Energy Vault Secures Final FIRB Approval and Completes Acquisition of 125 MW/1,000 MWh Stoney Creek BESS in Australia

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a global leader in grid-scale energy storage solutions, today announced it has received Foreign Investment Review Board (FIRB) approval and completed the full acquisition of the Stoney Creek Battery Energy Storage System (BESS) project in Northern New South Wales. The 125 MW/1,000 MWh project now formally enters Energy Vault’s international “Own & Operate” portfolio, advancing the company’s long-term asset management strategy in the Australian market.

Energy Vault has formalized its investment position in the Stoney Creek BESS following receipt of Foreign Investment Review Board (FIRB) approval, enabling full acquisition and control of the project’s development and operations. The project was initially announced for acquisition from Enervest Group in March 2025.

This strategic acquisition underscores Energy Vault’s commitment to accelerating Australia’s transition to a more resilient, low-carbon energy grid. The Stoney Creek BESS represents a flagship deployment within the company’s Asset Vault portfolio, leveraging Energy Vault’s vertically integrated approach to energy storage development. With full control of the project’s lifecycle—from design through long-term operation—Energy Vault is positioned to optimize both performance and profitability while delivering essential grid services.

The project’s award of a 14-year LTESA contract provides a strong foundation of contracted revenue, enabling long-term value creation for stakeholders and reinforcing investor confidence. Coupled with Energy Vault’s proprietary VaultOS™ platform and advanced B-VAULT™ storage technology, the Stoney Creek BESS will offer critical dispatchable capacity to support peak demand, enhance grid stability, and enable deeper integration of renewable energy sources across New South Wales.

The 125 MW/1,000 MWh BESS was awarded a 14-year Long-Term Energy Service Agreement (LTESA) under Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services as the Consumer Trustee under the New South Wales Electricity Infrastructure Roadmap. The LTESA provides up to 14 years of predictable, contracted revenue, helping to de-risk the project and accelerate investment in critical storage infrastructure.

The Stoney Creek BESS has been designed to deliver eight hours of dispatchable energy, and once operational, will support grid reliability and flexibility in a strategic location within NSW’s transitioning energy landscape. Energy Vault is developing and integrating the project, utilizing its VaultOS™ energy management platform and B-VAULT™ system to optimize performance, market participation, and long-term asset management.

“The formal acquisition of Stoney Creek represents a first and very significant milestone in Energy Vault’s long-term investment strategy for Australia,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “As the first non-US project developed under our global ‘Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high growth markets for energy storage solutions supported by favorable regulatory policies as is the case with Australia. We have multiple storage projects in various stages of construction across eastern Australia, and we look forward now to focusing on moving the Stoney Creek BESS rapidly to RTB construction and eventual operation in order to maximize the benefits for the local communities while supporting the NSW regional decarbonization goals.”

Stoney Creek represents one of several large-scale “Own & Operate” assets Energy Vault is advancing across Australia, underpinning a growing pipeline of energy storage deployments designed to enable both merchant and contracted revenue streams through the company’s Energy VaultOS™ and Vault-Bidder™ platforms.

About Energy Vault

Energy 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 www.energyvault.com for more information.

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