Energy Vault Holdings has acquired a portfolio of U.S. battery energy storage projects from Goshe Energy Storage, adding more than 2.3 gigawatts of development capacity across 15 projects to its Asset Vault platform. The transaction includes 350 megawatts of ready-to-build projects that are expected to generate approximately $30 million in combined annual run-rate EBITDA once operational. Energy Vault has also secured a credit facility commitment of up to $40 million from S2G Investments to support the portfolio’s development, construction, and operations.
The acquisition expands Energy Vault’s strategy of developing, financing, owning, and operating energy storage infrastructure capable of generating recurring revenue over the long term.
The acquired portfolio includes two ready-to-build projects with capacities of 150 megawatts and 200 megawatts, respectively.
Both projects are expected to reach commercial operations in the first quarter of 2028. Once operational, Energy Vault expects them to contribute approximately $30 million in combined annual run-rate EBITDA.
The remaining projects provide additional development opportunities as Energy Vault expands its owned infrastructure portfolio across the United States.
The acquisition also brings an experienced development team from Goshe Energy Storage into Energy Vault.
The incoming professionals have more than 75 years of combined experience in renewable energy development, battery energy storage project management, and financial services.
Goshe, headquartered in Boulder, Colorado, has focused on acquiring and advancing late-stage battery storage projects through financing, construction, and commercial operation.
Its development activities include projects in ERCOT, the Texas electricity market, where battery storage has become an increasingly important component of the power system.
The integration of Goshe’s personnel and projects is intended to strengthen Energy Vault’s ability to identify development opportunities, complete construction, and operate large-scale battery storage assets.
The up to $40 million credit facility from S2G Investments represents a continuation of S2G’s existing strategic relationship with Goshe.
The financing will support the acquired portfolio as Energy Vault moves projects through development and construction toward commercial operations.
Financial terms of the portfolio acquisition were not disclosed.
Energy Vault’s Asset Vault platform focuses on the ownership and operation of energy storage and AI infrastructure rather than relying exclusively on revenue from developing and selling technology.
The company combines project development with engineering, procurement, construction, and ongoing services to generate revenue throughout an infrastructure asset’s lifecycle.
Following the Goshe acquisition, Energy Vault now expects its Asset Vault platform to generate more than $200 million in annualized EBITDA based on its projected exit run rate at the end of 2028.
That projection applies to the broader Asset Vault platform, rather than solely to the newly acquired projects, and remains dependent on development, financing, construction, and operational milestones.
Energy Vault’s existing global portfolio of owned assets includes more than 1.75 gigawatts of energy and AI digital infrastructure in operation or under construction.
The company is also expanding into modular data center infrastructure, including powered-land and powered-shell developments intended to support growing electricity demand from AI and high-performance computing facilities.
The acquisition of Goshe’s portfolio increases Energy Vault’s U.S. battery storage development pipeline while adding projects that could contribute recurring earnings as they enter service.
KEY QUOTES:
“This portfolio fits squarely within Energy Vault’s strategy of acquiring late-stage, de-risked development projects that can be moved efficiently toward construction and operation. The team has a track record of originating and advancing high-quality BESS projects, and we’re glad to have them join us as we continue to scale our owned-asset portfolio across U.S. markets.”
Cory Magnuson, President of Asset Vault
“Joining Energy Vault allows our team to continue the work we started – developing and delivering the storage projects the grid needs – with the backing of a large, vertically integrated and global platform. We’re pleased that S2G will continue as a financing partner through this transition, and we look forward to seeing this portfolio through to construction and operation as part of Energy Vault’s platform.”
Bailey McCallum, CEO of Goshe Energy Storage
“Goshe’s team has built a high-quality, late-stage development portfolio across some of the fastest-growing battery storage markets around the globe. This acquisition adds meaningful scale to our Energy Vault pipeline and brings in a group of experienced developers who know how to advance projects efficiently and effectively. It reinforces our strategy of building a long-term, owned-asset platform that generates predictable, recurring value for our shareholders.”
Robert Piconi, Chairman and CEO of Energy Vault
