Energy Vault Holdings, Inc. NRGV shares jumped on Monday after securing a $350 million deal with Enervest Group in Australia.
The deal includes a 1,000 MWh battery energy storage system at the Stoney Creek site in New South Wales, Australia.
Both companies are finalizing development and grid approval processes to proceed with the project.
The Stoney Creek BESS is crucial for Enervest’s strategy to improve grid reliability and support growing renewable energy in New South Wales.
This system will provide flexible, large-scale energy storage, boosting efficiency in renewable energy generation while stabilizing the power grid.
Energy Vault will handle engineering, construction, and long-term support for the project, offering flexibility in battery and inverter choices.
CEO Robert Piconi highlighted their shared commitment to large-scale, financially viable projects to enhance grid resiliency.
This month, the company also started project financing for U.S. projects, including the Calistoga Resiliency Center, which will feature a hybrid hydrogen and battery energy storage system for clean energy on demand.
Energy Vault will announce its third-quarter results on November 12, 2024.
Price Action: NRGV shares rose 27.5% to $1.925 on Monday.
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