Energy Vault Holdings, Inc. (NYSE: NRGV) has completed the acquisition of the project land for its 125 MW / 1 GWh Stoney Creek Battery Energy Storage System (BESS) in northern New South Wales, Australia, according to a company statement.

The land was previously held under a lease agreement. Full ownership followed approval from Australia's Foreign Investment Review Board (FIRB). Construction is expected to begin in Q1 2027, with commercial operations targeted for H1 2028, subject to final regulatory approvals.

The project is backed by a 14-year Long-Term Energy Service Agreement (LTESA) awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. Energy Vault said the agreement is expected to generate approximately $25 million to $30 million in annual revenue.

The Stoney Creek facility is designed to provide eight hours of dispatchable energy storage capacity. Energy Vault said it plans to use its VaultOS energy management platform to manage asset performance and market participation.

"With long-term site ownership secured and a 14-year LTESA in place, Stoney Creek represents the type of high-quality infrastructure asset at the core of our Build, Own & Operate strategy," said Akshay Ladwa, Chief Development and Operations Officer of Energy Vault.

Marco Terruzzin, Chief Revenue Officer, said the company remains "focused on disciplined execution as we scale a global portfolio of owned energy infrastructure assets."

The Stoney Creek project is part of Energy Vault's Build, Own & Operate portfolio, under which the company develops and manages energy storage assets to generate long-term recurring revenues.