Cross Trails BESS to provide energy and
ancillary services to support renewable energy production and
improve grid resiliency in the Electric Reliability Council of
Texas (ERCOT) region
Upcoming deployment demonstrates Energy Vault’s
execution on its growth strategy to maximize capital efficiency and
profitability in building, owning and operating energy storage
infrastructure
Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the
“Company”), a leader in sustainable, grid-scale energy storage
solutions, today announced plans for the deployment of a 57 MW/114
MWh Battery Energy Storage System (BESS) in Scurry County, Texas,
as well as the signing of a 10-year offtake agreement with
Gridmatic, a leading AI-enabled power marketer. Construction of the
Cross Trails BESS is expected to begin in Q1 2025, with commercial
operation expected by summer 2025.
The Cross Trails BESS, which will be built, owned and operated
by Energy Vault, will provide energy and ancillary services to
support renewable energy production and improve grid resiliency in
the Electric Reliability Council of Texas (ERCOT) region. In
conjunction with the BESS deployment, Energy Vault’s 10-year
offtake agreement with Gridmatic is expected to commence in Q2
2025.
This project marks another milestone in Energy Vault’s global
buildout of energy storage infrastructure that follows recently
announced projects in the U.S., Europe and Australia where the
Company will build, own and operate energy storage systems and
microgrids under long term power purchase and tolling agreements.
This U.S. project in the ERCOT market reflects the Company’s
strategy announced earlier this year to invest in financially
attractive and long-term energy storage infrastructure projects
where Energy Vault can leverage its expertise in designing,
building and operating energy storage assets under the most
efficient capital and operating expense profiles, supported by its
project financing engagement recently announced with Jefferies.
This strategy is being executed to maximize the impact of Energy
Vault’s unique technology-agnostic approach to energy storage
solution development, all enabled by its innovative Energy
Management System (EMS) which is quickly becoming a leading asset
management platform of choice in the industry. The in-depth
analytics of Energy Vault’s EMS platform across all operating,
safety, maintenance and dispatching functions maximizes asset
availability, thereby enhancing the Company's ability to capitalize
organically and inorganically on emerging opportunities in the
rapidly evolving energy storage market while delivering more
predictable and more profitable recurring revenues for the systems
that it operates.
The offtake agreement is the first physically settled revenue
floor contract to be signed for a BESS in ERCOT. The agreement is
backed by Gridmatic’s previously announced Energy Storage Fund, and
will provide both Energy Vault and Gridmatic with the benefit of
Gridmatic’s AI-based forecasts, which have delivered the top Day
Ahead energy trading results in the ERCOT market. As part of the
agreement, Gridmatic will also provide QSE services.
“We continue to execute rapidly and advance our strategy
announced earlier this year in May to leverage our deep battery
system and software expertise to efficiently build, own and operate
energy storage assets,” said Robert Piconi, Chairman and Chief
Executive Officer of Energy Vault. “Owning energy storage
infrastructure plays a critical role in our commitment to deliver
long-term, sustainable shareholder value while allowing the company
to more profitably and efficiently capitalize on the growing global
demand for energy storage solutions. We are excited to partner with
Gridmatic as a leading power marketer with proven storage offtake
and optimization performance to hedge project cash flows and
deliver reliable, safe and sustainable energy solutions that will
benefit the ERCOT market.”
“Energy Vault’s proven expertise and ability to develop and
deploy world-class, reliable, and cost-effective energy storage
solutions make them a perfect partner for Gridmatic,” said Matt
Wytock, Chief Executive Officer of Gridmatic. “This BESS will
deliver increased grid reliability and affordability for Texas
residents as load growth continues to accelerate. We look forward
to a strong partnership with Energy Vault for years to come.”
The BESS system will be built with Energy Vault’s proprietary
X-Vault integration platform using Energy Vault’s proprietary
UL9540 certified B-VAULT™ product, and VaultOS Energy Management
System to control, manage and optimize the BESS operations. Energy
Vault’s innovative system architecture provides customer
optionality with both battery and inverter suppliers, while unique
AC-coupled and DC-coupled configurations provide the drop-in
flexibility needed for any project.
To date, Energy Vault’s B-VAULT portfolio consists of more than
2 GWh in total projects deployed and under construction. Gridmatic
has contracted to operate over 300 MW of battery storage projects
across the ERCOT and CAISO markets.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage
solutions designed to transform the world's approach to sustainable
energy storage. The Company's comprehensive offerings include
proprietary gravity-based storage, battery storage, and green
hydrogen energy storage technologies. Each storage solution is
supported by the Company’s hardware technology-agnostic energy
management system software and integration platform. Unique to the
industry, Energy Vault’s innovative technology portfolio delivers
customized short-and-long-duration energy storage solutions to help
utilities, independent power producers, and large industrial energy
users significantly reduce levelized energy costs while maintaining
power reliability. Utilizing eco-friendly materials with the
ability to integrate waste materials for beneficial reuse, Energy
Vault’s G-Vault™ gravity-based energy storage technology is
facilitating the shift to a circular economy while accelerating the
global clean energy transition for its customers. Please visit
www.energyvault.com for more information.
About Gridmatic
Gridmatic is an AI-enabled power marketer that uses advanced
algorithms to forecast energy supply, demand, and pricing across
all seven ISOs. By providing stability, predictability, and
automation, Gridmatic supports energy buyers, sellers, and storage
owners in an increasingly volatile market. As the most profitable
trader in the ERCOT Day Ahead energy market, Gridmatic's
industry-leading performance in managing the Day Ahead - Real Time
spread is central to optimizing storage system results. Gridmatic
offers various contract options, including tolling agreements for
fixed monthly revenue, revenue floor with upside sharing, or
scheduling-as-a-service, where we optimize bids to maximize project
revenue for owners seeking market exposure. Gridmatic has
contracted to operate over 300 MW of battery storage projects
across the ERCOT and CAISO markets. For more, visit
https://www.gridmatic.com.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans, and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our awards, bookings and
backlogs equating to future revenue; the lack of assurance that
non-binding letters of intent and other indication of interest can
result in binding orders or sales; the possibility of our products
to be or alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics, on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 12, 2024, as such factors may be updated from time
to time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov. New risks emerge from time to time, and it
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
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