Energy Vault and ACEN Australia Announce Contracts to Deploy 400 MW BESS

Energy Vault Holdings, Inc. and ACEN Australia announced contracts to deploy battery energy storage systems (BESS) at two locations in Australia totaling 400 MWh.

Both deployment plans are to begin construction in the second half of 2024 and begin commercial operations in 2025 and 2026. The agreement is currently in preparation for final contract procedures and is expected to take effect and be concluded in early May 2024.

Under the agreement, Energy Vault is one of the largest solar projects to enter the Australian National Electricity Market (NEM), with both the 50 MW/100 MWh BESS and 150 MW/300 MWh BESS owned by ACEN Australia. Deploys 720 MW New England Solar. BESS will repeatedly charge and discharge stored renewable energy on a daily basis during peak consumption hours, reducing the region's dependence on coal-fired power generation.

The New England BESS project, currently supported by the NSW Government's Emerging Power Program, forms part of ACEN's broader strategy in Australia to actively develop projects larger than 1 GW.

New England Solar, located in Yulara by ACEN Australia, will complete Stage 1 construction in 2023, with 400 MW of solar power officially beginning to be transmitted. Upon completion of Stage 2, the site will generate a total of 1,800 GWh of renewable energy annually.

In 2023, ACEN Australia secured a 20-year long-term energy services agreement (LTESA) with New England Solar in the NSW Government's first renewable energy and storage tender. LTESA will serve as a risk management mechanism to support the project in the future as the national electricity market continues to move towards lower prices.

Energy Vault Chairman and Chief Executive Officer Robert Piconi said: "ACEN Australia's New England Solar is the definitive source of renewable electricity for the NSW region, providing the most efficient and cost-effective source of clean electricity in the region. We are proud to be part of the ability to deliver reliable supply in a highly effective manner.This development, and the tight timeline for completion, demonstrates the commitment to Energy Vault's customer-centric approach to energy storage. It is also evidence of the growing global demand for reliable and efficient power storage. Today's agreement marks the beginning of a long-term and fruitful relationship with ACEN and the advancement of its renewable power generation projects. I see this as a step forward."