Energy Vault Holdings, Inc. announced a binding agreement to acquire an 850 MW pipeline of battery energy storage system projects in Japan, marking the company’s first entry into the country’s rapidly growing energy‑storage market.
The portfolio consists of 350 MW of advanced‑stage projects that are slated to begin construction in the second half of 2027 and become operational in the second half of 2028, and 500 MW of early‑stage projects that will follow a similar timeline as they progress through development.
The acquisition aligns with Energy Vault’s “Own & Operate” strategy, which seeks to replace one‑off EPC sales with recurring, high‑margin tolling revenue. The new assets are expected to accelerate the company’s Asset Vault platform, helping it reach a target of $100‑$150 million in recurring adjusted EBITDA by 2029.
Adding the Japanese pipeline expands Energy Vault’s asset base and positions the company to capture demand driven by Japan’s grid constraints and the need to integrate higher shares of renewable generation. The deal also supports the company’s broader goal of scaling its gravity‑based and battery technologies in high‑growth regions.
The acquisition follows a strong Q4 2025 earnings report in which Energy Vault beat revenue expectations and posted positive adjusted EBITDA, reinforcing confidence in the company’s execution and the viability of its Asset Vault model. The Japan deal is a tangible step toward the company’s long‑term growth and profitability objectives.
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