Energy Vault Raises €258M to Launch Asset Vault, A Subsidiary To Build And Operate Energy Storage Assets

The money will be used to launch Asset Vault, a new arm of the company focused on developing and running energy storage projects.

Asset Vault will focus on standalone energy storage systems as well as projects paired with power generation in key global energy markets.

This investment backs Energy Vault’s IPP strategy to build, own, and operate energy storage assets, helping fast-track 1.5GW deployment in high-priority regions.

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Once regulatory approvals are complete—expected within 30–60 days—Asset Vault will become a fully consolidated subsidiary, managing Energy Vault’s owned storage assets.

The $300M investment will be used to develop new projects, make acquisitions, and support both majority and minority equity investments. It will fund the construction and operation of energy storage assets. The preferred equity is non-dilutive to common shareholders and includes performance milestones for equity participation in the listed company, ensuring strong alignment with shareholders.

Asset Vault will bring together Energy Vault’s growing portfolio of storage projects, with over 3GW and 12+ GWh of top-tier assets already identified, acquired, or in operation. These include operational projects like the Cross Trails BESS (57MW/114MWh) and the Calistoga Resiliency Center (8.5MW/293MWh). So far, Energy Vault has invested $100M in these projects, which are supported by long-term offtake agreements and project-level debt, ensuring predictable, profitable, and recurring cash flows.

As part of the initial $300M investment, Asset Vault is projected to generate over $100 million in recurring annual EBITDA within the next 3–4 years. This will add to Energy Vault’s existing Energy Storage Solutions business, which currently accounts for most of the company’s revenue.

“The $300 million investment and the creation of Asset Vault unlock the full potential of our ‘Own and Operate” storage IPP strategy with immediate investment flexibility,” says Robert Piconi, Chairman of the Board and CEO of Energy Vault.

“By combining long-term contracted revenues with strategic capital and integrated, self-performed project execution, we are well positioned to scale resilient, mission-critical energy infrastructure to meet the current needs driven by the penetration of renewable energy and the massive increases in energy demand driven by data centre AI infrastructure.”

Energy Vault has received approval from the Foreign Investment Review Board (FIRB) 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 is now part of Energy Vault’s international “Own & Operate” portfolio, supporting its long-term asset management strategy in Australia. The acquisition, initially announced by Enervest Group in March 2025, enables Energy Vault to fully manage the development and operation of the project.

The Stoney Creek Battery Energy Storage System (BESS) has secured a 14-year Long-Term Energy Service Agreement (LTESA) through Roadmap Tender Round 5 for Long Duration Storage, administered by AEMO Services under the NSW Electricity Infrastructure Roadmap. This agreement provides a stable revenue stream, reducing project risk, strengthening stakeholder value and boosting investor confidence.

Combined with Energy Vault’s VaultOS platform and B-VAULT storage technology the 125 MW/1,000 MWh BESS will play a key role in meeting peak demand, improving grid reliability and accelerating renewable energy adoption across New South Wales.

The Stoney Creek BESS is engineered to provide eight hours of dispatchable energy, strengthening grid reliability and flexibility at a critical point in New South Wales’ evolving energy landscape.

Energy Vault is leading the development and integration, leveraging its VaultOS platform and B-VAULT system to enhance performance, market integration and long-term asset value.

“The formal acquisition of Stoney Creek represents a first and very significant milestone in Energy Vault’s long-term investment strategy for Australia,” says 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 favourable 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 to maximise the benefits for the local communities while supporting the NSW regional decarbonization goals,” adds Piconi.

About Energy Vault

Founded in 2017, Energy Vault® delivers utility-scale energy storage solutions using gravity, battery and green hydrogen technologies. Its software-driven platform supports short- and long-duration storage, helping reduce energy costs and boost reliability. EVx™ technology promotes circularity by reusing waste materials, advancing the global transition to clean energy.