Quick Facts:
Agreement Date: August 2025 (closing expected in 30–60 days)
Capital Raised: $300 million preferred equity (non-dilutive)
CapEx Enabled: Over $1 billion for project development
Project Scope: 1.5GW across U.S., Australia, and Europe
Operational Assets:
Cross Trails BESS – 57MW/114MWh (Texas)
Calistoga Resiliency Center – 8.5MW/293MWh (California)
Contracted Asset: Stoney Creek BESS – 125MW/1.0GWh (New South Wales) under 14-year LTESA
Pipeline: ~3GW / 12+GWh in global battery storage projects
EBITDA Target: $100M+ annually in 3–4 years
Longest Offtake Term: 14 years
Ownership Model: Build–Own–Operate (IPP) with self-performed EPC and long-term service agreements
Energy Vault Holdings has entered an exclusivity agreement for a $300 million preferred equity investment to launch Asset Vault, a subsidiary dedicated to developing, owning, and operating grid-scale energy storage projects. The capital—provided by a multi-billion-dollar infrastructure fund—will enable over $1 billion in CapEx for 1.5 gigawatts (GW) of projects across the U.S., Australia, and Europe.
The investment supports Energy Vault’s Independent Power Producer (IPP) “build-own-operate” strategy and is expected to generate $100 million+ in annual recurring EBITDA within three to four years from operational and contracted assets.
“The $300 million investment and the creation of Asset Vault unlock the full potential of our ‘Own and Operate’ storage IPP strategy,” said Robert Piconi, Chairman 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 needs driven by renewable penetration and AI-powered data center demand.”
Portfolio and Pipeline
Asset Vault will consolidate Energy Vault’s operational and contracted storage projects, backed by long-term offtake agreements:
Cross Trails BESS – 57MW/114MWh (Texas)
Calistoga Resiliency Center – 8.5MW/293MWh (California)
Stoney Creek BESS – 125MW/1.0GWh (New South Wales, Australia), secured under a 14-year Long-Term Energy Service Agreement (LTESA)
The company’s pipeline totals ~3GW and 12+GWh of battery energy storage systems across North America, Europe, and Australia, with U.S. projects benefitting from federal Investment Tax Credit incentives. Energy Vault is targeting 15%+ levered IRRs over a 20-year asset life.
Strategic Context
Global demand for grid-scale storage is accelerating as renewables’ share of generation grows. BloombergNEF projects the energy storage market will exceed 1 terawatt-hour by 2030, driven by policy incentives and grid reliability needs.
Energy Vault’s technology-agnostic approach—covering energy-as-a-service, project sales, and long-term ownership—positions it to capture value across the storage lifecycle. By self-performing engineering, procurement, and construction (EPC), the company aims to lower CapEx per kWh, reduce operating costs, and create additional cash flows through long-term service agreements.
