Start of construction marks a major milestone
for Energy Vault as the company begins its first mobilization of a
Battery Energy Storage System (BESS) in the Australian market
Energy Vault, ACEN Australia joined by local
officials and Anaiwan First Nations leaders for welcome ceremony at
New England Solar in New South Wales
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a
leader in sustainable, grid-scale energy storage solutions, today
announced the start of construction of a 200 MW/2 hour battery
energy storage system being deployed at ACEN Australia’s New
England Solar project. Energy Vault leaders were joined by
representatives from ACEN Australia, elected officials and local
Anaiwan First Nations leaders at a welcome ceremony to mark the
start of construction.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250224589795/en/
Left to right: Robert Piconi, Energy
Vault Chairman and CEO; Lucas Sadler, Energy Vault Vice President
Sales Asia; Tim Greenaway, ACEN Australia Head of Construction and
Engineering; Sarah Donnan, ACEN Australia NES Project Director.
(Photo: Business Wire)
Construction has begun on the first of two previously announced
Energy Vault deployments at ACEN Australia’s 720 MW New England
Solar project near Uralla, New South Wales, with a total planned
capacity of 200 MW/2 hours. Once the initial BESS deployment is
operational it will be the first large-scale BESS of its kind in
the New England Region of New South Wales. The BESS will be charged
and discharged on a daily basis and designed to dispatch stored
renewable energy at peak consumption hours to help meet the high
demand during New South Wales’ peak load hours while reducing the
region’s reliance on coal-fired power generation. It is the first
large-scale battery storage project to begin construction with the
support of the NSW Government’s Emerging Energy Program.
The welcome event, held on-site, featured remarks from Energy
Vault and ACEN Australia representatives, including Energy Vault
Chief Executive Officer & Chairman Robert Piconi and ACEN
Australia’s Head of Construction and Engineering, Tim Greenaway, as
well as welcome speeches and storytelling from local Anaiwan First
Nations leaders. In addition to remarks and storytelling, Anaiwan
First Nations representatives conducted a traditional sweating
ceremony to commemorate the groundbreaking, which was followed by
Mr. Piconi officially breaking ground on the site. New England
Solar is being built with the strong partnership of the Anaiwan
First Nations.
“Today’s groundbreaking is a significant milestone for Energy
Vault’s rapidly growing commercial footprint in Australia, and
we’re very pleased to be working with ACEN Australia, its First
Nations partners and the Uralla community on the project,” said
Lucas Sadler, Vice President of Sales Asia, Energy Vault. “New
England Solar will serve as a critical source of renewable energy
for the NSW region, and Energy Vault’s involvement is reflective of
the company’s truly global approach to meeting the growing demand
for reliable and cost-effective energy storage solutions.”
“As New England Solar progresses toward completion, we are
fortunate to not only have the opportunity to partner with the
Energy Vault team in the development of energy storage systems, but
to have the strong support and partnership of the Anaiwan First
Nations and local community,” said Tim Greenaway, Head of
Construction, ACEN Australia. “It is our goal to reliably provide
clean power in the most efficient and cost-effective manner
possible, and today we are one step close to achieving that
mission.”
The BESS deployments, developed under Energy Vault’s B-VAULT™
suite of fully integrated battery energy storage solutions, will be
coupled with a special inverter, which enables advanced grid
support functionalities such as voltage and frequency ride-through,
grid support during disturbances, and reactive power control. The
use of the special inverter, combined with Energy Vault’s
proprietary X-Vault integration platform and Vault-OS Energy
Management System to control, manage and optimize the BESS
operations, will allow for superior energy management
capabilities.
The mobilization of this BESS deployment represents a critical
milestone for Energy Vault’s growing commercial footprint in the
Australian market, following a series of recent agreements,
including with Enervest and the Victorian government-owned State
Electricity Commission (SEC). To date, Energy Vault’s B-VAULT
portfolio in the Australian market consists of 1.9GWh in previously
announced projects.
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 ACEN Australia
ACEN Australia is the platform representing ACEN’s renewable
energy assets in Australia. With more than 1 gigawatt (GW) capacity
of large-scale renewable energy generation in construction and
operations, and more than 13GW capacity in the development
pipeline, its portfolio includes solar, wind, battery and pumped
hydro projects across Australia.
New England Solar (Stage 1) in NSW is ACEN Australia’s first
operational project which commenced generating in 2023. Stubbo
Solar in the NSW Central West Orana Renewable Energy Zone is ACEN
Australia’s second project, which is currently being commissioned
and will be in full operation by mid 2025.
With 100+ employees and growing, our people are based in
Tasmania, Victoria, New South Wales, Queensland and Western
Australia.
www.acenrenewables.com.au
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,
including the New England BESS. 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 the failure to execute
definitive agreements, 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, backlog, timing
of permits and developed pipeline 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 13, 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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Energy Vault Investors energyvaultIR@icrinc.com
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