WESTLAKE VILLAGE, CALIF. & MELBOURNE, AUSTRALIA -- Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, announced that the Stoney Creek Battery Energy Storage System (BESS) has been awarded a 14 year Long-Term Energy Service Agreement (LTESA) by the Australian Energy Market Operator (AEMO) Services under the New South Wales (NSW) Roadmap Tender Round 5 for Long Duration Storage.

In partnership with Enervest, a leading Australian project developer, the previously announced Stoney Creek BESS located in Narrabri, NSW is a 1.0 gigawatt-hour battery system connected with a 125MVA connection, creating one of the largest 8-hour long duration battery systems in Australia. As part of AMEO Services’ NSW Long Duration Storage tender, the Stoney Creek BESS contributes to the growing portfolio of projects enhancing system reliability and supporting the state’s energy transition goals. The selection of Stoney Creek BESS as an LTESA project underscores the strategic importance of the project in advancing Australia’s energy transition.

Along with the Calistoga Resiliency Center in Calistoga, California and the Cross Trails BESS in Snyder, Texas expected to come online the first half of this year, the Stoney Creek BESS is expected to be one of the first Australian projects in Energy Vault’s portfolio of ‘Owned & Operated’ projects, demonstrating continued successful execution of the global growth strategy outlined during the Company’s May 2024 Investor and Analyst Day.

“The Stoney Creek project serves as an important regional milestone at large scale that demonstrates execution of our ‘Own & Operate’ growth strategy,” said Robert Piconi, Chairman and Chief Executive Officer, Energy Vault. “We are quickly advancing this new market segment since announcing the strategy last May and view the Australian market as a large and important growth driver in building, maintaining and operating energy storage systems. Our expertise in designing, building, operating and maintaining energy storage systems with the highest levels of safety and reliability have uniquely positioned Energy Vault to deliver systems at lower capex and opex costs while securing long term, predictable and profitable cash flow streams for our shareholders.”

As one of the largest battery storage projects in New South Wales, Stoney Creek BESS will play a pivotal role in the state’s energy strategy, providing large-scale, dispatchable storage capacity to support grid reliability and renewable integration. By balancing renewable generation and enhancing system resilience, Stoney Creek BESS will contribute to wholesale price stability and reducing renewable curtailment, reinforcing the energy market benefits outlined in AEMO Services’ tender outcomes. With the project site fully secured and positive progress of all regulatory approvals and permits, the project is set to commence pre-construction activities and final design approvals now that the LTESA has formally been awarded. Financial details of the approved LTESA projects and annual annuity caps can be found on the AEMO Services website.

Piconi added, “Energy Vault is proud to partner with Ross and the team from Enervest in delivering the Stoney Creek BESS, one of the first gigawatt-hour, long duration battery energy storage systems in New South Wales. As Energy Vault brings online two of our first wholly owned projects in the US market that we are commissioning in California and Texas, including the largest green hydrogen-powered micro-grid serving multi-day storage needs for a city, securing the LTESA award further underscores the reliability and bankability of our solutions supported by our global expertise in designing, building and operating large scale energy storage systems. We are committed to supporting New South Wales’ renewable energy and local community goals toward enabling a resilient grid for the future.”

“Stoney Creek BESS being awarded the LTESA is a pivotal step in delivering critical infrastructure that drives Australia’s energy transition, economic growth, and long-term system reliability,” said Ross Warby, Chief Executive Officer, Enervest. “The partnership with Energy Vault early in the project development and final bid submission last year ensured we would have a comprehensive and successful bid with a proven global leader in energy storage solutions and operations. We recognize AEMO Services’ leadership in advancing projects that strengthen Australia’s energy future as well as consortium partner Energy Vault’s expertise in battery technology, software and system design.”

Project Highlights:

· 150 jobs created at peak construction, with four full-time operational roles post-completion.

· Site mobilization, pre-construction and procurement activities expected in the second half of 2025 following final procedural and DA approvals.

· A cornerstone project within the NSW Government’s Renewable Energy Roadmap, supporting the state’s decarbonisation goals.

· Strategic engagement with Traditional Owners, community groups, and local councils to ensure a collaborative, sustainable development approach that maximises local benefits. A major step toward expanding Australia’s energy storage capacity, reinforcing grid reliability and resilience.
Enervest and Energy Vault acknowledge the Traditional Owners of the land on which this project will be developed and remains committed to working closely with Indigenous communities, local councils, and community groups to maximise long-term benefits of Stoney Creek BESS for the region.