Energy Vault Holdings, Inc. (NYSE:NRGV) shares surged on Monday after the company inked a $350 million deal with Enervest Group in Australia.
The deal involves deploying a 1,000 MWh battery energy storage system (BESS) at the Stoney Creek site in New South Wales, Australia.
The companies are currently finalizing the necessary development and grid application approvals to move the project to a full Final Investment Decision (FID).
The Stoney Creek BESS represents a key advancement in Enervest's strategy to bolster grid reliability and accommodate New South Wales' increasing renewable energy capacity.
This system will offer flexible, grid-scale energy storage, enhancing renewable energy generation efficiency while improving stability and lowering the carbon intensity of the state's power grid.
Energy Vault will serve as the turnkey partner for the project's engineering, procurement, construction, and commissioning, along with providing long-term services, software, and maintenance support.
This design offers flexibility, allowing customers to choose from various battery and inverter suppliers. It also offers adaptable AC-coupled and DC-coupled configurations for diverse project needs.
Robert Piconi, Chairman of the Board and Chief Executive Officer of Energy Vault, stated, "With Enervest, we share a focus on large scale and financially attractive projects to enhance grid resiliency, and the Stoney Creek project is another example of executing to the growth plans that we have outlined for 2025 and beyond."
This month, the company initiated project financing for select U.S. projects, including the Calistoga Resiliency Center.
This innovative hybrid hydrogen and battery energy storage system is expected to provide a cost-effective, community-scale, fully carbon-free microgrid capable of storing and dispatching clean energy on demand.
Energy Vault will release third-quarter results on November 12, 2024.
Price Action: NRGV shares are up 27.5% at $1.925 at the last check Monday.
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