Energy Vault Holdings, a leader in grid-scale energy storage, has closed $18 million in project financing for its Cross Trails Battery Energy Storage System (BESS). This funding supports the company’s “Own & Operate” strategy as outlined during its May 2024 Investor and Analyst Day. The company expects to secure over $12 million from an Investment Tax Credit (ITC) sale agreement later this quarter.
The 57 MW/114 MWh Cross Trails BESS began commercial operations in June 2025, ahead of schedule, enhancing grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Its 10-year offtake agreement with Gridmatic is the first physically settled revenue floor contract for a BESS in ERCOT.
This marks Energy Vault’s second financing success, following a $28 million close for its Calistoga Resiliency Center project in California. The company also recently acquired the 125 MW/1,000 MWh Stoney Creek BESS in Australia, advancing its global strategy. Energy Vault aims to generate predictable, recurring revenue streams, delivering long-term value to shareholders in the expanding energy storage asset market.
KEY QUOTE:
“The successful financing of our Cross Trails BESS project represents another significant milestone in executing our ‘Own & Operate’ strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams. Following our recent Calistoga Resiliency Center project financing and the acquisition of the 125 MW/1 GWh Stoney Creek BESS in Australia, this latest financing close demonstrates our ability to attract premium financing partners while building a diversified portfolio of attractive energy storage assets across the globe. With an attractive mid-teen levered IRR and a 10-year offtake agreement in place, the Cross Trails BESS is another example of our commitment to creating long-term shareholder value through strategic energy storage asset ownership and operation in key growth markets.”
Robert Piconi, Chairman and Chief Executive Officer of Energy Vault
