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Thursday, Jun 20, 2024

Energy Vault Inks Battery Storage Deal

Westlake Village-based energy storage company Energy Vault Holdings, Inc., has announced it anticipates closing agreements with ACEN Australia to provide two battery storage systems with a combined capacity of 200 megawatts as part of solar energy generation project in the Australian province of New South Wales.

ACEN Australia is a subsidiary of ACEN, a renewable energy company headquartered in Makati in the Philippines.

Energy Vault, which has headquarters both in Westlake Village and Lugano in Switzerland, is building a portfolio of energy storage projects involving several technologies, including battery, gravity-based and hydrogen systems. The company has several gravity storage projects under way in China, with one recently completed. It also has both a battery storage project and a hydrogen project in California and another battery storage project in Nevada.

Under the deal with ACEN Australia that is expected to formally close by the end of this month, Energy Vault will deploy one battery-based system capable of storing 150 megawatts of energy and another one for storing up to 50 megawatts. The pair of battery storage facilities will be part of ACEN Australia’s 720-megawatt New England Solar project planned for a location near Uralla, a town about 250 miles north of Sydney and 100 miles inland in New South Wales.

According to the announcement, construction on both battery system deployments is expected to begin later this year, with both coming online by 2026.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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