Energy Vault, Enervest to build $350 million energy storage project

25 Oct 2024 CW Team

Energy Vault Holdings has announced a partnership with Enervest Group to develop a 1-gigawatt-hour (GWh) battery energy storage system (BESS) worth $350 million at the Stoney Creek site in New South Wales, Australia.

As the global shift toward clean energy accelerates, BESS projects play a crucial role in storing excess power generated from renewable sources, which can be deployed during periods of low generation or high demand, ensuring grid stability.

Japan’s energy major Inpex also recently approved a solar power and battery storage project in New South Wales to reduce carbon emissions, reflecting the region’s growing focus on sustainable energy solutions.

Energy Vault will act as the turn-key partner, overseeing engineering, procurement, construction, commissioning, and system integration for the project. The company stated that development work and grid application approvals are being finalized to achieve full financial investment decision (FID) status soon.

(ET)

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