Energy Vault Executes EPC and O&M Contract with ACEN Australia for 200 MW/400 MWh of Battery Energy Storage Deployments

June 3, 2024

ACEN Australia and Energy Vault to begin deployment of two battery energy storage systems (BESS), with a total capacity of 200 MW/400 MWh, at ACEN Australia’s 720 MW New England Solar project

The project will be built using the most advanced grid-forming inverter technology which can provide system stability services that coal, hydro and gas generators currently provide

Grid-forming inverters will be integrated with Energy Vault B-Vault DC block, managed by the Vault-OS energy management system

Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced the execution of a contract with ACEN Australia for the previously announced deployments of two battery energy storage systems (BESS) totaling 400 MWh in Australia.

Energy Vault has entered into engineer, procure and construct (EPC) and operate and maintain (O&M) agreements with ACEN for the procurement, construction, operation and maintenance of ACEN’s 200MW/400MWh BESS to be co-located with ACEN’s New England Solar project.

Energy Vault has been appointed to lead the construction of ACEN Australia’s New England BESS located in New South Wales which is set to commence this year and be operational by 2026.

ACEN Australia Managing Director David Pollington said the battery and its grid forming inverters are a game-changer for the National Electricity Market.

“The New England BESS will be built using some of the most advanced grid-forming inverter technology which can provide system stability services that coal, hydro and gas generators currently provide,” he said.

“With NSW’s ageing coal fired generators due to close, large battery energy storage systems like this are critical for the successful transition to an electricity grid supplied by renewables.”

"Australia is playing a pivotal role in the global clean energy transition and has been a key market for our ongoing efforts,” said Robert Piconi, Chairman and CEO, Energy Vault. “We are excited to join forces with ACEN Australia in our shared mission to create a sustainable future.”

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. Currently supported by the NSW Government’s Emerging Energy Program, the New England BESS project is a part of ACEN’s broader strategy in Australia, where they are actively developing over 1 GW of projects. The battery is another milestone for ACEN Australia and is co-located with ACEN Australia’s inaugural project, New England Solar, which is a significant generator in the National Electricity Market (NEM). Once finished, it will be one of the nation’s largest co-located solar and battery energy storage facilities providing stored energy to the grid when it is needed.

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 EVx™ 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.

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Source: Energy Vault Holdings, Inc.