Raised Funding of $18 Million for Texas-based Energy Vault's Battery Storage System Project
Energy Vault Secures Financing for Cross Trails Battery Energy Storage System
Energy Vault Holdings, a leading player in the energy storage market, has announced the successful closure of $18 million in project financing for its Cross Trails Battery Energy Storage System (BESS) in Texas. This marks the company's second significant financing success, following a $28 million close for its Calistoga Resiliency Center project in California.
Robert Piconi, Chairman and CEO of Energy Vault, hailed the financing as a "significant milestone in executing our 'Own & Operate' strategy." The Cross Trails BESS, located in the Electric Reliability Council of Texas (ERCOT) region, is a 57 MW/114 MWh facility that entered commercial operation in June 2025. It provides energy and ancillary services to the ERCOT market and boasts an attractive mid-teen levered Internal Rate of Return (IRR).
The Cross Trails BESS also features a 10-year offtake agreement with Gridmatic. This is the first physically settled revenue floor contract for a BESS in ERCOT, underscoring Energy Vault's commitment to creating long-term shareholder value. The project is expected to generate predictable, high margin, and recurring revenue streams.
The Cross Trails BESS is a key demonstration of Energy Vault's strategy, which is focused on strategic energy storage asset ownership and operation. This strategy is aimed at maximizing capital efficiency and operational control. The company's goal is to deliver long-term value to shareholders in the expanding energy storage asset market.
Energy Vault's global energy storage portfolio is managed by its wholly owned subsidiary Asset Vault. Asset Vault currently operates an expanding pipeline targeting an initial 1.5 GW of energy storage projects across the U.S., Europe, and Australia. The company aims to scale this portfolio to 3 GW.
In addition to the Cross Trails BESS, Energy Vault has secured a 10-year offtake agreement with Consumers Energy, Michigan's largest utility, for two battery energy storage systems totaling 75 MW/300 MWh. These systems are scheduled for battery delivery starting Q4 2024, construction in Q1 2026, and commercial operation by Q4 2026.
Recent acquisitions, such as the 125 MW/1,000 MWh Stoney Creek BESS in Australia, align with Energy Vault's global strategy of owning and operating storage assets. The company expects to secure over $12 million from an Investment Tax Credit (ITC) sale agreement later this quarter.
Energy Vault's technology portfolio includes its proprietary gravity-based EVx™ storage technology, alongside battery and green hydrogen solutions, integrated through its hardware-agnostic energy management system. The company's focus on self-performed project delivery and long-term service contracts aims to strengthen margins and liquidity.
In summary, Energy Vault's current status features an active 1.5 GW development pipeline supported by significant new capital, operational projects like Cross Trails BESS, strategic acquisitions like Stoney Creek, and ongoing contracts to expand its footprint in North America and internationally. The company's future plans emphasize scaling Asset Vault’s portfolio to 3 GW, continuing acquisitions, and deploying advanced storage technologies to support the renewable energy transition with owned and operated assets.
Technology plays a crucial role in Energy Vault's energy storage systems, as the company utilizes its proprietary gravity-based EVx™ storage technology, along with battery and green hydrogen solutions, integrated through its hardware-agnostic energy management system.
The successful closure of $18 million in project financing for Energy Vault's Cross Trails Battery Energy Storage System underscores the company's commitment to securing financing through technology-driven energy solutions.
