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Energy Vault Closes $18 Million Project Financing for 57 MW/114 MWh Cross Trails BESS Serving the Texas ERCOT Market

via Business Wire

$18 million project financing continues quarterly string of returning cash back to Energy Vault’s balance sheet following prior year equity investments in new “Owned and Operate” assets

The Cross Trails BESS, completed and brought to full commercial operation in June 2025, is supported by a 10 year off-take agreement with Gridmatic

An additional $12+ million in Federal Investment Tax Credit-related funds are expected to be received later this quarter via a previously executed ITC sale agreement

Cross Trails financing delivers an attractive levered IRR of ~15% while building on the successful execution of Energy Vault’s ‘Own & Operate' asset management strategy, following the successful close earlier this year of the $28 million project financing for the Calistoga Resiliency Center micro-grid in California

As will be discussed during our scheduled Q2 Earnings results on August 7, Energy Vault had another successive quarterly increase in cash of over 20%, finishing at the high end of the guidance range following its prior quarterly increase of ~60% from Q4-24 to Q1-25

Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced the successful close of $18 million in project financing for its Cross Trails battery energy storage system (BESS). The financing marks another milestone in the Company’s execution of its ‘Own & Operate’ growth and asset management strategy, originally outlined during the May 2024 Investor and Analyst Day. In addition, the company expects to receive another $12+ million in Investment Tax Credit-related funds later this quarter via a previously signed ITC sale agreement.

The 57 MW/114 MWh BESS was brought to commercial operation in June 2025, and is currently providing energy and ancillary services to meaningfully support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Energy Vault notably achieved mechanical completion of the Cross Trails BESS ahead of schedule, successfully meeting all construction milestones through effective project management and close collaboration among engineering, procurement, and construction teams. The project is supported by a 10-year offtake agreement with Gridmatic, which marked the first physically settled revenue floor contract to be signed for a BESS in ERCOT.

The BESS leverages Energy Vault's fully integrated solution stack of hardware, software, and service offerings. Cross Trails also serves as the first deployment of Energy Vault's second-generation B-VAULT™ AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault’s VaultOS™ Energy Management System to control, manage and optimize the BESS operations.

"The successful financing of our Cross Trails BESS project represents another significant milestone in executing our 'Own & Operate' strategy, delivering strong returns that will generate predictable, high margin and recurring revenue streams," said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. "Following our recent Calistoga Resiliency Center project financing and the acquisition of the 125 MW/1 GWh Stoney Creek BESS in Australia, this latest financing close demonstrates our ability to attract premium financing partners while building a diversified portfolio of attractive energy storage assets across the globe. With an attractive mid-teen levered IRR and a 10-year offtake agreement in place, the Cross Trails BESS is another example of our commitment to creating long-term shareholder value through strategic energy storage asset ownership and operation in key growth markets."

Today’s announcement marks the second close of project financing for Energy Vault projects, coming on the heels of the successful close of $28 million in financing for the Company’s Calistoga Resiliency Center project in California. The financing also follows Energy Vault’s announced acquisition of the 125 MW/1,000 MWh Stoney Creek BESS in the Australian market, being developed in alignment with the Company’s global ‘Own & Operate’ strategy. Together, the advancement of these projects follows through on initiatives first presented during Energy Vault's May 2024 Investor and Analyst Day, demonstrating the Company's ability to execute on its strategic vision while maximizing capital efficiency in its 'Own & Operate' strategy.

Energy Vault continues to pursue a robust pipeline of projects in development under the Company’s ‘Own & Operate’ strategy and long-term vision for generating predictable, recurring and high margin tolling revenue streams with the goal of delivering sustainable, long-term value to shareholders. This milestone reflects significant proactive interest from strategic partners and investors given attractive IRR economics, positioning Energy Vault for continued growth in the rapidly evolving energy storage asset infrastructure market.

About Energy Vault

Energy Vault® develops, deploys and operates utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary battery, gravity and green hydrogen energy storage technologies supporting a variety of customer use cases delivering safe and reliable energy system dispatching and optimization. Each storage solution is supported by the Company’s technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short, long and multi-day/ultra-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. Since 2024, Energy Vault has executed an “Own & Operate” asset management strategy developed to generate predictable, recurring and high margin tolling revenue streams, positioning the Company for continued growth in the rapidly evolving energy storage asset infrastructure market. Please visit www.energyvault.com for more information.

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