Fundraising Secured for Texas Battery Storage System by Energy Vault at a Value of $18 Million
Energy Vault Secures Financing for Texas Battery Energy Storage System
Energy Vault Holdings, a global leader in strategic energy storage asset ownership and operation, has successfully closed $18 million in project financing for its Cross Trails Battery Energy Storage System (BESS) in Texas. The project, which began commercial operations ahead of schedule in June 2025, is under a 10-year offtake agreement with Gridmatic, marking a significant milestone for Energy Vault.
Located in a key growth market, the Cross Trails BESS project is enhancing grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. This is the first physically settled revenue floor contract for a BESS in ERCOT for Energy Vault, demonstrating the company's ability to attract premium financing partners.
The Cross Trails BESS project is part of Energy Vault's global strategy to own and operate energy storage assets. Alongside the Calistoga Resiliency Center project in California and the acquisition of the Stoney Creek BESS in Australia, the Cross Trails BESS project is evidence of Energy Vault's success in the energy storage market.
Robert Piconi, Chairman and CEO of Energy Vault, stated that the financing of the Cross Trails BESS project is a significant milestone in executing their 'Own & Operate' strategy. The project, with an attractive mid-teen levered Internal Rate of Return (IRR), is expected to generate predictable, high margin, and recurring revenue streams, aligning with Energy Vault's aim to deliver long-term value to shareholders in the expanding energy storage asset market.
Energy Vault is actively building a diversified portfolio of attractive energy storage assets across the globe. The company is leveraging multiple energy storage technologies, including proprietary battery, gravity, and green hydrogen solutions, with a technology-agnostic energy management platform to serve utilities, independent power producers, and large industrial energy users globally.
In addition to the Cross Trails BESS project, Energy Vault has recently secured over $12 million from an Investment Tax Credit (ITC) sale agreement. This follows a $28 million close for its Calistoga Resiliency Center project, marking Energy Vault's second financing success. The company's commitment to creating long-term shareholder value is evident in these achievements.
In summary, Energy Vault's strategic focus on energy storage asset ownership and operation, as demonstrated by the Cross Trails BESS project, is a testament to the company's commitment to global expansion and long-term shareholder value creation in the energy storage market.
- Energy Vault's success in securing $18 million in financing for the Cross Trails Battery Energy Storage System (BESS) project in Texas is a demonstration of their ability to attract premium financing partners in the energy storage market.
- The Cross Trails BESS project, with an attractive mid-teen levered Internal Rate of Return (IRR), is expected to generate predictable, high margin, and recurring revenue streams, contributing to Energy Vault's aim to deliver long-term value to shareholders in the expanding energy storage asset market.
