Energy Vault Holdings, Inc. announced a 14‑year Long‑Term Energy Service Agreement (LTESA) for a 100 MW/870 MWh battery energy storage system (BESS) in Ebor, New South Wales. The contract, signed with AusEnergy Services, will deliver eight hours of dispatchable capacity to support the state’s renewable energy targets as aging coal generators retire. The project, valued at A$310 million, is expected to begin operations in 2028 and will create up to 60 direct construction jobs.
The award expands Energy Vault’s Australian portfolio beyond its existing Stoney Creek 125 MW/1 GWh facility and reinforces the company’s Own‑&‑Operate strategy. By securing a long‑term, high‑margin tolling agreement, the company moves closer to its goal of generating approximately $100 million in annual recurring EBITDA from owned assets. The deal also strengthens Energy Vault’s competitive moat in the global energy‑storage market.
The Ebor BESS will deploy Energy Vault’s B‑VAULT™ battery architecture and Vault‑OS™ energy‑management software. Third‑party validation, including a DNV bankability report, confirms the system’s performance, safety, and reliability, positioning the asset as a long‑duration storage solution that can provide grid firming and peak‑shaving services.
While the announcement does not include immediate financial results, it adds to Energy Vault’s contract backlog and contributes to the company’s long‑term revenue stream. The company has faced mixed financial performance in recent quarters, with negative operating and net margins, but the growing pipeline of long‑term agreements signals a shift toward more predictable cash flows.
Robert Piconi, Chairman and CEO, said the partnership with Bridge Energy “continues to execute on our growth strategy in Australia and secures a key long‑term asset that will generate predictable, recurring revenue.” Daniel Hamel, CEO of Bridge Energy, added that the project “will deliver reliable energy while providing long‑term economic benefits to the local community, including community benefit contributions for the life of the project.”
The Ebor BESS comes at a time when Australia’s energy mix is shifting toward renewables and away from coal. Battery storage is essential for balancing intermittent generation and ensuring grid stability, and the 8‑hour dispatchable capacity will help meet peak demand and support the integration of wind and solar.
Beyond the financial upside, the project will create jobs and provide community benefits, reinforcing Energy Vault’s commitment to local economic development. The long‑term contract also positions the company to capture a growing share of the Australian energy‑storage market, where demand for grid‑support services is expected to rise as renewable penetration increases.
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