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "Following our recent Calistoga Resiliency Center project financing and the acquisition of the 125 MW/1 GWh Stoney Creek BESS in Australia, this latest financing close demonstrates our ability to attract premium financing partners while building a diversified portfolio of attractive energy storage assets across the globe. With an attractive mid-teen levered IRR and a 10-year offtake agreement in place, the Cross Trails BESS is another example of our commitment to creating long-term shareholder value through strategic energy storage asset ownership and operation in key growth markets." Today's announcement marks the second close of project financing for Energy Vault projects, coming on the heels of the successful close of $28 million in financing for the Company's Calistoga Resiliency Center project in California. The financing also follows Energy Vault's announced acquisition of the 125 MW/1,000 MWh Stoney Creek BESS in the Australian market, being developed in alignment with the Company's global 'Own & Operate' strategy. Together, the advancement of these projects follows through on initiatives first presented during Energy Vault's May 2024 Investor and Analyst Day, demonstrating the Company's ability to execute on its strategic vision while maximizing capital efficiency in its 'Own & Operate' strategy. Energy Vault continues to pursue a robust pipeline of projects in development under the Company's 'Own & Operate' strategy and long-term vision for generating predictable, recurring and high margin tolling revenue streams with the goal of delivering sustainable, long-term value to shareholders. This milestone reflects significant proactive interest from strategic partners and investors given attractive IRR economics, positioning Energy Vault for continued growth in the rapidly evolving energy storage asset infrastructure market. About Energy Vault Energy Vault ® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company's technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short, long and multi-day/ultra-long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Since 2024, Energy Vault has executed an 'Own & Operate' asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit for more information. Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as 'anticipate,' 'expect,' 'suggest,' 'plan,' 'believe,' 'intend,' 'project,' 'forecast,' 'estimates,' 'targets,' 'projections,' 'should,' 'could,' 'would,' 'may,' 'might,' 'will' and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements or close previously contracted tax credit transfers, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the quickly changing international tariffs applicable to our imports and exports; the uncertainly of our awards, bookings and backlogs and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the timing of permits; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31 2025, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.
Yahoo
17-02-2025
- Business
- Yahoo
Energy Vault to build Australia's first 100% publicly owned clean energy project
Energy Vault has been selected by the state government of Victoria to build Australia's first 100% publicly owned renewable energy project. The 100MW, two-hour battery energy storage system is a crucial part of the SEC Renewable Energy Park and is estimated to lower energy costs and generate job opportunities in Horsham. Energy Vault chair and CEO Robert Piconi said: 'This publicly owned project is well-aligned with our mission to accelerate the clean energy transition through sustainable and efficient energy storage solutions and will play a pivotal role in ensuring the availability of renewable energy.' Once completed, the battery will store energy from the project's 119MW solar farm, capable of generating approximately 242,000MWh of renewable energy annually, which is sufficient to supply power to 51,000 homes. By storing renewable energy and releasing it during peak demand, the battery will contribute to reducing power prices and enable an additional 180MW of new renewables to be connected to the grid. Preconstruction activities have already commenced on the site in Horsham, with the project on track for completion in 2027. The construction phase is expected to create about 246 jobs, including 20 positions for apprentices, trainees, and cadets. The project will connect to Victoria's electricity grid later this year and feature a 600MW big battery near Melton, which can store enough renewable energy to power 200,000 homes during peak times. Profits generated by the SEC will be reinvested into Victoria to support additional renewable energy projects and help Victorians save on energy bills. Victoria Minister for the State Electricity Commission Lily D'Ambrosio said: 'Building more renewable energy will make sure Victoria can continue to have the lowest wholesale energy prices in the market, push down energy bills and create good local jobs. 'We're excited to partner with Energy Vault to help deliver the battery for our first 100% publicly owned renewable energy project.' "Energy Vault to build Australia's first 100% publicly owned clean energy project" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
