Energy Vault Holdings, a prominent player in sustainable, grid-scale energy storage solutions, has announced the execution of a significant contract with ACEN Australia for the deployment of two battery energy storage systems with a combined capacity of 200 MW/400 MWh. The agreement marks a major milestone in Energy Vault's ongoing efforts to support Australia's pivotal role in the global clean energy transition.
Under the terms of the contract, Energy Vault will lead the construction of ACEN Australia's New England BESS, located in New South Wales. The project, set to commence this year and become operational by 2026, will be co-located with ACEN's 720 MW New England Solar project. The BESS will utilize cutting-edge grid-forming inverter technology, which can provide system stability services currently supplied by coal, hydro, and gas generators.
David Pollington, Managing Director of ACEN Australia, emphasized the significance of the New England BESS and its grid-forming inverters, stating, "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."
The grid-forming inverters will be integrated with Energy Vault's B-Vault DC block and managed by the company's proprietary Vault-OS energy management system. This advanced technology combination aims to optimize the BESS's performance and ensure seamless integration with the existing grid infrastructure.
The BESS will operate on a daily charge and discharge cycle, designed to dispatch stored renewable energy during peak consumption hours. By supplying stored energy to the grid when it is needed most, the New England BESS project will help meet the high demand during New South Wales' peak load hours while reducing the region's reliance on coal-fired power generation.
The New England BESS project is part of ACEN's broader strategy in Australia, where the company is actively developing over 1 GW of projects. The battery is another milestone for ACEN Australia and, once completed, 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.
Energy Vault's innovative technology portfolio, which includes gravity-based storage, battery storage, and green hydrogen energy storage technologies, is designed to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. The company's commitment to utilizing eco-friendly materials and integrating waste materials for beneficial reuse aligns with its goal of facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers.
Robert Piconi, Chairman and CEO of Energy Vault, expressed enthusiasm about the collaboration with ACEN Australia, stating, "Australia is playing a pivotal role in the global clean energy transition and has been a key market for our ongoing efforts. We are excited to join forces with ACEN Australia in our shared mission to create a sustainable future."
NYSE: NRGV
Current Price: $5.67
Change: +2.53%
Energy Vault's stock is currently in an uptrend, trading above its 50-day and 200-day moving averages. The stock has found support at the $5.00 level and faces resistance at the $6.00 level. The MACD indicator shows a bullish crossover, suggesting positive momentum. The Fibonacci retracement levels indicate potential support at $4.80 (38.2% retracement) and $4.50 (50% retracement). The Bollinger Bands are expanding, indicating increased volatility and potential for further upside. The contract with ACEN Australia for the deployment of the New England BESS is expected to have a positive impact on Energy Vault's business and financial performance. The project showcases Energy Vault's expertise in delivering large-scale, advanced energy storage solutions and strengthens its position in the Australian market. The successful execution of this contract may lead to increased investor confidence and potentially drive the stock price higher.
