Energy Vault acquires 1GWh BESS in Australia as Q2 2025 revenue increases by 125% year-on-year

Energy Vault became known for a novel gravity-based energy storage technology based on raising and lowering 30-tonne weights, which it was positioning to commercialise around the time it got its listing via merger with a special purpose acquisition company (SPAC) in 2022.

Since then, it has diversified with pivots into lithium-ion BESS system integration and services, a green hydrogen arm currently developing a 293MWh multi-day long-duration energy storage (LDES) microgrid in California, and, most recently, with the latest announcement, developing projects to own.

The Stoney Creek BESS project formally enters Energy Vault’s international “Own & Operate” portfolio, advancing the company’s long-term asset management strategy in the Australian market.

The project was initially announced for acquisition from Australian-owned developer Enervest Group in March 2025, with the FIRB approval representing the final regulatory hurdle before completion.

As previously reported by Energy-Storage.news, the Stoney Creek BESS was awarded a 14-year Long-Term Energy Service Agreement (LTESA) under Roadmap Tender Round 5 for long-duration energy storage (LDES).

In total, 14GWh of energy storage was provided LTESAs, which aim to deliver predictable, contracted revenue during a specified period, helping to de-risk the project and accelerate investment in critical storage infrastructure.

Currently in the development phase, the Stoney Creek BESS is expected to begin construction in 2025, creating up to 150 jobs at its peak and four full-time operational roles once completed.

The project is anticipated to be one of the first Australian projects in Energy Vault’s “Own & Operate” portfolio.

Energy Vault penned a deal with Enervest last year to supply its X-Vault integration platform and its UL9540 and AS3000 certified B-VAULT product for the Stoney Creek BESS. The organisation also said it would utilise its Vault-OS Energy Management System to control, manage and optimise the BESS operations.

Robert Piconi, chairman and CEO of Energy Vault, believes the acquisition aligns with the company’s “Own & Operate” business model.

“As the first non-US project developed under our global ‘Own & Operate’ asset strategy, Stoney Creek underscores our focus on attractive, high-growth markets for energy storage solutions supported by favourable regulatory policies, as is the case with Australia,” Piconi said.

Energy Vault posts Q2 2025 revenue of US$8.5 million

Alongside the Stoney Creek acquisition announcement, Energy Vault reported its financial results for the second quarter of 2025, reporting Q2 2025 revenue of US$8.5 million, representing a 126% increase compared to the same period last year.

It is worth noting that, although this figure showcases YoY growth, it remains flat compared to Q1 2025, which stood at US$8.5 million, a 10% YoY increase. According to the group, the Q2 growth was driven by project deliveries in Australia and the commencement of the 57MW/114MWh Cross Trails BESS in Texas.

The Cross Trails BESS commenced commercial operation in June 2025, ahead of schedule, and was quickly followed by US$18 million financing. It has a 10-year offtake agreement with optimiser Gridmatic, which also provides qualified scheduling entity (QSE) services.

Energy Vault’s gross margin reached 29.6%, an improvement from 27.8% in the same quarter last year but decreased from the 57.1% achieved in Q1 2025. Despite these improvements, Energy Vault reported an earnings per share of -US$0.22, falling short of the forecasted -US$0.11.

Energy Vault has struggled to retain its share value since listing via a special purpose acquisition company (SPAC) merger in April 2021. It has received multiple notices from the NYSE that the average share price was below the US$1 threshold required.

The company’s contract revenue backlog increased by 47% to US$954 million, and Generally Accepted Accounting Principles (GAAP) gross profit rose by 140% to US$2.5 million.

Despite an adjusted EBITDA loss of US$13.7 million, this represents an 11% improvement from the prior year. Energy Vault also enhanced its cash position by 23% to US$58.1 million and completed significant project financings, such as the US$18 million for the Cross Trails BESS project.

Looking ahead, Energy Vault anticipates full-year 2025 revenue between US$200-250 million, supported by its growing project pipeline and strategic initiatives like “Asset Vault”.

In conjunction with the Stoney Creek acquisition and Q2 results, Energy Vault announced the launch of “Asset Vault,” a new platform designed to accelerate the execution of its global energy storage project pipeline.

This initiative is supported by a US$300 million preferred equity investment from an undisclosed “leading multi-billion-dollar infrastructure fund”.

Asset Vault will consolidate Energy Vault’s owned storage portfolio, including a 3GW pipeline of battery energy storage projects, and leverage the company’s internal engineering, procurement, construction, and operational capabilities.

According to Energy Vault, this will help accelerate the deployment of 1.5GW of energy storage projects in the US, Europe, and Australia.

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