Energy Vault Holdings Inc. a leader in sustainable, grid-scale energy storage solutions, has successfully raised a sum of $18 million in project financing for its Cross Trails battery energy storage system (BESS).
Building upon the company’s execution of its ‘Own & Operate’ growth and asset management strategy, the stated infusion of funds will be followed by another $12+ million in Investment Tax Credit-related funds later this quarter via a previously signed ITC sale agreement.
For better understanding, Energy Vault’s 57 MW/114 MWh BESS was conceived back in June 2025 to provide energy and ancillary services, all for the purpose of meaningfully supporting renewable energy production and improving grid resiliency across the Electric Reliability Council of Texas (ERCOT) region.
More on that would reveal how the company achieved the completion of Cross Trails BESS before the set deadline. Another detail worth a mention relates to how this project is understood to be supported through a 10-year offtake agreement with Gridmatic, marking the first physically settled revenue floor contract to be signed for a BESS in ERCOT.
“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.”
Talk about Energy Vault’s technology on a slightly deeper level, the company’s BESS banks upon its in-house fully integrated solution stack of hardware, software, and service offerings.
It further marks the first deployment of Energy Vault’s second-generation B-VAULT™ AC product, something which treads up a long distance to support the company in regards to delivering the necessary output quickly and at low cost. Alongside that, the technology also provides higher levels of system availability in the ERCOT region.
Hold on, there is more, considering we h touch upon how the system in question is equipped with Energy Vault’s VaultOS™ Energy Management System, which allows for the system to seamlessly control, manage, and optimize the BESS operations.
We also need to touch upon the fact that Energy Vault’s latest funding delivers a rather interesting follow-up to the company’s recent raise of $28 million, which will go towards supporting Energy Vault’s Calistoga Resiliency Center project in California. Not just that, the funding also comes shortly after the company’s acquisition of the 125 MW/1,000 MWh Stoney Creek BESS in the Australian market which is currently being developed in alignment with its global ‘Own & Operate’ strategy.
“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,” said Piconi.