13-02-2025
- Business
- Yahoo
Energy Vault to Supply Victorian Government-Owned Renewable Energy Company with 100 MW/200 MWh Battery Energy Storage System
State Electricity Commission (SEC) Renewable Energy Park - Horsham BESS to provide flexible, grid-scale energy storage solution, supporting the delivery of affordable and reliable renewable energy to more than 50,000 Australian homes while enhancing grid stability Collaboration serves as a further expansion of Energy Vault's rapidly-growing commercial footprint in the Australian market following previously announced project awards totaling 1.9 GWh of energy storage WESTLAKE VILLAGE, Calif. & MELBOURNE, Australia, February 13, 2025--(BUSINESS WIRE)--Energy Vault (NYSE: NRGV) ("Energy Vault" or the "Company"), a global leader in sustainable energy storage solutions, today announced an agreement with Victorian government-owned renewable energy company, the State Electricity Commission (SEC) for the delivery and integration of a 100 MW/200 MWh battery energy storage system (BESS) at the SEC Renewable Energy Park - Horsham, in Victoria. This hybrid solar and BESS project represents a significant step forward in supporting Victoria's transition to renewable, reliable, and affordable energy. The SEC Renewable Energy Park - Horsham is one of Australia's first 100% publicly owned, utility-scale renewable energy projects. The project includes over 212,000 photovoltaic solar panels generating 119MW of solar power, capable of generating 242,000 MWh annually. Energy Vault's integration of a grid-forming BESS will provide firm, dispatchable power to meet peak demand periods with a two-hour storage duration. The $370 million investment by SEC will deliver enough renewable energy to power approximately 51,000 homes, creating approximately 246 jobs during construction and driving economic benefits for the Horsham region. Preconstruction works at the SEC Renewable Energy Park - Horsham began this week, and full operational status is expected to be achieved by late 2027. The BESS system will be built with Energy Vault's proprietary X-VAULT™ integration platform using the Company's proprietary UL9540 certified B-VAULT™ product, and VaultOS™ Energy Management System to control, manage and optimize the Hybrid BESS operations. Energy Vault's innovative system architecture provides customer optionality with both battery and inverter suppliers, while unique AC-coupled and DC-coupled configurations provide the drop-in flexibility needed for any project. "We are pleased to further expand our footprint of energy storage systems in the dynamic and rapidly growing Australian market and work with SEC on this innovative hybrid project architecture," said Robert Piconi, Chairman and CEO, Energy Vault. "As our first government collaboration, this publicly-owned project is well-aligned with our mission to accelerate the clean energy transition through sustainable and efficient energy storage solutions and will play a pivotal role in ensuring the availability of renewable energy." "We're looking forward to working with Energy Vault on the delivery and integration of the battery storage system at the SEC Renewable Energy Park – Horsham," said SEC CEO Chris Miller. "This project demonstrates SEC's ongoing efforts to drive Victoria's transition to renewables." Today's announcement marks a key advancement of Energy Vault's growing commercial footprint in the Australian market, following a series of recent agreements, including with Enervest and ACEN Australia for BESS deployments. To date, Energy Vault's B-VAULT portfolio consists of more than 2GWh in total projects either deployed or currently in development. About Energy VaultEnergy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company's hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault's innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault's gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit for more information. About the SECThe SEC is a government-owned renewable energy company focused on: Investing in renewable energy and storage projects that accelerate the transition and deliver sustainable returns; Supporting households to go all-electric to reduce their energy bills and emissions; and Building the renewable energy workforce our energy transition requires. Learn more at Forward-Looking Statements This press release includes forward-looking statements that reflect the Company's current views with respect to, among other things, the Company's operations and financial performance, including the Horsham BESS. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggest," "plan," "believe," "intend," "project," "forecast," "estimates," "targets," "projections," "should," "could," "would," "may," "might," "will" and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the failure to execute definitive agreements, changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings, backlog, timing of permits and developed pipeline equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 13, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements. View source version on Contacts Energy Vault Contacts Mediamedia@ InvestorsenergyvaultIR@ SEC Contacts Sign in to access your portfolio
