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Energy Vault Secures $300M for Asset Vault to Accelerate 1.5 GW Storage Deployment

Energy Vault Holdings, Inc., a global grid-scale energy storage provider, has entered into an exclusivity agreement for a $300 million preferred equity investment to launch Asset Vault, a subsidiary focused on owning and operating energy storage assets worldwide.

The funding will support Energy Vault’s strategy to develop 1.5 GW of storage capacity in high-potential markets, leveraging its expertise to cut project costs and improve operational efficiency through its Energy Management System software. Asset Vault will consolidate the company’s portfolio, which already includes 3 GW/12 GWh of operational and contracted projects.

Existing operational assets include the 57 MW/114 MWh Cross Trails BESS and the 8.5 MW/293 MWh Calistoga Resiliency Center, together representing about $100 million in investment and backed by long-term offtake agreements. Notable contracted projects include the 125 MW/1,000 MWh Stoney Creek BESS in New South Wales, Australia, supported by a 14-year revenue-backed deal under the NSW Electricity Infrastructure Roadmap.

With a 3 GW pipeline across the US, Europe, and Australia—many benefiting from tax incentives—the platform targets 15%+ levered IRRs over 20 years. Energy Vault will maintain operational control, self-performing EPC to drive revenue, margins, and strategic leverage across its storage portfolio.