Energy Vault Wins Approval For 125 MW / 1 GWh Stoney Creek Battery Energy Storage System, Targets Q4 2026 Construction And H1 2028 Operations With $25M-$30M Annual Revenue Once Opperational

State Development Approval milestone for the 125 MW, eight-hour long duration project follows Energy Vault's recent outright acquisition of the project land, marking the second major project milestone secured in recent weeks and advancing the project to site construction.Site works and mobilization expected to begin Q4 2026 with commercial operations expected in H1 2028; 14-year LTESA and anticipated merchant revenues are expected to support approximately US $25–30 million in annual recurring revenue once operationalEnergy Vault Holdings, Inc. (NYSE:NRGV) ("Energy Vault" or the "Company"), a global energy infrastructure company supporting grid reliability and next-generation AI and high-performance computing infrastructure, today announced that the New South Wales Government has granted State Significant Development Approval (SSD-75680468) for its 125 MW / 1 GWh Stoney Creek Battery Energy Storage System ("BESS") in Narrabri, northern New South Wales, Australia.The approval represents a key development milestone for Stoney Creek, resulting from a successful comprehensive environmental and planning assessment led by the NSW Department of Planning, Housing and Infrastructure, including public exhibition of the Environmental Impact Statement, consultation with government agencies and local stakeholders, and incorporation of project design refinements and consent conditions. Combined with Energy Vault's outright acquisition of the project, the approval substantially de-risks the project's remaining development path and accelerates its progression toward construction.Geotechnical works were completed on site in late August 2026. Site works and mobilization are expected to commence in Q4 2026, with commercial operations beginning in H1 2028, subject to satisfaction of remaining conditions and customary project requirements.The project is supported by a 14-year Long-Term Energy Service Agreement ("LTESA") awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. The LTESA provides long-term contracted revenue support which, together with anticipated merchant market revenues, is expected to support approximately US$25–30 million of annual project revenue once operational.