Stoney Creek Moves Toward Construction

Stoney Creek is designed to provide eight hours of dispatchable storage to the New South Wales grid. The approval follows an environmental and planning assessment led by the state's Department of Planning, Housing and Infrastructure, and comes after Energy Vault acquired the project land outright. Geotechnical works were completed in late August 2026.

The company expects site works and mobilization to begin in the fourth quarter of 2026 and commercial operations to begin in the first half of 2028, subject to remaining conditions and customary project requirements. The project holds a 14-year Long-Term Energy Service Agreement awarded through AEMO Services, which, together with anticipated merchant revenue, is expected to support approximately US$25 million to $30 million of annual project revenue once operational.

"This is our Build, Own & Operate strategy in action," said Marco Terruzzin, Chief Revenue Officer of Energy Vault.

Adding a U.S. Pipeline

On September 22, Energy Vault announced the acquisition of a portfolio from Goshe Energy Storage, a Boulder, Colorado developer. The portfolio covers 15 projects totaling more than 2.3 GW, anchored by two ready-to-build projects of 150 MW and 200 MW that are expected to reach commercial operations in the first quarter of 2028 and generate approximately $30 million of combined annual run-rate EBITDA. Goshe's development team is joining Energy Vault, and the company secured a credit facility commitment of up to $40 million from S2G Investments to support the portfolio. The release does not state a purchase price.

With the acquisition, Energy Vault said it now expects its Asset Vault ownership platform to reach more than $200 million of exit run-rate EBITDA in 2028.

Speaking with Utility Dive, Terruzzin said the company is following the implementation of President Trump's executive order restricting foreign-made bulk power components and is assessing its impact project by project while diversifying its supply chain. That effort includes a February agreement with Peak Energy for up to 1.5 GWh of U.S.-manufactured sodium-ion battery systems. "Demand alone does not build projects," Terruzzin told the publication, pointing to grid access, equipment availability, financing and customer commitments.

Financial Position

In the second quarter of 2026, Energy Vault reported revenue of $17.4 million, up 104% from a year earlier, and contract backlog of approximately $2 billion. Cash rose to $148 million, while the GAAP net loss was $29.7 million, compared with $34.9 million a year earlier.

The company raised full-year 2026 revenue guidance to $270 million to $310 million. That range implies a sharp increase in revenue during the second half of the year, which the company tied to its backlog, including a 1.25 GW AI data center contract in Texas that it expects to generate $500 million to $600 million of revenue across the second half of 2026 and 2027.

Strategic Investment Summary

• Stoney Creek Approval: Energy Vault Holdings, Inc. (NYSE: NRGV) received New South Wales State Significant Development Approval for its 125 MW / 1 GWh Stoney Creek battery project in Narrabri, Australia.
• Project Timeline: Site works are expected to begin in the fourth quarter of 2026, with commercial operations expected in the first half of 2028.
• Contracted Revenue: A 14-year Long-Term Energy Service Agreement plus anticipated merchant revenue is expected to support approximately US$25 million to $30 million of annual project revenue.
• U.S. Expansion: The Goshe Energy Storage acquisition adds more than 2.3 GW across 15 U.S. projects, including 350 MW ready to build and an up to $40 million credit facility commitment from S2G Investments.
• Second Quarter Results: Revenue was $17.4 million, up 104%, with backlog of approximately $2 billion, cash of $148 million and a net loss of $29.7 million.
• Guidance: Full-year 2026 revenue guidance is $270 million to $310 million, weighted toward the second half of the year.

Find out more about the latest corporate developments and financial reports at the Energy Vault investor portal.

The post Energy Vault Clears State Approval for Its 1 GWh Stoney Creek Battery as It Adds 2.3 GW of U.S. Projects appeared first on PRISM MarketView.

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